{"id":529,"date":"2009-04-20T06:30:10","date_gmt":"2009-04-20T11:30:10","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=529"},"modified":"2009-04-20T06:30:10","modified_gmt":"2009-04-20T11:30:10","slug":"before-the-open-77","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=529","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.
\nI\u2019m going to feel like a broken record here because it\u2019s the same tune I\u2019ve been singing for the last week. The trend is up; new highs are made every few days; dips get bought; there are many great looking charts out there. But there are also many warning signs. Besides the market\u2019s best winning steak in two years (too much too fast?), volume has fallen off and the intraweek ranges have narrowed. There\u2019s no concrete evidence the housing market or employment situation is improving, and resistance is just overhead.
\nHere\u2019s the daily SPX\u2026a rising wedge right up to 875 resistance. It looks poised to either bust out or take a hit.
\n
\nPremarket futures trading suggest a big gap down (Nas 100 down 27 and SPX down 17). This despite news Oracle is buying Sun and Pepsi is buying Pepsi Bottling Group and PepsiAmericas and Glaxo is buying Stiefel Labs.
\nHere\u2019s an interesting stat from Bloomberg. As of now, financials are the strongest group among the S&P 500\u2019s main 10 groups since the beginning of Q2. The last time the financials led for an entire quarter was 1993 \u2013 16 years ago. The graph below shows the financials rank each quarter since 2000. I don\u2019t know what it means and I\u2019m not going to read too much into it. Coming off two consecutive last place finishes, its strong performance this quarter has as much to do with \u201cmath\u201d as anything else.
\n
\nThat\u2019s it for now. I don\u2019t have much to add to the weekend report. The trend is up, but there are enough warnings signs to keep me cautious.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch MarketWatch<\/a><\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend. I\u2019m going to feel like a broken record here because it\u2019s the same tune I\u2019ve been singing for the last week. The trend is up; new highs are made every few days; dips get bought; there are many great looking charts out there. But there […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/529"}],"collection":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=529"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/529\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=529"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}