{"id":532,"date":"2009-04-23T06:30:14","date_gmt":"2009-04-23T11:30:14","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=532"},"modified":"2009-04-23T06:30:14","modified_gmt":"2009-04-23T11:30:14","slug":"before-the-open-80","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=532","title":{"rendered":"Before the Open"},"content":{"rendered":"<p>Good morning. Happy Thursday.<br \/>\nAs of an hour before yesterday\u2019s close, it looked like the market was going to shrug off Monday\u2019s intense sell-off, but then the floor got pulled out. The SPX fell 20 points in 60 minutes and closed at its LOD. Now we\u2019re going to get a gap up open that recaptures half the late-day losses, but the overall environment remains cloudy. Perhaps we shouldn\u2019t be surprised. With resistance overhead and lots of warnings signs \u2013 not to mention the heart of earnings season \u2013 traders aren\u2019t sure what comes next. A breakout followed by a parabolic move up that cripples the shorts or a slow deterioration of buying from the bulls that eventually leads to a stiff sell-off. Until the market makes up its mind, I\u2019m not placing big bets. No swing trades for me right now. Just day trades.<br \/>\nHere\u2019s the daily SPX. Resistance at 875 has held, and yeah, the rising wedge resolved down. But we\u2019ve had 9 complete days with price staying between 825 and 875. That\u2019s consolidation. The market is either setting up for a breakout or building a top of the rally.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/spx042309-1.png\"><br \/>\nheadlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><br \/>\nstocks to watch from <a href=\"http:\/\/www.marketwatch.com\/news\/story\/Stocks-focus-Thursday\/story.aspx?guid={A01B27BB-85AD-4226-8097-7E72D635BD12}\">MarketWatch<\/a><br \/>\ntoday&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/economic-releases-earnings-reports\/2009\/04\/19.cfm\">earnings &#038; economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Thursday. As of an hour before yesterday\u2019s close, it looked like the market was going to shrug off Monday\u2019s intense sell-off, but then the floor got pulled out. The SPX fell 20 points in 60 minutes and closed at its LOD. Now we\u2019re going to get a gap up open that recaptures [&hellip;]<\/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\/532"}],"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=532"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/532\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=532"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}