{"id":537,"date":"2009-04-30T06:30:20","date_gmt":"2009-04-30T11:30:20","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=537"},"modified":"2009-04-30T06:30:20","modified_gmt":"2009-04-30T11:30:20","slug":"before-the-open-85","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=537","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Thursday.
\nThe market\u2019s reaction to the Fed yesterday was less than lukewarm, but that doesn\u2019t mean the party\u2019s over. There\u2019s a big tendency to reverse the post-FOMC move. Premarket futures are up a bunch, so this makes playing the bullish sentiment harder.
\nYesterday all the major indexes made new highs (the SPX traded above 875 but closed below it), but I don\u2019t yet think we\u2019re in the clear yet. I\u2019ve been looking for an inflection point \u2013 a level that will either cause the bulls to be more aggressive and the shorts to cover or one that will cause the bears to dig in and defend their territory. We may be there right now. Anything can happen so it\u2019s entirely possible the market just sits here until May 5 when the results of the stress tests are made public, but I lean towards some sort of resolution coming right now. The market either breaks out and runs or comes down hard.
\nHere are the daily SPX, NDX and RUT charts. All are in the process of breaking out, but a solid up move is needed today and follow through is needed tomorrow.
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\nI\u2019ve been day trading only the last week (no holding overnight) and currently have no positions, so I\u2019m not rooting for the market to do anything. I\u2019m just calling it as I see it.
\nToday is also the last day of April, so perhaps some window dressing is in order.
\nBe on your toes. We could get a breakout and run today\u2026the breakout could also get sold into.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Thursday. The market\u2019s reaction to the Fed yesterday was less than lukewarm, but that doesn\u2019t mean the party\u2019s over. There\u2019s a big tendency to reverse the post-FOMC move. Premarket futures are up a bunch, so this makes playing the bullish sentiment harder. Yesterday all the major indexes made new highs (the SPX […]<\/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\/537"}],"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=537"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/537\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=537"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}