{"id":567,"date":"2009-03-24T06:30:41","date_gmt":"2009-03-24T11:30:41","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=567"},"modified":"2009-03-24T06:30:41","modified_gmt":"2009-03-24T11:30:41","slug":"before-the-open-92","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=567","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Tuesday.
\nWe entered yesterday with me thinking either a big down day or a couple grinding down days were needed to allow the overbought indicators to pull back and the charts to reset. But it wasn\u2019t to be. A big gap up was bought, and it became obvious early the odds of a runaway market were high.
\nHere\u2019s the 30-min SPX chart. We are through the thin area I identified last week and up against another resistance level (825) which I think is more significant than 800.
\n
\nBut as I\u2019ve stated from time to time over the past few weeks, support and resistance and the various technical indicators are less meaningful today than they typically are. Wall St. works best when the true forces of supply and demand result from fundamentalists calculating where prices should be and technicians studying where prices are, but when you throw Washington into the mix, nobody knows how to value a stock or whether the current prices should hold.
\nBottom line\u2026when Washington plays such a big role, you can\u2019t trust the charts as much.
\nThe trend is up; sentiment is bullish. Ultimately I believe this will be a big bull trap and the lows will be revisiting, but for the time being, there\u2019s no way I\u2019m stepping in front of this runaway train.
\nheadlines at Yahoo Finance<\/a>
\nmovers & shakers from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Tuesday. We entered yesterday with me thinking either a big down day or a couple grinding down days were needed to allow the overbought indicators to pull back and the charts to reset. But it wasn\u2019t to be. A big gap up was bought, and it became obvious early the odds of […]<\/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\/567"}],"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=567"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/567\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=567"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}