{"id":570,"date":"2009-03-19T06:30:45","date_gmt":"2009-03-19T11:30:45","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=570"},"modified":"2009-03-19T06:30:45","modified_gmt":"2009-03-19T11:30:45","slug":"before-the-open-95","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=570","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Thursday. A big black hole in America starts today as many people spend more time following the NCAA tourney than working. Good luck with your brackets.
\nThe Fed has spoken. They essentially said they\u2019re going to \u201cprint\u201d all the money needed to buy up all the crap necessary to lighten the load on the banks so they can continue to function. This should dilute the heck out of the US dollar, but since most other countries are in worse shape than the US, Ben & Co. may get away with it. I\u2019m not smart enough to know if there\u2019s a tipping point out there with the dollar \u2013 a threshold that once passed will cause runaway inflation. The market reacted positively to the news which is what strong markets do. They embrace good news and ignore bad news. Yesterday\u2019s news was positive, and the market surged \u2013 exactly what it\u2019s supposed to do. The SPX is now about 125 points off its low. How much further can it go before there\u2019s a meaningful correction?
\nLet\u2019s look at some charts\u2026
\nThe weekly<\/b> has resistance at 800 from two different trendlines.
\n
\nThe daily<\/b> easily overcame resistance at 780 and is now into what I consider a thin trading area. 800 may appear as resistance on the weekly, but I consider 825 stiffer and more important.
\n
\nThe 30-min<\/b> highlights the thin area.
\n
\nConsidering the trend and the tendency to move up into options expiration, odds favor a continuation of the rally, but don\u2019t get careless. The market is in need of a pullback or at the very least some sideways consolidation. Don\u2019t fall into the trap of thinking that suddenly all our problems are solved and a new bull market has begun. This is a bear market rally \u2013 one that can last several weeks or possible up to two months, but that\u2019s all it is. Be a trader, not a buy and holder.
\nGo Illinois! Go Texas! :))
\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. A big black hole in America starts today as many people spend more time following the NCAA tourney than working. Good luck with your brackets. The Fed has spoken. They essentially said they\u2019re going to \u201cprint\u201d all the money needed to buy up all the crap necessary to lighten the load […]<\/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\/570"}],"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=570"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/570\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=570"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}