{"id":572,"date":"2009-03-18T06:30:48","date_gmt":"2009-03-18T11:30:48","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=572"},"modified":"2009-03-18T06:30:48","modified_gmt":"2009-03-18T11:30:48","slug":"before-the-open-97","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=572","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Wednesday. Happy Fed Day.
\nToday the FOMC is supposed to decide and announce what their target overnight rate is, but since they\u2019re already pegged it between \u2013 and one-quarter percent, there is no suspense. This should be a nonevent, but you never know. They may say something unexpected in their statement.
\nStrong markets embrace good news and ignore bad news. Right now the market seems strong enough short term to be able to shrug off bad news. It may take a half day, but it should be able to do it. And besides, the FOMC rarely changes the market trend. They may cause some whippy action for a couple hours that extend into the next day, but overall, the market tends to do a good job taking the Fed in stride.
\nHere\u2019s the daily SPX. Remember a couple weeks ago when 780 acted as stiff resistance? Well here we are again.
\n
\nAnd here\u2019s the weekly which suggests 800 is the level to watch.
\n
\nBut I actually think 825 is the key level. Look at the daily chart again. See that gap just under 825 and the big block of resistance between 825 & 875? That\u2019s what I\u2019m eyeing right now. But don\u2019t get too giddy right now. It would make perfect sense to rally into options expiration (this Friday) to frustrate the hell out of those who bought put options on the way down and then correct next week.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch MarketWatch<\/a><\/a>
\nupgrades\/downgrades<\/a>
\nearnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Wednesday. Happy Fed Day. Today the FOMC is supposed to decide and announce what their target overnight rate is, but since they\u2019re already pegged it between \u2013 and one-quarter percent, there is no suspense. This should be a nonevent, but you never know. They may say something unexpected in their statement. Strong […]<\/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\/572"}],"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=572"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/572\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=572"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}