{"id":578,"date":"2009-03-10T06:30:55","date_gmt":"2009-03-10T11:30:55","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=578"},"modified":"2009-03-10T06:30:55","modified_gmt":"2009-03-10T11:30:55","slug":"before-the-open-103","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=578","title":{"rendered":"Before the Open"},"content":{"rendered":"<p>Good morning. Happy Tuesday.<br \/>\nThe trend remains down. Everyone keeps looking for a bottom\u2026everyone keeps planning for a bottom, and as long as that\u2019s the case, it\u2019s not going to happen. Here\u2019s the SPX 60-min chart \u2013 lower highs and lower lows for several weeks. Every pop gets sold; every low gets taken out soon after.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/spx031009-1.png\"><br \/>\nYesterday we started contemplating the possibility there would be no capitulation day, there would be no hysterical sell-off that completely broke the back of the bulls. Instead the market may just grind down to a bottom, and once enough investors get tired of Wall St. and give up hope it\u2019ll ever go up, it\u2019ll rally.<br \/>\nYesterday\u2019s gap down was entirely filled. Today we\u2019ll get the flip side. Today we\u2019ll get a big gap up. Here\u2019s the 4-day SPX futures chart. As of an hour before the open, the contract is trading at 689 \u2013 just a couple points below resistance. I guess you could say it\u2019s basing.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/es031009-2.png\"><br \/>\nI\u2019m still in cash\u2026I\u2019m day trading until there\u2019s more clarity. As the market moves up and down\u2026gaps up and down\u2026I\u2019d prefer not to guess what or when the next move will be.<br \/>\nheadlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><br \/>\nmovers &#038; shakers from <a href=\"http:\/\/www.marketwatch.com\/news\/story\/Tuesdays-biggest-gaining-declining-stocks\/story.aspx?guid={E8BB9C75-9F28-4138-8ED8-6A46878C9A7B}\">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\/03\/08.cfm\">earnings &#038; economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Tuesday. The trend remains down. Everyone keeps looking for a bottom\u2026everyone keeps planning for a bottom, and as long as that\u2019s the case, it\u2019s not going to happen. Here\u2019s the SPX 60-min chart \u2013 lower highs and lower lows for several weeks. Every pop gets sold; every low gets taken out soon [&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\/578"}],"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=578"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/578\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=578"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}