{"id":580,"date":"2009-03-06T06:30:58","date_gmt":"2009-03-06T11:30:58","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=580"},"modified":"2009-03-06T06:30:58","modified_gmt":"2009-03-06T11:30:58","slug":"before-the-open-104","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=580","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Friday.
\nFirst off, Leavitt Brothers is now offering a FREE TRIAL. Go here<\/a><\/b> to sign up.
\nNow on to the market. The bears are relentless, aren\u2019t they? Every little bounce gets sold hard. The market has now fallen 12 of the last 14 days, and barring a massive rally today, the 9th down week of the last 10 will be registered.
\nI\u2019ve said a couple times this week the charts don\u2019t matter too much right now. It\u2019s all about emotions and supply & demand. I\u2019m not going to draw a line from 10 or 15 years ago and say: \u201cthat\u2019s it, that\u2019s support.\u201d People are watching their life savings get cut in half and some have no way of making the money back other than to wait 10 or 15 years and hope the market recovers. In this kind of environment, you never know when the breaking point will be. As bad as things have been, things could get a lot worse when Joe Sixpack throws in the towel.
\nAnd what about hedge funds? Easily 50% will go under. They all need to sell before they close up shop, and this of course will add more selling pressure to the mix. That\u2019s why the market will drop further than it\u2019s \u2018supposed\u2019 to\u2026because there are several thousand large entities that have to unload everything.
\nHere\u2019s the weekly chart which puts our target at 600 (the size of the descending triangle (800-1000) suggests a 200-point sell-off).
\n
\nHere\u2019s the daily chart. The move from 825 to the bottom of the flag pattern at 740 suggests an 85-point drop to 665.
\n
\nEmployment numbers are out. I think they\u2019re in-line with expectations, but I\u2019m not looking at them closely. I\u2019m more concerned with the market\u2019s reaction. At first the futures jumped up\u2026now they\u2019re coming back down. Who knows what they\u2019ll be when the market opens in 55 minutes. I\u2019m in cash now, I\u2019ll be in cash at today\u2019s close. This feels like a good weekend to circle the wagons, do a bunch of research and start from scratch next week.
\nheadlines at Yahoo Finance<\/a>
\nheadlines from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Friday. First off, Leavitt Brothers is now offering a FREE TRIAL. Go here to sign up. Now on to the market. The bears are relentless, aren\u2019t they? Every little bounce gets sold hard. The market has now fallen 12 of the last 14 days, and barring a massive rally today, the 9th […]<\/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\/580"}],"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=580"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/580\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=580"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}