{"id":581,"date":"2009-03-05T06:30:59","date_gmt":"2009-03-05T11:30:59","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=581"},"modified":"2009-03-05T06:30:59","modified_gmt":"2009-03-05T11:30:59","slug":"before-the-open-105","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=581","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Thursday.
\nFirst off, Leavitt Brothers is now offering a FREE TRIAL. Go here<\/a><\/b> to sign up.
\nNow on to the market. Yesterday\u2019s action was enough to put me mostly in cash. As is, I had been scaling out of shorts \u2013 many of which I had been in for several weeks and had big profits in. And I had started building my long list, but the late-day sell-off made me pause. So now I sit here mostly in cash and not really sure what comes next.
\nThe overall trend is down, and I\u2019m sticking with my SPX 600 price target I established last year (it appears many have joined me in expecting 600 and some have leapfrogged me and expect 500 to be hit). I know the market will turn before the economy turns, but I think there\u2019s still enough fluff out there to justify much more downside. But this doesn\u2019t mean I\u2019m going to short and turn my computer off for the next year. I\u2019ll still poke a few longs on the bounces and re-enter shorts at higher levels. Heck, I\u2019d prefer lots of up and down movement.
\nIt is said strong markets embrace good news and ignore bad news. I\u2019m not sure what bad news hit the market today, but the futures market is indicating a sizeable gap down \u2013 one that will open the indexes near yesterday\u2019s lows. This will be a good test. If the market can shrug off the negativity and close up on the day, odds increase a short term bottom has been put in place.
\nHere\u2019s 13-day, 5-min chart I posted yesterday. The SPX got rejected by the bottom of Monday\u2019s gap down and a trendline connecting two previous lows.
\n
\nHere\u2019s a close-up.
\n
\nWhether the market can shake off the down open or not will go a long way dictating what kind of bounce we get\u2026if we get a bounce.
\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 Thursday. First off, Leavitt Brothers is now offering a FREE TRIAL. Go here to sign up. Now on to the market. Yesterday\u2019s action was enough to put me mostly in cash. As is, I had been scaling out of shorts \u2013 many of which I had been in for several weeks and […]<\/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\/581"}],"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=581"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/581\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=581"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}