{"id":582,"date":"2009-03-04T06:30:00","date_gmt":"2009-03-04T11:30:00","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=582"},"modified":"2009-03-04T06:30:00","modified_gmt":"2009-03-04T11:30:00","slug":"before-the-open-106","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=582","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Wednesday.
\nFirst off, Leavitt Brothers is now offering a FREE TRIAL. Go here<\/a><\/b> to sign up.
\nNow on to the market. Here we go again. The market will attempt to gap itself out of a hole \u2013 not a good foundation to rally from. But I do think we\u2019re getting closer to a bottom \u2013 it won\u2019t be THE bottom, but it\u2019ll be a tradable bottom. For a couple days now I\u2019ve been saying it\u2019s too late to go short but too early to go long. Instead managing what we had and getting ready to go long was the best use of our time. We\u2019re almost there. Our patience will soon pay off.
\nI\u2019m also sticking with what I\u2019ve said the last two days regarding the usefulness of the charts. I don\u2019t think they\u2019re useful. I don\u2019t think they\u2019re helpful. I\u2019m not a big fan of drawing a line from 10 or 15 years ago and saying: \u201cthat\u2019s it; that\u2019s long term support; if that can hold etc etc\u201d Bottoms are put in place when emotions run high, not when a certain level holds or technical indicator turns up. In fact technical indicators often stop working at the extremes. They may be obvious after the fact, but never in the heat of battle.
\nHere\u2019s the SPX daily chart to put in perspective the downtrend we\u2019ve been in since the first week in Feb. All those patterns will be resistance on the way up.
\n
\nWhen the market does bottom, this is what I\u2019ll be looking for. First we\u2019ll get a violent move up \u2013 volume will be huge and the SPX will rally 100 in just a couple days. Then the market will take some time off to drift sideways and do a little backing and filling. Then it\u2019ll breakout and begin another leg up. It\u2019s that second leg up that somewhat confirms a temporary bottom is in place.
\nLot\u2019s of money to be made right now. Be ready.
\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. First off, Leavitt Brothers is now offering a FREE TRIAL. Go here to sign up. Now on to the market. Here we go again. The market will attempt to gap itself out of a hole \u2013 not a good foundation to rally from. But I do think we\u2019re getting closer to […]<\/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\/582"}],"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=582"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/582\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=582"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}