{"id":608,"date":"2009-03-02T06:30:06","date_gmt":"2009-03-02T11:30:06","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=608"},"modified":"2009-03-02T06:30:06","modified_gmt":"2009-03-02T11:30:06","slug":"before-the-open-108","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=608","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.
\nThe indexes closed near their lows on Friday. The SPX and Dow took out their 2002 lows; the Nas and Russell did not.
\nI\u2019m not sure the charts mean much right now. The market is sitting on an edge. It\u2019s either going to collapse or rally big very soon.
\nI\u2019m not a big fan of picking a number from 10 years ago and saying \u201cthat\u2019s the next support level,\u201d so I really don\u2019t know where the bottom will be (short term or ultimate). My SPX target has been 600 for quite some time \u2013 it\u2019s just a question of whether it happens now or later. My preference is to get a washout now and then a nice bounce to short, but I don\u2019t always get what I want.
\nAs far as upside potential, SPX 780 has been tough to overcome\u2026then 825\u2026then 875. The chart below indicates how I get 780.
\n
\nThe foreign markets have gotten\/are getting clobbered today. Futures here in the States indicate a sizeable gap down open. We need a very nasty day to signal a bottom\u2026one where the VIX spikes up and most stocks decline. Perhaps today will be the day, but I do know this. There seems to be many traders out there looking for a bottom, and as long as that\u2019s the case, it\u2019s not going to happen. The market will go down one or two extra days to make those traders nonbelievers before bouncing.
\nIn many cases it\u2019s too late to go short, and of course I\u2019m not going long quite yet. Let\u2019s manage the positions we have, and when the washout comes, be ready to go long.
\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 Monday. Hope you had a nice weekend. The indexes closed near their lows on Friday. The SPX and Dow took out their 2002 lows; the Nas and Russell did not. I\u2019m not sure the charts mean much right now. The market is sitting on an edge. It\u2019s either going to collapse or […]<\/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\/608"}],"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=608"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/608\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=608"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}