{"id":1342,"date":"2009-08-12T07:37:04","date_gmt":"2009-08-12T12:37:04","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1342"},"modified":"2009-08-12T07:37:04","modified_gmt":"2009-08-12T12:37:04","slug":"before-the-open-aug-12","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1342","title":{"rendered":"Before the Open (Aug 12)"},"content":{"rendered":"<p>Good morning. Happy Wednesday. Happy Fed Day.<br \/>\nToday at about 2:15 ET the FOMC targets the overnight rate (rate at which banks borrow from each other) and sets the discount rate (rate at which banks borrow from the Fed). Both are at rock bottom levels and can\u2019t be lowered, so the only question is whether rates are raised or kept the same and of course every word used in their \u201cstatement\u201d will be over analyzed to the nth degree by CNBC. &#8230; <!--more--><br \/>\nI don\u2019t know anyone or any source that expects rates to be raised, so that would be a surprise. As far as their statement goes, the Fed has been nice to Wall St. the last several meetings, but given the market has rallied huge off its March lows, they have a cushion to work with. They could act tough knowing that a little sell-off won\u2019t spell doom for the market.<br \/>\nThe market tends to chop around after the Fed announcement and then trend into the close. But it also has a tendency to reverse the move the next day. If not for the Fed, I\u2019d be expecting more downside. There are many negative divergences popping up on the daily charts, and the market no longer has that feel that it\u2019ll be bought up no matter what. But with the Fed, you never know. A nice set up would be a rally today followed by a gap up and sell-off tomorrow.<br \/>\nHere\u2019s the 15-day, 15-min chart I posted yesterday. It shows some levels that may act as support or resistance.  More after the open.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx081209.png\" alt=\"\" \/><br \/>\nheadlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><br \/>\nstocks to watch from <a href=\"http:\/\/www.marketwatch.com\/story\/stocks-in-focus-for-wednesday-2009-08-11\">MarketWatch<\/a><br \/>\ntoday&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><br \/>\nyesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=1332\">Sector Performance<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=807\">Earnings Reports<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=809\">Economic Numbers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Wednesday. Happy Fed Day. Today at about 2:15 ET the FOMC targets the overnight rate (rate at which banks borrow from each other) and sets the discount rate (rate at which banks borrow from the Fed). Both are at rock bottom levels and can\u2019t be lowered, so the only question is whether [&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":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/1342"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1342"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/1342\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}