{"id":1470,"date":"2009-08-13T07:39:09","date_gmt":"2009-08-13T12:39:09","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1470"},"modified":"2009-08-13T07:39:09","modified_gmt":"2009-08-13T12:39:09","slug":"before-the-open-aug-13","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1470","title":{"rendered":"Before the Open (Aug 13)"},"content":{"rendered":"<p>Good morning. Happy Thursday.<br \/>\nHeading into this week I thought the trend was up but that the market needed a rest. There were many reasons to be bullish and many to be bearish, and with the lack of good set ups to be found, it was a time to let the market show its cards before trading aggressively.<br \/>\nNow that we\u2019ve had 3 days of trading, the current pattern is looking more and more like a bullish consolidation pattern within an uptrend. Some indicators might still be overbought, but at least they\u2019re slowly being worked off. Here\u2019s the daily SPX. &#8230;<!--more--><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx081309-1.png\" alt=\"\" \/><br \/>\nAnd here\u2019s the 20-day, 15-min. The market has flattened out this month. A huge rally followed by sideways movement is hardly a bearish situation.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx081309-2.png\" alt=\"\" \/><br \/>\nMy #1 indicator is purely subjective. How many good set ups can I find? If I look at 500 charts and find several dozen good set ups in one direction or the other, that\u2019s where my bias leans. But if the same research doesn\u2019t reveal very many set ups in either direction, then I lay low. This is the current situation. The charts are messy. They\u2019ve either gone too far too fast and need a break or they\u2019re not setting up with easily definable support or resistance. Throw in that it\u2019s summer and volume is going to be light from here until Labor Day, and I have good reason to trade, but not trade aggressively.<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-thursday-2009-08-12\">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=1468\">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 Thursday. Heading into this week I thought the trend was up but that the market needed a rest. There were many reasons to be bullish and many to be bearish, and with the lack of good set ups to be found, it was a time to let the market show its cards [&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\/1470"}],"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=1470"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/1470\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}