{"id":1662,"date":"2009-08-17T07:31:36","date_gmt":"2009-08-17T12:31:36","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1662"},"modified":"2009-08-17T07:31:36","modified_gmt":"2009-08-17T12:31:36","slug":"before-the-open-aug-17","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1662","title":{"rendered":"Before the Open (Aug 17)"},"content":{"rendered":"<p>Good morning. Happy Monday. Hope you had a nice weekend.<br \/>\nThe markets around the world have gotten\/are getting clobbered. Every index in Asia\/Pacific closed down with especially steep losses in India and China. Europe is currently down across the board \u2013 most indexes are down 2-3%. Futures here in the States are getting clobbered. The SPX futures are down 20\u2026Nas 100 down 27\u2026Russell down 13. &#8230;<!--more--><br \/>\nThe media says American consumer strength, or questions about the American consumer strength, is the reason for the worldwide selling pressure. Consumption by Americans accounts for almost 70% of the US economy and 20% of the world economy. No recovery can take place with a strong American consumer.<br \/>\nThis doesn\u2019t make much sense, but when did the market ever make sense. As of Friday\u2019s close, everything was fine. Now there are worries and the market hasn\u2019t even opened yet. Why the market decided to drop today when the employment situation hasn\u2019t improved and the housing market hasn\u2019t shown any signs of recovery isn\u2019t something I know. For a long time I\u2019ve been saying \u201cthis rally doesn\u2019t make sense, but it is what it is, so let\u2019s ride it.\u201d<br \/>\nHere\u2019s the SPX daily. Last week was a week of rest within a tight range. Assuming the current futures level holds, the index will gap below the bottom of the pattern. A few days of follow through could easily send the index down to 950. More after the open.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx081709-1.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-to-watch-on-monday-2009-08-17\">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=1651\">Sector Performance<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=1654\">Earnings Reports<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=1656\">Economic Numbers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Monday. Hope you had a nice weekend. The markets around the world have gotten\/are getting clobbered. Every index in Asia\/Pacific closed down with especially steep losses in India and China. Europe is currently down across the board \u2013 most indexes are down 2-3%. Futures here in the States are getting clobbered. The [&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\/1662"}],"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=1662"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/1662\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}