{"id":1768,"date":"2009-09-02T07:31:38","date_gmt":"2009-09-02T12:31:38","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1768"},"modified":"2009-09-02T07:31:38","modified_gmt":"2009-09-02T12:31:38","slug":"before-the-open-sep-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1768","title":{"rendered":"Before the Open (Sep 2)"},"content":{"rendered":"

Good morning. Happy Wednesday.
\nThe Asian\/Pacific markets closed mostly down; China rallied 1.2%.
\nEurope is down across the board, but losses aren\u2019t great.
\nFutures here in the States suggest a small gap down open, but this could change because I\u2019m looking at the numbers 75 min before the open. …
\nRemember, unemployment numbers come out Friday and the market is closed Monday. There could be a lot of jockeying for position over the next couple days.
\nWe\u2019ve been here several times the last few months. The market drops, and all the bears come out of the woodwork predicting a huge sell-off that takes out the March low. Then a couple days later (or perhaps a week), the market is making new highs. As I like to say, a stopped clock is correct twice a day. Eventually the bears will be right\u2026but many of them are broke, so it doesn\u2019t matter. This has been once of the greatest rallies in history (in terms of the percentage move in a given period of time), and the bears tried picking a top how many times?
\nI think it\u2019s silly to predict what the market is going to do because the role the government is playing is not something that\u2019s ever been seen before. How many times the last couple months have you thought the market should correct or at least suffer a mild pullback only too see new highs registered a few days later? Several. When the gov\u2019t is going to back stop everything, when the gov\u2019t literally won\u2019t let the market drop, nobody in their right mind should attempt predicting what will happen \u2013 to the upside or downside.
\nI\u2019d rather just note the trend and go with the flow and play good defense.
\nMy goal is to pull money out of the market, not nail an entire move. Your goal should be the same.
\nIf you do research and form a strong opinion, you\u2019ll likely get married (or at least engaged) to that opinion, and when the tide turns or when it becomes obvious you\u2019re wrong, you\u2019ll hold on stronger. But if you resist having such an opinion, you\u2019ll be free to go with the flow.
\nHere\u2019s the daily SPX. Unless the market immediately bounces today, my minimum target is 980 \u2013 the bottom Bollinger Band.
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\nHere\u2019s the weekly SPX. After 980, 950 is a level I\u2019ll be watching.
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\nThese levels give me a frame of reference to work from, but I don\u2019t hold out for them. Again, when the gov\u2019t can make up the rules on the fly, how could anyone predict what will happen.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nyesterday’s Sector Performance<\/a>
\nthis week’s Earnings Reports<\/a>
\nthis week’s Economic Numbers<\/a>
\nopen a real-time futures demo account at…
\n\"\"<\/a>
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