{"id":1856,"date":"2009-09-16T07:31:51","date_gmt":"2009-09-16T12:31:51","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1856"},"modified":"2009-09-16T07:31:51","modified_gmt":"2009-09-16T12:31:51","slug":"before-the-open-sep-16","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1856","title":{"rendered":"Before the Open (Sep 16)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Wednesday.<\/span><br \/>\n<span style=\"font-size: medium;\">Yesterday was the 8th consecutive day the SPX exceeded its high from the previous day and the 4th consecutive day a new high was registered. The market keeps going and going and going. It hasn\u2019t been exciting, but it\u2019s not worth fighting. And the S&amp;P is not alone. Every index is at a new high. Here\u2019s the daily chart. &#8230;<!--more--><br \/>\n<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx091609-1.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">As you can see, yesterday was the index\u2019s highest-volume day in two weeks. In my opinion, high volume at these levels is more bearish than bullish. It\u2019s a sign traders\/investors who missed the rally are chasing. It means they may be in panic mode because they wanted to buy a dip that never happened. Now they\u2019re afraid of completely missing the move, so they\u2019re jumping in with reckless abandon. I\u2019m not predicting a top here (a top could take a couple weeks to form), but if volume continues to be strong, to me, it\u2019s a warning sign.<\/span><br \/>\n<span style=\"font-size: medium;\">Here\u2019s the 60-min chart. The index is broadening. Dips are shallower than previous dips and rallies are greater. This too isn\u2019t a great sign\u2026especially given the S&amp;P sits right at the bottom of its thin zone (see <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=1847\">chart<\/a> posted yesterday).<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx091609-2.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">But again, I\u2019m not predicting a top\u2026just making an observation. The trend is up, so that\u2019s the way we should continue playing the market. Don\u2019t get complacent. More after the open.<\/span><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">stocks to watch from <a href=\"http:\/\/www.marketwatch.com\/story\/srocks-in-focus-for-wednesday-2009-09-15\">MarketWatch<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">today&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">yesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=1852\">Sector Performance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=1837\">Earnings Reports<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=1839\">Economic Numbers<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">open a real-time futures demo account at&#8230;<br \/>\n<a href=\"http:\/\/www.infinityfutures.com\/IATdemosignup.aspx?ref=aglb\"><img src=\"http:\/\/leavittbrothers.com\/banners\/v3468x60.gif\" alt=\"\" \/><\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\");\ndocument.write(unescape(\"%3Cscript src='\" + gaJsHost + \"google-analytics.com\/ga.js' type='text\/javascript'%3E%3C\/script%3E\"));\n\/\/ ]]><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar pageTracker = _gat._getTracker(\"UA-6273151-1\");\npageTracker._initData();\npageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Wednesday. Yesterday was the 8th consecutive day the SPX exceeded its high from the previous day and the 4th consecutive day a new high was registered. The market keeps going and going and going. It hasn\u2019t been exciting, but it\u2019s not worth fighting. And the S&amp;P is not alone. Every index is [&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\/1856"}],"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=1856"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/1856\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}