{"id":1869,"date":"2009-09-17T07:29:17","date_gmt":"2009-09-17T12:29:17","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1869"},"modified":"2009-09-17T07:29:17","modified_gmt":"2009-09-17T12:29:17","slug":"before-the-open-sep-17","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1869","title":{"rendered":"Before the Open (Sep 17)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Thursday.<\/span><br \/>\n<span style=\"font-size: medium;\">The market keeps going and going and going. There\u2019s no fear. Every dip gets bought. The winning streak makes you wonder \u2013 is something going on behind the scenes? No rational market would act like this, but I\u2019m not complaining. Our Long List is full of very good set ups that have broken out and given us some very nice profits. Luckily we don\u2019t have to figure out why things happen. We just have to be observant enough and objective enough to see what\u2019s happening and then follow along. &#8230;<!--more-->Trading is a big game of follow the leader, and we\u2019re not the leader. When the biggest and best traders\/investors buy and sell, they leave footprints in the charts. Our job is to notice those footprints and follow them. Simple as that. It\u2019s not always simple, but it\u2019s much easier than answering the Why question.<\/span><br \/>\n<span style=\"font-size: medium;\">Options expire tomorrow. Once again put open-interest is much greater than call open-interest, so odds favor the current price levels holding. Here\u2019s the OI chart for SPY. <\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spyoisep091709.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">As long as traders continue anticipating a big move down, the market is likely to stay up. When the balance shifts, when there\u2019s as much blue as red, we\u2019ll know the bears have given up, and a top may be near. The chart for Oct has lots more red than blue, but it\u2019s not as lopsided. We\u2019ll have to see what happens next week. What new positions will be opened?<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spyoioct091709.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">When I think something fishy is going on, I stop drawing trendlines on my charts. If there\u2019s a force working behind the scenes, support and resistance don\u2019t matter much on a short term basis. All I know is the trend is up, but I\u2019m not getting 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\/stocks-in-focus-for-thursday-2009-09-16\">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=1866\">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 \/>\nopen 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><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\n var gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\"); document.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[\n var pageTracker = _gat._getTracker(\"UA-6273151-1\"); pageTracker._initData(); pageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Thursday. The market keeps going and going and going. There\u2019s no fear. Every dip gets bought. The winning streak makes you wonder \u2013 is something going on behind the scenes? No rational market would act like this, but I\u2019m not complaining. Our Long List is full of very good set ups that [&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\/1869"}],"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=1869"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/1869\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}