{"id":1907,"date":"2009-09-22T07:39:31","date_gmt":"2009-09-22T12:39:31","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1907"},"modified":"2009-09-22T07:39:31","modified_gmt":"2009-09-22T12:39:31","slug":"before-the-open-sep-22","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1907","title":{"rendered":"Before the Open (Sep 22)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nYesterday the market gapped down and other than a brief late morning pop, prices were stuck in a tight range. Today we\u2019ll get a gap up near the highs. <\/span>
\nThe Asian\/Pacific markets closed mixed \u2013 China lost 2.3%.<\/span>
\nEurope is currently up across the board \u2013 there are a couple 1% winners. …
\n<\/span>
\nI was expecting yesterday to be a fairly normal day and today to be very slow, but since yesterday was pretty slow, today might closely resemble pre holiday trading. There\u2019s no doubt tomorrow\u2019s Fed announcement looms large \u2013 it\u2019s no longer a given they\u2019ll stand pat and issue a \u201cdovish\u201d statement. They could start talking tough; they could hint at raising rates soon. The market wants to know what the Fed will say before it makes up its mind.<\/span>
\nIt\u2019s not a given today will be super slow. We\u2019ve see the market surprisingly trend the day before in anticipation. At the very least I\u2019d adopt a defensive posture. There\u2019s no point taking big chances right now. <\/span>
\nThe best scenario (if you\u2019re bullish) is for the market to be weakish today and then weak tomorrow on news rates are likely to be moved up. Then, in the name of absorbing bad news, the market surprisingly rallies<\/span>
\nIf you\u2019re bearish, getting a Fed-induced pop is the best case scenario, but otherwise I have no clue why the bears are so bearish. How many times do they have to get burned before they realize it\u2019s much easier trading in the direction of the trend than against it.<\/span>
\nHere\u2019s the S&P daily without trendline. We\u2019ve had 3 quiet days. Don\u2019t over-analyze here. The market wants to know what the Fed is thinking before beginning its next move.<\/span>
\n\"\"
\nheadlines at Yahoo Finance<\/a><\/span>
\nstocks to watch from MarketWatch<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nyesterday’s Sector Performance<\/a><\/span>
\nthis week’s Earnings Reports<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\nopen a real-time futures demo account at…<\/span>
\n\"\"<\/a>
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