{"id":1918,"date":"2009-09-24T07:25:01","date_gmt":"2009-09-24T12:25:01","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1918"},"modified":"2009-09-24T07:25:01","modified_gmt":"2009-09-24T12:25:01","slug":"before-the-open-sep-24","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1918","title":{"rendered":"Before the Open (Sep 24)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nSo after an initial pop yesterday after the Fed announcement that pushed most of the indexes to new highs, the market took a big dump. Ugly candles on the daily charts formed across the board. Volume was pretty good. But as I\u2019ve said numerous times, the day after the Fed is more important than Fed day itself. The market has illogically turned about and reversed itself. …
\n<\/span>
\nThe Asian\/Pacific markets were mixed with a bearish bias \u2013 Hong Kong lost 2.5%.<\/span>
\nEurope is currently mostly down \u2013 losses aren\u2019t great.<\/span>
\nFutures here in the States are flat.<\/span>
\nI\u2019d say anything goes today. Here\u2019s the SPX 10-min chart. Early strength could get sold into around 1067.5 or 1072 or early weakness could get bought around 1057.5.<\/span>
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\nWhatever the case, caution is warranted. Other than a brief dip Monday and a brief pop Wednesday, the market has been range bound. The longer term trend remains solidly in place, but short term, things aren\u2019t so clear.<\/span>
\nMake sure you have your time frames in order. If you\u2019re a longer term swing trader, one scary day isn\u2019t cause for concern. You have to sit through pullback in order to ride trends for everything they\u2019re worth. If you focus on the shorter term, follow though is reason to exit longs and look short. Both methods worth, but you can\u2019t do both at the same time. One or the other, don\u2019t be middle of the road.<\/span>
\nThe US dollar formed what might be a reversal candle off a low. The dollar and the market has been inversely correlated, so besides the market itself showing near term topping signs, a move up from the dollar would confirm.<\/span>
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\nMore after the open.<\/span>
\nheadlines at Yahoo Finance<\/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…
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