{"id":1969,"date":"2009-10-02T07:34:16","date_gmt":"2009-10-02T12:34:16","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1969"},"modified":"2009-10-02T07:34:16","modified_gmt":"2009-10-02T12:34:16","slug":"before-the-open-oct-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1969","title":{"rendered":"Before the Open (Oct 2)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Friday.<\/span><br \/>\n<span style=\"font-size: medium;\">It wasn\u2019t a happy day for the market yesterday. So much for laying low in the triangle pattern until after the employment numbers were released. Pressure was building on a short term basis \u2013 we knew that, but I didn\u2019t think the bulls or bears would take a strong stand before potentially market-moving data. But things changed slightly this week. &#8230;<!--more--> Twice the market has sold off hard on less-that-expected data. This is a change from the previous several months when bad news would get ignored\/absorbed. Not any more. Bad news is causing selling \u2013 a change in character. The bulls didn\u2019t want to hold knowing they wouldn\u2019t be able to exit some of their positions until the open. This type of selling has happened a few times the last 6 months, and each time the bulls stepped up to defend their turf. The onus is on them once again. <\/span><br \/>\n<span style=\"font-size: medium;\">Here\u2019s the 15-min chart. The triangle pattern resolved down. The next two levels I\u2019m keying on are the lower trend line which is drawn through the last reaction low of the pattern and parallel to the upper trendline and the gap shown in yellow.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx100209-1.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">Here are the quick employment numbers\u2026<\/span><br \/>\n<span style=\"font-size: medium;\">Unemployment rate down to 9.8%<\/span><br \/>\n<span style=\"font-size: medium;\">Nonfarm payroll levels dropped 263K<\/span><br \/>\n<span style=\"font-size: medium;\">The market is selling off hard. Should be a fun day. <\/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;\">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=1967\">Sector Performance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=1933\">Earnings Reports<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=1931\">Economic Numbers<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">open a real-time futures demo account at&#8230;<\/span><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[\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 Friday. It wasn\u2019t a happy day for the market yesterday. So much for laying low in the triangle pattern until after the employment numbers were released. Pressure was building on a short term basis \u2013 we knew that, but I didn\u2019t think the bulls or bears would take a strong stand before [&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\/1969"}],"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=1969"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/1969\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}