{"id":2071,"date":"2009-10-19T07:18:01","date_gmt":"2009-10-19T12:18:01","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=2071"},"modified":"2009-10-19T07:18:01","modified_gmt":"2009-10-19T12:18:01","slug":"before-the-open-oct-19","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=2071","title":{"rendered":"Before the Open (Oct 19)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly up – China gained 2%.<\/span>
\nEurope is currently up across the board – several countries are up more than 1%.<\/span>
\nFutures here in the States suggest a gap up open for the cash market. This comes off Friday’s moderate down day and an 8 of the 10 winning streak. …
\n<\/span>
\nAs is typically the case on a Monday, I don’t have much to add to my weekend report. The trend is up…higher highs and higher lows are firmly in place. The S&P and Russell have room to move before hitting overhead resistance on their weekly charts while the Dow and Nas are at resistance. Something has to give here. Either the S&P and Russell pull the market up or the Dow and Nas struggle here and keep the upside limited.<\/span>
\nAlso the banks and tech started to lag a little late last week. It’s not a big concern yet – just something to keep an eye on.<\/span>
\nAlso the dollar is trying hard to find some support. If successful, the market’s upside will be temporarily capped.<\/span>
\nAnd of course this is earnings season. News trumps the charts, so no entering or holding positions into a report. Thus far the market has been rewarding those that do well.<\/span>
\nOil is busting out. This isn’t horrible; it suggests demand is increasing which only happens when the economy is strengthing (although you could argue the increased demand is seasonal). But oil is a nasty parasite. It benefits from an expanding economy, but as a raw material, it chokes off the economy as its price moves up.<\/span>
\nMore comments 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>
\n