{"id":2458,"date":"2009-12-17T08:23:45","date_gmt":"2009-12-17T13:23:45","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=2458"},"modified":"2009-12-17T08:23:45","modified_gmt":"2009-12-17T13:23:45","slug":"before-the-open-dec-17","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=2458","title":{"rendered":"Before the Open (Dec 17)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly down – China and Hong Kong dropped more than 1%. Europe is down across the board – only London is down more than 1%. Futures here in the States point towards a fairly large gap down for the cash market. <\/span>
\nFor the last 6 weeks dips have been bought and rallies sold. Given the indexes were at or near the tops of their ranges, a pullback simply continues the pattern. Here’s the 60-min SPX chart. We’ve had some very good trades, but our holding times have had to be kept shorter than we’d like. Ideally we’d hold for a couple weeks to allow the charts to fully play out, but when you’re stuck in a range, we have to be ahead of the curve taking profits – otherwise, in many cases, they dissappear.<\/span>
\n\"\"
\nThe movement of the dollar is being blamed for the futures market being down so much. From a trading perspective, it doesn’t matter why something is happening, it only matters what is happening. The dollar’s movement is worth noting, but I wouldn’t trust the media’s analysis because they desperately search for reason that don’t exist. Right now, the dollar is trading above th early Oct high.<\/span>
\n\"\"
\nI can’t not mention the banks. They’ve been weak lately while the small caps and semiconductors have out-performed. This divergence can last in the short term, but it can’t last long. The banks don’t need to lead, but they do need to keep up.<\/span>
\n\"\"
\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings Reports<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Thursday. The Asian\/Pacific markets closed mostly down – China and Hong Kong dropped more than 1%. Europe is down across the board – only London is down more than 1%. Futures here in the States point towards a fairly large gap down for the cash market.<\/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\/2458"}],"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=2458"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/2458\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}