{"id":2761,"date":"2010-03-05T08:37:46","date_gmt":"2010-03-05T13:37:46","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=2761"},"modified":"2010-03-05T08:37:46","modified_gmt":"2010-03-05T13:37:46","slug":"before-the-open-mar-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=2761","title":{"rendered":"Before the Open (Mar 5)"},"content":{"rendered":"

Good morning. Happy Friday. <\/span>
\nEmployment numbers are out. Here they are:<\/span>
\nunemployment rate: 9.7% (it was 9.7% last month)<\/span>
\nnonfarm payrolls: down 36K<\/span>
\naverage workweek: down 0.1%<\/span>
\naverage hourly earnings: up 0.1%<\/span>
\nAt the time of the release, the Asian\/Pacific markets had closed up across the board (there were a couple 1% gainers), Europe was up across the board, and futures here in the States were up 4-5 points. The entire planet was green. After the release, futures shot up and are pointing towards an open above the week’s high.<\/span>
\nWe entered this week with the market being in consolidation mode and me hoping for a continuation of the sideways movement. We got a big up day Monday and some decent follow through Tuesday and then a pretty tight range Tuesday-Thursday. Here’s the 5-min SPX chart.<\/span>
\n\"\"
\nThe Russell has already traded above its resistance zone. The Nas is in the middle of it zone. The S&P (shown below) is 7 point away. This disparity needs to be resolved. Are the small caps strong enough to pull the S&P through resistance or will the lagging big caps hinder the small caps progress? Something has to give.<\/span>
\n\"\"
\nI’ve looked at a lot of charts the last couple days. My bias remains to the upside, but given SPX resistance just overhead, it’s hard to justify being aggressive. The trend is up, but the risk\/reward isn’t as favorable as I’d like. This weekend I’ll take another look at the breadth indicators to see if any are at extreme levels. If not the market will have to move on its own rather than relying on a regression to the mean. More after the open.<\/span>
\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 Friday. Employment numbers are out. Here they are:<\/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\/2761"}],"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=2761"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/2761\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}