{"id":2816,"date":"2010-03-17T07:33:55","date_gmt":"2010-03-17T12:33:55","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=2816"},"modified":"2010-03-17T07:33:55","modified_gmt":"2010-03-17T12:33:55","slug":"before-the-open-mar-17","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=2816","title":{"rendered":"Before the Open (Mar 17)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets had a very strong day today with most of the markets gaining at least 1%. Europe is currently up across the board, and futures here in the States point towards a positive open.<\/span>
\nThe Fed spoke yesterday. Rates were left unchanged, and their “statement” was very similar to previous meetings. They said things are slowly improving, but they’re still concerned with the housing market and employment situation. The market was up into the announcement and after some choppy action, moved up more and closed at its highs. <\/span>
\nThe Energizer Bunny market continues. It goes up and up and up day after day. All the indexes are at new highs or are very close. <\/span>
\nBut there’s been a tendency to reverse the post Fed move, so be on the lookout for a give back today. It’s as if the initial knee-jerk reaction is wrong, and after traders have a chance to think over the Fed’s statement, they realize they were wrong and do the opposite the next day. Anyway, it’s just something to keep in the back of your mind.<\/span>
\nOtherwise the breadth indicators are in overbought territory. I think one of two things happens soon. 1) The market tops and pulls back (but the temporary weakness will get bought and new highs will be made again – the overall trend will remain up) or 2) Ignoring all indicators and logic, the market will melt up – we’ll have numerous days of huge buying pressure that will completely break the backs of the bears. I’m not placing odds on either scenario, but considering every little dip gets bought and the indexes keep grinding to new highs, I slightly favor the melting up option.<\/span>
\nHere’s the SPX weekly. There may be resistance just overhead?<\/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>
\n