{"id":2914,"date":"2010-04-13T07:29:17","date_gmt":"2010-04-13T12:29:17","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=2914"},"modified":"2010-04-13T07:29:17","modified_gmt":"2010-04-13T12:29:17","slug":"before-the-open-apr-13","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=2914","title":{"rendered":"Before the Open (Apr 13)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mostly down, but China moved up 1%. Europe is currently down across the board. Futures here in the States point towards a small gap down open for the cash market. This comes off an extremely slow day, which has become more and more common lately. <\/span>
\nTraders are so relaxed, I’m sensing pent up energy that could explode at any time.<\/span>
\nWe’ve had numerous low volume days lately.<\/span>
\nThe McClellan Report noted yesterday was the quietest day since May 2007 (as measured by the intraday range).<\/span>
\nAdam Oliensis of The Agile Trader notes the S&P 500 has closed above its 10-day MA for 38 consecutive days – the longest streak since 1972.<\/span>
\nAnd I’m running out of things to talk about. This happens when the market keeps going and going and going.<\/span>
\nParabolic move up or quick correction – one of these is coming soon.<\/span>
\nFor what it’s worth, the Dow closed above 11,000 yesterday while the S&P did not take out 1200. <\/span>
\nHere’s the S&P daily. Volume has fallen off the last three days as the index made a new high – not encouraging, but it’s been almost three months since the index has fallen three consecutive days. The bears can’t get traction for any length of time.<\/span>
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\nHere’s the 15-min chart. The top line is drawn parallel to the bottom – the index bumped up against short term resistance. <\/span>
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\nGiven earnings season, it may take a couple days for the market to decide what it wants to do next. 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>
\n