{"id":2966,"date":"2010-04-28T07:34:23","date_gmt":"2010-04-28T12:34:23","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=2966"},"modified":"2010-04-28T07:34:23","modified_gmt":"2010-04-28T12:34:23","slug":"before-the-open-apr-28","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=2966","title":{"rendered":"Before the Open (Apr 28)"},"content":{"rendered":"

Good morning. Happy Wednesday. Happy Fed Day. <\/span>
\nWith all of yesterday’s excitement, I forgot there’s an FOMC rate decision today at 2:15. The Fed has been irrelevant for several months, and I don’t see that changing now. They’re not going to move rates up; we’ll see if there are any dissenters.<\/span>
\nFor some reasons, yesterday was as bad as Friday the 16th. Only 6 total stocks from the S&P 1500 (400, 500, 600 combined) closed in the top 20% of their intraday range while 78% closed in the bottom 20%. That is very broad, across-the-board selling. The percentage of stocks trading above their 10-day MA dropped from 75% to 36%, and the A\/D Line was 7\/93.<\/span>
\nThe Asian\/Pacific markets piggy-backed off the losses with across-the-board losses, and Europe is currently doing the same. Futures here in the States point towards a moderate gap up open.<\/span>
\nAs I’ve stated numerous times, I welcome a pullback; I want a pullback. I hate trading a market that just grinds higher day after day, week after week. I’d much rather see some up and down movement within an uptrend. Surges can be used to take profits and then pullbacks are used to allow the charts to reset for the subsequent rallies. So I’m hoping this isn’t another one of those brief and shallow selling episodes which immediately gets bought up. I’d rather get a 5-10% correction. <\/span>
\nHere’s the S&P daily. A drop to the Jan high is very doable, but I’d love a correction all the way to the uptrend line. All indications are for new highs to be made again, so that second target may be asking for too much. More after the open.<\/span>
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\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