{"id":3182,"date":"2010-06-29T07:23:47","date_gmt":"2010-06-29T12:23:47","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3182"},"modified":"2010-06-29T07:23:47","modified_gmt":"2010-06-29T12:23:47","slug":"before-the-open-jun-29","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3182","title":{"rendered":"Before the Open (Jun 29)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets got hit hard – China dropped over 4%. Europe is currently suffering solid, across-the-board losses – many markets are down more than 2%. Futures here in the States point towards a large gap down open. With the action having tightened up the last couple days, I was looking forward to a trend day which would let out some pent up energy, but unfortunately, the gap diffuses the pressure.<\/span>
\nBonds keep moving up, so yields move down. Investors would rather park their money in a bond making 3% than invest in stocks. Here’s the 10-year yield.<\/span>
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\nHere’s the SPX weekly. Support is in the 1040-1050 zone. It looks like the S&P is zeroed in on tested support.<\/span>
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\nZooming in, here’s the 10-min chart. The blue lines indicate my upside and downside targets heading into today, but the index is likely to gap below the lowest blue line. <\/span>
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\nTrades continue to be short term. I see no reason to place big bets. Many indicators have inched towards being oversold. Today’s open may get us all the way there. 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