{"id":3261,"date":"2010-07-16T07:25:27","date_gmt":"2010-07-16T12:25:27","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3261"},"modified":"2010-07-16T07:25:27","modified_gmt":"2010-07-16T12:25:27","slug":"before-the-open-jul-16","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3261","title":{"rendered":"Before the Open (Jul 16)"},"content":{"rendered":"

Good morning. Happy Friday. It’s options expiration day.<\/span>
\nThe Asian\/Pacific markets closed mixed with a bearish slant; Japan dropped almost 3%. Europe is currently mixed and without any big movers. Futures here in the States point toward a flat open for the cash market.<\/span>
\nOverall it’s been a pretty good week. The S&P is up 18.5, but most of those gains were registered on a single day – Tuesday. And much of Tuesday’s gains came in the form of a gap up.<\/span>
\nThe S&P has established 1100 as short term resistance (see red trendlines below) and intermediate term resistance (see blue lines below).<\/span>
\n\"\"
\nThe market is setting up for another move up, but there are a couple headwinds that we need to be aware of (besides those trendlines). Earnings season kicks into full gear. News trumps the charts, so no matter how good the short term looks, it can change fast. Also, more times than not, the market has moved up into options expiration and then sold off afterwords – something to look out for next week. 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