{"id":3360,"date":"2010-08-10T07:24:36","date_gmt":"2010-08-10T12:24:36","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3360"},"modified":"2010-08-10T07:24:36","modified_gmt":"2010-08-10T12:24:36","slug":"before-the-open-aug-10-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3360","title":{"rendered":"Before the Open (Aug 10)"},"content":{"rendered":"

Good morning. Happy Tuesday. Happy Fed Day.<\/span>
\nThe Asian\/Pacific markets closed down across the board – China fell almost 3%. Europe is currently mixed with an up bias. Futures here in the States point towards a big gap down open for the cash market which will more than give back all of yesterday’s gains. <\/span>
\nToday of course is Fed Day. Deflation is more of an issue than inflation, so rates won’t be changed. The statement however will be closely scrutinized and way over analyzed by the media. <\/span>
\nI hate when news has the potential to induce a breakout or break down, but this is our current situation. Here’s the S&P daily. The index is trading in a rising wedge which has bearish implications and is right up against its June high. Something has to give. <\/span>
\n\"\"
\nRemember, the first move is often the wrong move. There’s room for the S&P to move up to 1140 while remaining in the wedge and also room to move down to 1100 while maintaining its uptrend. <\/span>
\nDon’t over analyze. Let the dust settle, and then play the next leg.<\/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