{"id":3370,"date":"2010-08-13T07:25:02","date_gmt":"2010-08-13T12:25:02","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3370"},"modified":"2010-08-13T07:25:02","modified_gmt":"2010-08-13T12:25:02","slug":"before-the-open-aug-13-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3370","title":{"rendered":"Before the Open (Aug 13)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mostly up – there were a couple 1% winners. Europe is currently down across the board. Futures here in the States point towards a relatively small gap down open for the cash market. <\/span>
\nBetween Wednesday’s gap down and sell off and Thursday’s gap down and rally, the charts are a mess. I looked at hundreds yesterday and found almost none that are tradable from a chart pattern standpoint. Support and resistance are not obvious, so I don’t see what I’d consider to be high probability set ups. We’ll have to wait a day or two for the charts to reset themselves. <\/span>
\nAt the end of last week I said no more swing trades for me. It was time to play good defense and day trade until the coast was more clear. I’m still in that mode. I have no problem sitting and waiting for “my pitch” – even if that means waiting a few days or a week. Jesse Livermore said it was the waiting that made him the money. He wasn’t talking about getting in a position and waiting for it to show him a profit. He was talking about waiting for the ideal time to enter the market. If you plan on being in this business for a while, there’s nothing wrong with waiting. 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