{"id":3378,"date":"2010-08-16T07:26:20","date_gmt":"2010-08-16T12:26:20","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3378"},"modified":"2010-08-16T07:26:20","modified_gmt":"2010-08-16T12:26:20","slug":"before-the-open-aug-16","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3378","title":{"rendered":"Before the Open (Aug 16)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mixed – China gained 2%. Europe is currently trading with a bearish slant. Futures here in the States point towards a moderate gap down open for the cash market. This comes off a week the market gapped down 4 of 5 days and ended it near term uptrend off the July low. On an intermediate term basis, the market is neutral. It’s been basing for a couple months and although it took a big hit from its June high to July low, it completely recovered those losses. Overall this may be a sign sentiment is turning, but that doesn’t mean I’m going to get long and hold. The swings in both directions are big enough to play – just like the last 10 years have yielded nothing for those who hold, the last 3 months have done the same.<\/span>
\nThe indexes as well as most indicators turned down last week and are now in no-man’s land. My preference is to see continued selling, so the indicators can cycle down to their previous lows. It would take uncharacteristically strong buying pressure to sustain a rally from the current level. <\/span>
\nHere’s the 30-min SPX chart. This is what I mean by no-man’s land. The wedge resolved down, and although last week was painful for the bulls, if you back up, you realize the market is unchanged over the last 3 months. <\/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