{"id":3387,"date":"2010-08-18T07:30:30","date_gmt":"2010-08-18T12:30:30","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3387"},"modified":"2010-08-18T07:30:30","modified_gmt":"2010-08-18T12:30:30","slug":"before-the-open-aug-18-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3387","title":{"rendered":"Before the Open (Aug 18)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Europe is currently mostly down. Futures here in the States suggest a flat open for the cash market. <\/span>
\nYesterday the market moved up for only the 4th time in 16 days. Considering the selling pressure of late (a bounce was due), lack of volume and weak close, I can’t consider it anything but a little bounce within a very short term uptrend. It certainly can continue for a few days. History says the market tends to do okay this time of year and then weaken at the end of the month and into September. <\/span>
\nHere’s the 10-min SPY chart. For me to believe a near term bottom has been put in place, the horizontal trendline should hold. But personally I hope it doesn’t because I don’t think the market cycled down to an oversold reading. Many indicators have dropped but haven’t dropped enough for me to think a sustained rally can materialized (i.e. I’d rather rally from an oversold condition than from no-man’s land). More after the open.<\/span>
\n\"\"
\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