{"id":3548,"date":"2010-10-01T07:23:30","date_gmt":"2010-10-01T12:23:30","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3548"},"modified":"2010-10-01T07:23:30","modified_gmt":"2010-10-01T12:23:30","slug":"before-the-open-oct-1-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3548","title":{"rendered":"Before the Open (Oct 1)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mostly up – there were a few 1% winners. Europe is currently mostly up – gains are small. Futures here in the States point towards a moderate gap up open for the cash market. This comes off a day the market gapped up and was strong early but then gave everything back plus some before closing flat. <\/span>
\nThere were many false breakouts yesterday – stocks and indexes which moved above previous highs only to get sold and close in the bottom half of their intraday ranges. <\/span>
\nOn an intermediate term basis, the trend remains up. On a short term basis, things are less clear. If we ignore yesterday’s early move up, the S&P is still trading in a range just under 1150 resistance, but we really can’t ignore the move. When patterns set up, they build energy – energy that helps push stocks forcefully through resistance levels and beyond. By moving up yesterday, some of that energy was used up – i.e. there’s less left for the next attempt. If there is a next attempt. <\/span>
\nI still like the market to the long side, but in the near term I’m being much more cautious.<\/span>
\nHere’s the daily SPX. There’s nothing overly bullish or bearish about the overall chart. More after the open.<\/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