{"id":3594,"date":"2010-10-13T07:23:48","date_gmt":"2010-10-13T12:23:48","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3594"},"modified":"2010-10-13T07:23:48","modified_gmt":"2010-10-13T12:23:48","slug":"before-the-open-oct-13-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3594","title":{"rendered":"Before the Open (Oct 13)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe world is green. The Asian\/Pacific markets closed up across the board – there were several 1% winners including India which gained 2.4%. Every index in Europe is up at least 1%. Futures here in the States point towards a relatively large gap up open for the cash market. <\/span>
\nThe FOMC minutes were well received yesterday. INTC earnings after yesterday’s close and JPM earnings this morning are bringing buyers to the market. <\/span>
\nI feel like a broken record. The trend is up, and although the trend is mature enough to justify taking partial profits and using smaller position sizes on new trades, I see no reason to be completely out of the market, and I definitely don’t see a reason to guess a top. Whether the move off the Aug low makes sense or not doesn’t matter. It’s happening, and fighting it is not wise.<\/span>
\nHaving said this, a gap in your favor is a reason to take a few bucks off the table.<\/span>
\nHere’s the SPX daily. Most technicians are eying the May high in the mid 1170’s. I think upper trendline which currently comes in near 1190 is more significant.<\/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