{"id":3643,"date":"2010-10-27T07:23:33","date_gmt":"2010-10-27T12:23:33","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3643"},"modified":"2010-10-27T07:23:33","modified_gmt":"2010-10-27T12:23:33","slug":"before-the-open-oct-27-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3643","title":{"rendered":"Before the Open (Oct 27)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mostly down – there were several 1% losers. Europe is currently mixed with a bearish slant – losses aren’t bad. Futures here in the States point towards a gap down open for the cash market.<\/span>
\nDespite the market making new, across-the-board highs yesterday, there’s been some internal deterioration. Within the S&P 1500, only 58% of stocks are above their 10-day MA. This is well off the steady readings in the 70 & 80% ranges from most of Sept and the first half of Oct. The % above their 20-day MA is at 71%, well off the steady mid 80% readings. The % above their 40-day MA is down to 83% (from the low 90’s). So somehow the market has moved up while internally the indexes are weakening.<\/span>
\nThis is what I see short term. The S&P has grinded up while being highlighted by a couple sudden vertical moves. A higher high was made yesterday and now the index is trading in a bear wedge. A breakdown takes the index to the 1172-1175 area.<\/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