{"id":3660,"date":"2010-11-01T07:22:17","date_gmt":"2010-11-01T12:22:17","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3660"},"modified":"2010-11-01T07:22:17","modified_gmt":"2010-11-01T12:22:17","slug":"before-the-open-nov-1","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3660","title":{"rendered":"Before the Open (Nov 1)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly up – there were several 1% winners. Europe is currently mixed with a bullish bias. Futures here in the States point towards a positive open for the cash market.<\/span>
\nThis is a big week for the market because there’s lots of unknown event risk looming. Tomorrow is election day. Wednesday is FOMC day, and then the latest employment numbers get released Friday.<\/span>
\nThe trend is up, but the S&P has closed within a 20 point range for three weeks. There’s an old saying about not shorting a dull market which I agree with, but I also can’t justify be super aggressive on the long side here either. We could get a quick and sudden move in either direction any time.<\/span>
\nThe market is supposed to be weak in Sept and Oct. This year it was strong. In fact I don’t think it would be wise to use any type of historical tendency to predict the next move. The fact that the market has held up so well may hint at its strong relative strength, but it also sets up a “buy the rumor, sell the news” situation. You never know when the floor will be pulled out.<\/span>
\nHere’s the 30-min S&P chart. If the market rolls over, my first target is 1150.<\/span>
\n\"\"
\nThat’s it for now. Be careful out there.<\/span>
\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