{"id":3732,"date":"2010-11-19T08:20:46","date_gmt":"2010-11-19T13:20:46","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3732"},"modified":"2010-11-19T08:20:46","modified_gmt":"2010-11-19T13:20:46","slug":"before-the-open-nov-19-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3732","title":{"rendered":"Before the Open (Nov 19)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mixed. Europe is currently mostly down. Futures here in the States point towards a moderate gap down for the cash market.<\/span>
\nLet’s review what’s been going on…<\/span>
\nThe price charts don’t look too bad…they look like the recent action is indicative of a pullback within an uptrend, not the beginning of a downtrend.<\/span>
\nMany indicators argue otherwise. They have structurally broken down and are sounding warnings of an impending sell-off.<\/span>
\nThen we have the Fed which doesn’t want the market to drop. They want people to feel wealthier so they spend money.<\/span>
\nI don’t know who\/what is more dominant or important. I can make a good case for more upside and more near term weakness.<\/span>
\nIn the near term I’m wondering if yesterday’s strength was engineered to make it easier to take GM public. If so we could quickly be back at the Tues\/Wed lows. But if the weakness Tues was due to bailout unknowns in Ireland and we get more clarity there, then yesterday may have been legit.<\/span>
\nHere’s the 60-min SPX chart. The line I thought was key turned price back. The first move off a low is the easy move. Now things get tougher.<\/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