{"id":3957,"date":"2011-01-31T08:16:24","date_gmt":"2011-01-31T13:16:24","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3957"},"modified":"2011-01-31T08:16:24","modified_gmt":"2011-01-31T13:16:24","slug":"before-the-open-jan-31","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3957","title":{"rendered":"Before the Open (Jan 31)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly down – China gained 1.4%, but there were several greater-than 1% losers. Europe is currently down across the board – losses aren’t too bad. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nWednesday the 19th got everyone’s attention – it was the first single day loss greater than 0.5% in several weeks. Then Friday may have broke the bulls’ backs – it was the biggest single day loss since August. Some of it was due to the situation in Egypt, so if things settle down there, the market could quickly recover. But if the situation remains or gets worse, the path of least resistance is down. <\/span>
\nFor about a month the charts and indicators didn’t matter. The market absorbed and\/or ignored any divergence or thrown it’s way or any breath indicator suggesting a rest was needed. Now I’m afraid the situation in Egypt will trump the charts, so before we rush to predict how far a pullback will take the market, let’s remember Greece, Ireland, Portugal etc. didn’t ultimatley affect the market. Here’s the 60-min SPX chart. Overall the trend is rock solid; near term we could certainly pull back more and chop around. 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