{"id":396,"date":"2009-07-09T06:30:47","date_gmt":"2009-07-09T11:30:47","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=396"},"modified":"2009-07-09T06:30:47","modified_gmt":"2009-07-09T11:30:47","slug":"before-the-open-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=396","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Thursday.
\nThe big question as we head into a new day is whether yesterday\u2019s high-volume late-day bounce had any meaning. The near term trend is down \u2013 lower highs and lower lows have been registered. Shorts have been more fruitful than longs. Sentiment is bearish, and considering the time of year, the path of least resistance should be down.
\nBut yesterday\u2019s bounce didn\u2019t randomly occur. It started near a level I\u2019ve been talking about for a couple days. Here\u2019s the SPX daily. I drew the lower blue line over the weekend and said: \u201cDon\u2019t assume the market will melt down if support (red line) is penetrated. Buyers may come in at the lower blue line which is drawn parallel to the upper blue line.\u201d So far, this is exactly what has happened.
\n
\nI don\u2019t believe in \u201clines in the sand.\u201d With individual stocks, yes, often penetration of certain levels leads to huge buying or selling pressure. But the same doesn\u2019t play out with the indexes or overall market.
\nThe futures market suggests a decent gap up at today\u2019s open. Sellers could easily come in and drive prices back down to the lows\u2026.or sellers may only be able to control things long enough to fill the gap before buyers step in again\u2026or the shorts could get squeezed out of the gate. In any case, I still consider the trend to be down, so that\u2019s where my bias lies. But we gotta play good defense. More after the open.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nyesterday’s leaders & laggards<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Thursday. The big question as we head into a new day is whether yesterday\u2019s high-volume late-day bounce had any meaning. The near term trend is down \u2013 lower highs and lower lows have been registered. Shorts have been more fruitful than longs. Sentiment is bearish, and considering the time of year, the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/396"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=396"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/396\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}