{"id":3985,"date":"2011-02-09T08:12:25","date_gmt":"2011-02-09T13:12:25","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3985"},"modified":"2011-02-09T08:12:25","modified_gmt":"2011-02-09T13:12:25","slug":"before-the-open-feb-9-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3985","title":{"rendered":"Before the Open (Feb 9)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mostly down – there were several 1% losers. China is finally trading again. Europe is currently trading mostly down. Futures here in the States point towards a moderate gap down open for the cash market.
\n<\/span>
\nBy certain measures, yesterday was as strong of a day as we’ve had in a couple weeks. 504 of the 1500 S&P 1500 stocks closed in the upper 10% of their intraday range. A number this high has been registered twice this year – once in the days before the Jan 19th sell off and once before the Jan 28th sell off. The number of stocks closing in the top 20% and 30% of their intraday ranges also hit their highest levels in a couple weeks. Throw in the S&P’s winning streak (up 6 of 7 days and 11 of 13) and the recent declining volume, and the stage is set for a some give back.<\/span>
\nI’m long and other than the great performing metals stocks (see AVL yesterday) I’m not looking to enter new positions right now. If the market decides to pull back, my short term S&P target is the same as what I stated yesterday – 1310. Here’s the 15-min chart.<\/span>
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\nAs stated yesterday, don’t over analyze a market which isn’t adhereing to the normal ‘stuff.” The trend is up, go with the flow. Just make sure you know what your anticipated holding time is before you enter. More after the open.<\/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>
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