{"id":4034,"date":"2011-02-25T08:19:22","date_gmt":"2011-02-25T13:19:22","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4034"},"modified":"2011-02-25T08:19:22","modified_gmt":"2011-02-25T13:19:22","slug":"before-the-open-feb-25-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4034","title":{"rendered":"Before the Open (Feb 25)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mostly up; Hong Kong and Singapore gained more than 1.7%. Europe is currently up across the board (except for Norway). Futures here in the States point towards a solid gap up open for the cash market.<\/span>
\nYesterday I stated I wouldn’t be surprised to see the market gap up and rally today – it certainly would be a surprise to most market participants. Well here we are. Part 1 of that scenario is here – an opening gap up.<\/span>
\nHere’s the 60-min S&P chart I’ve posted a couple times this week. The bottom of the channel has been hit.<\/span>
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\nSome technical damage has been done to some charts, so we’ll have to carefully gauge how they do when they bounce. Does volume stay high? Are previous support levels becoming resistance? If this week’s selling pressure is mostly due to Libya, I would not expect us to have a huge correction…unless there is a clear change in character. The market has largely ignored all other situations overseas (Greece, Portugal, Egypt etc); this could be the same. <\/span>
\nIf the market does bounce here, we should be able to tell exactly how strong\/weak things are. I’m doing a lot of sitting and watching. I see no reason to be aggressive in my own account. 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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