{"id":4049,"date":"2011-03-03T08:28:17","date_gmt":"2011-03-03T13:28:17","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4049"},"modified":"2011-03-03T08:28:17","modified_gmt":"2011-03-03T13:28:17","slug":"before-the-open-mar-3-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4049","title":{"rendered":"Before the Open (Mar 3)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets almost closed up across the board. Only China lost ground, and South Korea and Taiwan rallied over 2%. Europe is currently up across the board. France, Germany, Norway and London are up more than 1%. Futures here in the States point towards a very big gap up open for the cash market.<\/span>
\nSo the single most bearish day since August (Tues) was followed by an fluctuating range bound day (yesterday), and now we’re going to get a big gap up which will be above yesterday’s high and will recapture half of Tuesday’s losses. The bulls won’t go down easy, if they go down at all.<\/span>
\nHere’s the 60-min SPX chart I’ve been posting the last two weeks. The long term trend remains up…and even if support gets taken out, we need to be open to the formation of a falling wedge.<\/span>
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\nAnd here’s the 15-min chart…not much clarity. We’ve gotten some ups, some downs, much more volatility and an expansion of the intraday ranges, and after three weeks we have a market that will open today in the middle of its range between 1345 and 1295.<\/span>
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\nI’ve been in conservative mode lately and not taking any big chances. <\/span>
\nTomorrow, 60 min before the open the Labor Dept. releases the latest employment figures. 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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