{"id":408,"date":"2009-07-23T06:30:12","date_gmt":"2009-07-23T11:30:12","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=408"},"modified":"2009-07-23T06:30:12","modified_gmt":"2009-07-23T11:30:12","slug":"before-the-open-12","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=408","title":{"rendered":"Before the Open (Jul 23)"},"content":{"rendered":"

Good morning. Happy Thursday.
\nWe entered this week with our bias to the upside but thinking a little backing and filling was necessary to allow the market to regroup and ready itself for its next leg up. Instead we got follow through Monday and mostly range bound trading Tuesday and Wednesday. I guess sideways movement will have to substitute for a pullback because that\u2019s all the market seems interested in doing.
\nThe SPX and Dow rested yesterday; the Nas registered its 9th consecutive up day. Mathematically this is getting ridiculous. I can\u2019t imagine this type of a winning streak being playing more than once every couple years. …
\nThe Asian\/Pacific markets closed mostly up. Europe is currently mixed and little changed. Futures here in the States indicate a moderate gap up open, but this of course can change in the next hour before the cash market opens.
\nHere are the daily charts. In the last two days, the Dow, Nas and SPX have registered a new high and closed at a new high. The Russell small caps have lagged \u2013 something that should not be ignored.
\n\"\"
\nBanks have also lagged. This too should be a concern for the bulls. I don\u2019t think the market has much upside potential without the small caps and banks.
\n\"\"
\nThe unemployment rate is headed to 10% (it\u2019s already there in 15 states), but somehow retail stocks are doing well. Hmmmm\u2026.
\n\"\"
\nMy bias remains to the upside, but I still think a little backing and filling would allow the market to restore some of its spent energy. If it surges from here, I question its upside potential. And if the small caps and banks don\u2019t go along for the ride, I\u2019d question the upside even more.
\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. We entered this week with our bias to the upside but thinking a little backing and filling was necessary to allow the market to regroup and ready itself for its next leg up. Instead we got follow through Monday and mostly range bound trading Tuesday and Wednesday. I guess sideways movement […]<\/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\/408"}],"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=408"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/408\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}