{"id":4092,"date":"2011-03-14T07:27:04","date_gmt":"2011-03-14T12:27:04","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4092"},"modified":"2011-03-14T07:27:04","modified_gmt":"2011-03-14T12:27:04","slug":"before-the-open-mar-14","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4092","title":{"rendered":"Before the Open (Mar 14)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mixed, but Japan understandably lost over 6%. Europe is currently mostly down – only Germany has dropped more than 1%. Futures here in the States point towards a sizeable gap down for the cash market that will erase Friday’s gains.
\n<\/span>
\nI don’t have much to add to my weekend report. The market is in touble unless it can right itself quickly, and today’s open won’t help the matter. The confluence of higher volatility, weaker breadth readings and news from overseas (Libya, Japan) seems to be too much to swallow all at once. The market has needed to correct for a while, and this is a great time because the blame can be passed to something other than the US economy. <\/span>
\nThere’s a Fed meeting tomorrow. It could stall or delay things for a day, but overall the Fed rarely changes the sentiment. <\/span>
\nHere’s the 30-min SPX chart. The bulls will argue a falling wedge within an uptrend is forming. They’re right, but if the index fails to move to resistance and instead falls below the lower trendline, the pattern will be mostly invalidated. More after the open.<\/span>
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\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>
\n