{"id":4098,"date":"2011-03-16T07:33:24","date_gmt":"2011-03-16T12:33:24","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4098"},"modified":"2011-03-16T07:33:24","modified_gmt":"2011-03-16T12:33:24","slug":"before-the-open-mar-16-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4098","title":{"rendered":"Before the Open (Mar 16)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Wednesday.<\/span><br \/>\n<span style=\"font-size: medium;\">The Asian\/Pacific markets closed up across the board. Japan bounced over 5%, and most of the other indexes moved up at least 1%. Europe is currently mixed. Futures here in the States point towards a slightly positive open.<!--more--><br \/>\n<\/span><br \/>\n<span style=\"font-size: medium;\">The S&amp;P closed last Thursday at 1295 and yesterday at 1282. So between the biggest earthquake in Japan&#8217;s history which has killed perhaps 10,000 people and left millions without food, water, electricity etc and a nuclear crisis which is the world&#8217;s worst since Chernobyl, the S&amp;P has dropped a grand total of 13 points. This doesn&#8217;t seem like much selling pressure considering Japan is the world&#8217;s third largest economy. <\/span><br \/>\n<span style=\"font-size: medium;\">Yesterday several internals hit levels they hadn&#8217;t hit in several months&#8230;<\/span><br \/>\n<span style=\"font-size: medium;\">The number of S&amp;P 1500 stocks above their 10-day MA is the lowest since Nov 17.<\/span><br \/>\n<span style=\"font-size: medium;\">The number of S&amp;P 1500 stocks above their 20-day MA is the lowest since Aug 31.<\/span><br \/>\n<span style=\"font-size: medium;\">Yesterday was the first time since Nov 16 New Lows out-numbered New Highs.<\/span><br \/>\n<span style=\"font-size: medium;\">69% of S&amp;P 1500 stocks made a 10-day low yesterday &#8211; the highest number since Aug 2.<\/span><br \/>\n<span style=\"font-size: medium;\">52% of S&amp;P 1500 stocks made a 20-day low yesterday &#8211; the highest number since Aug 24.<\/span><br \/>\n<span style=\"font-size: medium;\">I&#8217;m still of the opinion the path of least resistance is down, so I&#8217;m more inclined to short a bounce than buy a breakout. But the market has been mostly trading off news from Japan which as I stated yesterday is incomplete and often inaccurate. <\/span><br \/>\n<span style=\"font-size: medium;\">Be nimble. Be very very nimble.<\/span><br \/>\n<span style=\"font-size: medium;\">Here&#8217;s the 60-min S&amp;P chart. If it wants to bounce, let&#8217;s see how it handles the two trendlines.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spx031611.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">today&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4083\">Earnings Reports<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4085\">Economic Numbers<\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\");\ndocument.write(unescape(\"%3Cscript src='\" + gaJsHost + \"google-analytics.com\/ga.js' type='text\/javascript'%3E%3C\/script%3E\"));\n\/\/ ]]><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar pageTracker = _gat._getTracker(\"UA-6273151-1\");\npageTracker._initData();\npageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Wednesday. The Asian\/Pacific markets closed up across the board. Japan bounced over 5%, and most of the other indexes moved up at least 1%. Europe is currently mixed. Futures here in the States point towards a slightly positive open.<\/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\/4098"}],"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=4098"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/4098\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}