{"id":4222,"date":"2011-04-20T07:26:38","date_gmt":"2011-04-20T12:26:38","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4222"},"modified":"2011-04-20T07:26:38","modified_gmt":"2011-04-20T12:26:38","slug":"before-the-open-apr-20-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4222","title":{"rendered":"Before the Open (Apr 20)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed up across the board. Most of the indexes rallied at least 1%; Taiwan and Seoul rallied over 2%. Europe is posting solid gains. Every market is up at least 1%. Futures here in the States are up huge. If these levels hold today’s open will be at a 6-day high…easily recapturing the losses following S&P’s shift from stable to negative regarding the US credit rating.<\/span>
\nThe reason for the big gains is earnings. INTC had a great report and is being rewared with a 6% jump.<\/span>
\nWithout a dominant short term trend I’ve been laying low lately. I’ve done a few short term trades, but haven’t entered any swing trades the last several days. I like to trade good patterns from good groups under the right conditions. That way there’s a nice wind at my back, and since the market hasn’t been offering such a situation, I’ve been doing a lot more watching than trading lately. For this I have no regrets. Over the last couple weeks the S&P lost about 40 points and as of today’s open will have recovered more than half. The overall trend remains up (I’ve never abandoned this stance) while the near term trend was in question.<\/span>
\nNow we’re going to get a big gap up which is nice for the bulls and a huge headache for the bears. I’d be surprised if the market ran hard after gappping up…especially with overhead resistance and the bulk of earnings season still in front of us. I’m still playing it conservative and am building my list of stocks to play should the near term uptrend resume. More after the open.<\/span>
\n(also, I’ve posted numerous set ups on the message board this morning)<\/span>
\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n