{"id":4268,"date":"2011-05-05T07:24:17","date_gmt":"2011-05-05T12:24:17","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4268"},"modified":"2011-05-05T07:24:17","modified_gmt":"2011-05-05T12:24:17","slug":"before-the-open-may-5-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4268","title":{"rendered":"Before the Open (May 5)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed. India lost more than 1% while Japan gained more than 1%. Europe is down across the board. Austria and France are worst off. Futures here in the States suggest a moderate gap down open for the cash market.
\n<\/span>
\nThe European Central Bank kept its key interest rate unchanged at 1.25%. <\/span>
\nThe CME again raised margin requirement on silver. This is the 4th raise in two weeks and it pushing silver prices down again.<\/span>
\nThe market has certainly taken a turn this week. As good as the charts looked on Monday morning, 3 down days plus a gap down today have gotten everyone’s attention. Will the bears finally get a sustained pull back, or is this just another mini correction within one of the best rallies in history? We never know the answer until after the fact, so our job is to manage trades based on the odds, and then let things fall into place. I wrote Monday during the day you do not want to stay long unless you considered yourself a long term trader. It was best to step aside and buy some reverse ETFs to make some money as prices settled down. Whether they settle down for a day, a week, a month or longer wasn’t something we knew. Our job is to position ourselves appropriately and then manage our positions. <\/span>
\nHere’s the 60-min S&P chart. There’s nothing hugely wrong with it. We got a clean breakout near 1340, a rally to 1370 and now a pullback to test the previous resistance level. I’m a shorter term trader, so Monday’s gap up and selling pressure was enough to get me out of my longs, but if you’re a longer term trader who is willing and able to sit through some pain in exchange for being positioned to nail some bigger moves, you could justtify holding here…but only if you’re a longer term trader.<\/span>
\n\"\"
\nFor now I sit in my reverse ETF positions and continue to monitor things. More after the open.<\/span>
\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nyesterday’s sector performance<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Thursday. The Asian\/Pacific markets closed mixed. India lost more than 1% while Japan gained more than 1%. Europe is down across the board. Austria and France are worst off. Futures here in the States suggest a moderate gap down open for the cash market.<\/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\/4268"}],"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=4268"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/4268\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}