{"id":4316,"date":"2011-05-11T07:31:44","date_gmt":"2011-05-11T12:31:44","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4316"},"modified":"2011-05-11T07:31:44","modified_gmt":"2011-05-11T12:31:44","slug":"before-the-open-may-11-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4316","title":{"rendered":"Before the Open (May 11)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mostly up; Australia and South Korea rallied over 1%. Europe is currently mostly up; there are some moderate winners but no big winners. Futures here in the States point towards a flat open for the cash market.
\n<\/span>
\nThis week’s action has enabled the bulls to relax a little. Last week was scary. Many were predicting a top was in place and the beginning stages of a correction was in the works. This week has recaptured more than half the losses, and we’ve had a handful of decent breakouts. But volume has been light, so if Wall St. is viewed as a big voting booth, we can conclude the general public is not in favor of or supportive of the move. Price action rules, volume comes in a distant second. The next few days will be very tells. Either this light-volume, dead-cat bounce get sold into or it continues long enough to completely neutralize whatever negative sentiment was created last week.<\/span>
\nThe dollar is up slightly. Oil and metals are down.<\/span>
\nI sold most of my longs last Monday and bought reverse ETFs. Then I sold the ETFs Thursday and have been sitting mostly in cash since. I like to take high-probability trades when the odds are in my favor, not when I have to guess what comes next. I have no problem waiting until the market shows me its cards first. That’s the situation I’m in now…waiting until the near term is a little more clear. 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 Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n