{"id":4320,"date":"2011-05-12T07:31:01","date_gmt":"2011-05-12T12:31:01","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4320"},"modified":"2011-05-12T07:31:01","modified_gmt":"2011-05-12T12:31:01","slug":"before-the-open-may-12-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4320","title":{"rendered":"Before the Open (May 12)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly down; there were severel 1% losers. Europe is currently down across the board; half the markets are suffering greater-than 1% losses. Futures here in the States point towards a moderate gap down which will put the indexes at or below yesterday’s low.
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\nThe dollar is up futher, and commodities continue to take a beating. Oil is down better than 2 bucks and silver is getting crushed. <\/span>
\nThe market is in a very fragile state. The overall index charts don’t look too bad – it could be argued they’re consolidationg within an uptrend – but we can’t wait for a confirmed downtrend to change our stance. I sold my longs on Monday, May 2 and bought reverse ETFs. Then I sold those ETFs last Thursday. I was hoping for more upside to re-enter those reverse ETFs, but no such luck. <\/span>
\nTrading has been a challenge lately. Over the last month the market has gone up, then down, then up, then down, then up, and now down. There is no net change, just some up and down movement that could only be capaitalized on if you traded short term.<\/span>
\nHere are the 60-min SPX and NDX Charts. They don’t look too bad. <\/span>
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\nBut here’s a problem. It’s the 60-min RUT. It didn’t rally to the same extent at the end of April, so instead of easily taking out its early-April high, it barely took out the high. Then the early-May drop was much greater than seen in the other indexes. Overall instead of a consolidation pattern within an uptrend, we have a neutral index – not good since the small caps lead.<\/span>
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\nAs I said yesterday, I am not looking to go long right not (I’m not buying breakouts or dips). The market has some proving to do first. 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>
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