{"id":435,"date":"2009-06-19T06:30:47","date_gmt":"2009-06-19T11:30:47","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=435"},"modified":"2009-06-19T06:30:47","modified_gmt":"2009-06-19T11:30:47","slug":"before-the-open-27","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=435","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Friday.
\nI think today carries more weight than most summer Fridays. After pausing on Wednesday and moving up yesterday, the market needs to follow through to the upside for me to think the bulls have some fuel left in the tank. A sell-off easily sends the SPX back to the May low (not today, but early next week).
\nPremarket futures suggest a moderate gap up which isn\u2019t necessarily bullish. Opening gaps are random and most fill the same day.
\nToday is options expiration day (and the expiration of several other contracts). I don\u2019t think there\u2019s a definite trend on OE day although it does seem to be choppier than most days.
\nHere\u2019s the SPX weekly. Barring a massive rally, it\u2019ll be the first down week of the last 5 and the third down week since the rally began. That\u2019s not bad. Were you expecting the market to go up week after week?
\n
\nHere\u2019s the SPX daily. As I\u2019ve said, there\u2019s 20 ways to draw support of the wedge, so I\u2019m not going to draw a line in the sand and say: \u201cif X gets taken out, the show\u2019s over.\u201d The market doesn\u2019t act like that. In any case 875 is my key level. Obviously if it doesn\u2019t get tested, the trend will remain up, but if it gets tested and holds, the bounce off the level will be very telling.
\n
\nAnd here\u2019s the SPX 60-min. We are smack in the middle of the range of the last 7 weeks.
\n
\nThat\u2019s it for now. I\u2019m make more comments on the Market Window as the day rolls on. Summer Friday\u2019s are days I cut laggards and get ready to roll the following weak. I typically don\u2019t enter new positions unless they\u2019re too good to pass up, and considering the current environment, I don\u2019t see anything that looks overly great.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nyesterday’s leaders & laggards<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Friday. I think today carries more weight than most summer Fridays. After pausing on Wednesday and moving up yesterday, the market needs to follow through to the upside for me to think the bulls have some fuel left in the tank. A sell-off easily sends the SPX back to the May low […]<\/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\/435"}],"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=435"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/435\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}