{"id":4372,"date":"2011-05-23T07:17:23","date_gmt":"2011-05-23T12:17:23","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4372"},"modified":"2011-05-23T07:17:23","modified_gmt":"2011-05-23T12:17:23","slug":"before-the-open-may-23","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4372","title":{"rendered":"Before the Open (May 23)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nIt’s not a happy day for the world markets. The Asian\/Pacific markets got hit hard. Almost every index closed down more than 1% and several dropped more than 2%. Europe is currently experiencing across-the-board losses greater than 1%. Futures here in the States point towards a large gap down for the cash market.
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\nThe US dollar is up about 1%. Gold, silver and oil are down. <\/span>
\nI don’t have much to add to the report I posted over the weekend. The Dow and S&P are trading in down-sloping channels. The Nas and Russell broke support and then got rejected by resistance on the following bounce. All the charts (see below) are trending down and have negative biases. <\/span>
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\nAnd here’s the dollar chart. As of now, today’s open will be above 76. Say what you want about the Fed printing money etc, if the euro is going to be weak, the dollar is the safe-haven place of choice, and a strong dollar is not good for the US economy or the stock market. <\/span>
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\nSome will say Greece doesn’t matter because it’s such a small country. Wrong. It does matter because problems in Greece mean problems for the euro which means stregth for the dollar which means weakness for commodities and the US markets. 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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