{"id":4377,"date":"2011-05-24T07:10:07","date_gmt":"2011-05-24T12:10:07","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4377"},"modified":"2011-05-24T07:10:07","modified_gmt":"2011-05-24T12:10:07","slug":"before-the-open-may-24-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4377","title":{"rendered":"Before the Open (May 24)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mostly up, but gains were small. Europe is currently up across the board. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nThe US dollar is down, and gold, silver and oil are up.<\/span>
\nThe long term trends are still up (but we don’t trade off the long term trends – we just keep them in the back of our minds). The shorter term trends are down. <\/span>
\nIf left alone, I’d expect weakness to continue, but as we know, the market hasn’t been left alone. The Fed is dumping money into the system, and that money is finding its way into the market – whether we like it or not. My near term bias remains to the downside, but I’m not exactly going all in because of the Fed wildcard.<\/span>
\nHere are the 60-min index ETF charts. They’re all in falling wedges or channels. If I backed the charts up a few more months, the overall uptrends would be more obvious. Until these patterns resolve up, or until we get a total washout to the downside, my negative bias will remain.<\/span>
\n\"\"
\nKeep your eye on the dollar. The market and it have been inversely correlated for a long time, so it the dollar continues to move up, the path of least resistance for the market is down. 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