{"id":438,"date":"2009-06-16T06:30:51","date_gmt":"2009-06-16T11:30:51","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=438"},"modified":"2009-06-16T06:30:51","modified_gmt":"2009-06-16T11:30:51","slug":"before-the-open-30","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=438","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Tuesday.
\nSo the market attempted to break out last Thursday but failed, and then yesterday it dropped to fill its June 1 gap up. The bulls are ecstatic one day and thoroughly frustrated shortly after. Here\u2019s the SPX daily. One day doesn\u2019t change the trend. We\u2019ve had several of these scary one-day sell-offs the last couple months and each time the bulls dug their heels in and defended their turf. Their backs are up against the wall yet, but continued weakness will once again put the pressure on. One of these days the bulls won\u2019t be able to hold the line and a top will form, but I\u2019m not too interested in guessing when that will be. As I like to say, a stopped clock is correct twice a day. One of these days the bears will be correct, but they\u2019ve missed big portions of the rally because they\u2019ve been guessing a top all the way up. Trade what happens, not what you want to happen or think should happen. The out-sized role the government has been playing along with free money for the banks in the form of rock-bottom interest rates paved the way for the market to go a little further than anyone could have expected at the March low. Why fight it?
\n
\nMaybe a top is in place, maybe it isn\u2019t. One day doesn\u2019t change a trend. This doesn\u2019t mean I\u2019d blindly hold positions which aren\u2019t working out, but it does mean I\u2019m not aggressively going short just because the market dropped one day. Here\u2019s the 60-min chart. It identifies a potential support level should we see more weakness today.
\n
\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 Tuesday. So the market attempted to break out last Thursday but failed, and then yesterday it dropped to fill its June 1 gap up. The bulls are ecstatic one day and thoroughly frustrated shortly after. Here\u2019s the SPX daily. One day doesn\u2019t change the trend. We\u2019ve had several of these scary one-day […]<\/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\/438"}],"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=438"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/438\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}