{"id":4391,"date":"2011-05-27T07:04:45","date_gmt":"2011-05-27T12:04:45","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4391"},"modified":"2011-05-27T07:04:45","modified_gmt":"2011-05-27T12:04:45","slug":"before-the-open-may-27-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4391","title":{"rendered":"Before the Open (May 27)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Friday.<\/span><br \/>\n<span style=\"font-size: medium;\">The Asian\/Pacific markets closed mostly up, but only India gained more than 1%. Europe is currently up across the board. France is the only 1% winner. Futures here in the States point towards a positive open for the cash market.<!--more--><br \/>\n<\/span><br \/>\n<span style=\"font-size: medium;\">The dollar is down. Gold, silver and oil are up small amounts.<\/span><br \/>\n<span style=\"font-size: medium;\">I&#8217;m not going to say today will be interesting because it&#8217;s the day before a 3-day weekend, but early next week things should get interesting. The short and intermediate term trends are down. The indexes have made lower highs and lower lows and have traded in a down-sloping channel this entire month. But on a longer time frame, a down-sloping channel within a 2-year uptrend is bullish, not bearish. The move against the overall trend acts to shake out the weak holders and cast doubt on the market before the trend resumes&#8230;at least that&#8217;s the potential. <\/span><br \/>\n<span style=\"font-size: medium;\">Here&#8217;s the 30-min SPX. The pullback off the high (the number of points given back) is permissible, and the length of the pullback is also consistent with what would be considered a normal pullback within an uptrend.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spx30052711.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">Backing up, here&#8217;s the daily since last Sept. Purely from a charting standpoint, there is nothing wrong with this chart. What has played out over the last 4 weeks could be considered a normal pullback within a solid uptrend.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spx052711.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">I lean to the downside right now, but I am far from being married to this stance. More after the open.<\/span><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">today&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">yesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4389\">sector performance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4367\">Earnings<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4369\">Economic Numbers<\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\");\ndocument.write(unescape(\"%3Cscript src='\" + gaJsHost + \"google-analytics.com\/ga.js' type='text\/javascript'%3E%3C\/script%3E\"));\n\/\/ ]]><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar pageTracker = _gat._getTracker(\"UA-6273151-1\");\npageTracker._initData();\npageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Friday. The Asian\/Pacific markets closed mostly up, but only India gained more than 1%. Europe is currently up across the board. France is the only 1% winner. Futures here in the States point towards a positive open for the cash market.<\/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\/4391"}],"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=4391"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/4391\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}