{"id":440,"date":"2009-06-12T06:30:54","date_gmt":"2009-06-12T11:30:54","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=440"},"modified":"2009-06-12T06:30:54","modified_gmt":"2009-06-12T11:30:54","slug":"before-the-open-32","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=440","title":{"rendered":"Before the Open"},"content":{"rendered":"<p>Good morning. Happy Friday.<br \/>\nIf you look at closing prices only, yesterday extended the market\u2019s consolidation period. But if you consider the intraday movement, most of the indexes made a definite breakout attempt only to get sold into and close below resistance. The large caps, mid caps and tech stocks made new highs. The small caps did not. The divergence \u2013 the lack of confirmation from the small caps \u2013 warned the breakout may not hold.<br \/>\nHere\u2019s the 15-min SPX chart. Instead of sideways consolidation with easily definable resistance, we have a pattern of higher highs and higher lows. This is much less bullish because it hints at traders slowly getting into the market (less bullish because we need traders in cash on the sidelines so when a breakout attempt is made, that money can come into the market), and it increases the odds of a breakdown rather than a surge up.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/spx061209.png\"><br \/>\nThe overall trend is up, and I\u2019ll maintain my stance that it\u2019s ok to be less bullish, but guessing a top is something I\u2019m not interested in. How many times the last couple months have the bears incorrectly called a top?<br \/>\nIt\u2019s Friday. Manage your positions. Dump the underperformers and get ready for another big week next week.<br \/>\nheadlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><br \/>\nstocks to watch from <a href=\"http:\/\/www.marketwatch.com\/story\/stocks-in-focus-for-friday-2009611183800\">MarketWatch<\/a><br \/>\ntoday&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><br \/>\nyesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/leaders-laggards\/2009\/06\/11.cfm\">leaders &#038; laggards<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/economic-releases-earnings-reports\/2009\/06\/07.cfm\">earnings &#038; economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Friday. If you look at closing prices only, yesterday extended the market\u2019s consolidation period. But if you consider the intraday movement, most of the indexes made a definite breakout attempt only to get sold into and close below resistance. The large caps, mid caps and tech stocks made new highs. The small [&hellip;]<\/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\/440"}],"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=440"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/440\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}