{"id":4400,"date":"2011-05-31T07:30:49","date_gmt":"2011-05-31T12:30:49","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4400"},"modified":"2011-05-31T07:30:49","modified_gmt":"2011-05-31T12:30:49","slug":"before-the-open-may-31","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4400","title":{"rendered":"Before the Open (May 31)"},"content":{"rendered":"

Good morning. Happy Tuesday. Hope you had a nice long weekend.<\/span>
\nThe Asian\/Pacific markets closed up across the board – most of the indexes rallied at least 1%. Europe is posting solid, across-the-board gains. Futures here in the States point towards a large gap up open for the cash market.
\n<\/span>
\nOptimism stems from Greece bailout hopes which are pushing the euro up and the dollar down and commodities up.<\/span>
\nOver the weekend I made it pretty clear that despite the 1-month downtrend, the longer term trends remained up, and as an added bonus, there were a couple indicators which had reached “low enough” levels to support a bounce. <\/span>
\nIt’s very important to trade the charts as the are, not based on what you think they should be doing. The last month has been challenging which has forced us to keep our trade durations on the shorter side. Dips have been bought and rallies sold, and both the bulls and bears have taken turns being content and frustrated. In the end the indexes haven’t changed much the last couple months, so keeping things shorter term have paid off.<\/span>
\nNow we’re getting a big gap up which excites the bulls but won’t completely reverse the 1-month downtrend. Be nimble here. Forget about a big gap up changing things, one big up day would need follow through. Today’s open wil be a step in the right direction for the bulls, but more work will be need to reverse the near term sentiment. 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 Economic Numbers<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\n