{"id":4422,"date":"2011-06-03T07:43:46","date_gmt":"2011-06-03T12:43:46","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4422"},"modified":"2011-06-03T07:43:46","modified_gmt":"2011-06-03T12:43:46","slug":"before-the-open-jun-3-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4422","title":{"rendered":"Before the Open (Jun 3)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Friday. Happy employment numbers day.<\/span><br \/>\n<span style=\"font-size: medium;\">The Asian\/Pacific markets closed mixed and with a bearish slant. Europe is currently also mixed but the down markets are down much more than the up markets are up. Futures here in the States point toward a gap down open for the cash market, but this could change when the employment numbers are released.<!--more--><br \/>\n<\/span><br \/>\n<span style=\"font-size: medium;\">Here are the numbers:<\/span><br \/>\n<span style=\"font-size: medium;\">unemployment rate: 9.1% (from 9.0%)<\/span><br \/>\n<span style=\"font-size: medium;\">nonfarm payrolls: up 54K (vs. 174K estimated)<\/span><br \/>\n<span style=\"font-size: medium;\">private payrolls: will post when I get number<\/span><br \/>\n<span style=\"font-size: medium;\">average workweek: will post when I get number<\/span><br \/>\n<span style=\"font-size: medium;\">hourly earnings: 0.3% (vs. 0.2% estimated)<\/span><br \/>\n<span style=\"font-size: medium;\">The number of new jobs created and the unemployment rate are big dissapointments, and the futures market is reacting accordingly. The S&amp;P futures, which were down about 4, are now down about 15. Today&#8217;s open will be at a new low and will be very close to invalidating the falling wedge and rectangle patterns the bulls were hoping would resolve up. And on a longer term basis, things continue to deteriorate. <\/span><br \/>\n<span style=\"font-size: medium;\">Here&#8217;s the weekly S&amp;P chart. Unless the index rallies 8 points today, it&#8217;ll close below the center of its Bollinger Bands (20-day MA) for the first time since last August.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spx060311.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">There was a glimmer of hope when this week started. Now the bulls are in a very tough situation. The economy is slipping and the weakest time of year is upon us. 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=4420\">sector performance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4395\">Earnings<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4397\">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. Happy employment numbers day. The Asian\/Pacific markets closed mixed and with a bearish slant. Europe is currently also mixed but the down markets are down much more than the up markets are up. Futures here in the States point toward a gap down open for the cash market, but this could [&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\/4422"}],"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=4422"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/4422\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}