{"id":4432,"date":"2011-06-06T07:23:50","date_gmt":"2011-06-06T12:23:50","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4432"},"modified":"2011-06-06T07:23:50","modified_gmt":"2011-06-06T12:23:50","slug":"before-the-open-jun-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4432","title":{"rendered":"Before the Open (Jun 6)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Hong Kong, Japan and Singapore lost more than 1%. Europe is currently down across the board. There are no 1% losers there. Futures here in the States point toward a negative open for the cash market.
\n<\/span>
\nThis of course comes off a very bad week where all the indexes posted significant losses and closed at their lows. The falling patterns posted a week ago have either been invalidated or are in the process. Things do not look good right now. Best case scenario seems to be sideways movement but the path of least resistance is down. If the market wants to move up, it’ll need to move up, then pull back a little and chop around, and then move up again. This will take time. For now, we need to keep selling rallies.<\/span>
\nRight now my downside target for the S&P is 1200 per the 20-month MA on the monthly chart shown below.<\/span>
\n\"\"
\nBut before every gets all giddy about a top forming, let’s remind ourselves what the 2007 top looked like. Here it is…huge moves in both directions that lasted an entire year. Remember, tops take time to form. More after the open.<\/span>
\n\"\"
\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nyesterday’s sector performance<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n