{"id":4451,"date":"2011-06-10T07:23:03","date_gmt":"2011-06-10T12:23:03","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4451"},"modified":"2011-06-10T07:23:03","modified_gmt":"2011-06-10T12:23:03","slug":"before-the-open-jun-10-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4451","title":{"rendered":"Before the Open (Jun 10)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mixed – South Korea and Taiwan lost more than 1%. Europe is currently mostly down, but there are no big losers. Futures here in the States point towards a slight down open for the cash market.
\n<\/span>
\nSo the market finally bounced yesterday, but it wasn’t an impressive bounce. It lacked energy and enthusiasm and volume, and it was not characterized by buying surges. Buyers were not eager to buy; shorts were not eager to cover. The indexes can continue up today (or for a few more days), but for me to believe the bounce can last more than a couple days, I need to see more energy.<\/span>
\nFor now my stance stays the same. The trend is down…it’s ok to take some profits here with shorts, but don’t take complete profits…maintain some exposure just in case the market melts down. If you want to go long, fine. Just know it’s likely to be a very short term trade. <\/span>
\nI have no idea what the Fed has up its sleeve, but if left alone, the market will continue down for the foreseeable future. <\/span>
\nHere’s the SPX week. My first downside target (bottom Bollinger Band of weekly chart) has been hit. Next is 1250ish. 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