{"id":4504,"date":"2011-06-21T07:26:46","date_gmt":"2011-06-21T12:26:46","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4504"},"modified":"2011-06-21T07:26:46","modified_gmt":"2011-06-21T12:26:46","slug":"before-the-open-jun-21-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4504","title":{"rendered":"Before the Open (Jun 21)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mostly up; there were several 1% winners. Europe is currently up across the board; a few 1% winners there too. Futures here in the States point towards a moderate gap up open for the cash market.<\/span>
\nThe dollar is down. Gold, silver and oil are up.<\/span>
\nIt’s obvious markets around the world don’t want Greece to default on their debt and leave the EU because much of the buying today stems from hopes Greece will take whatever measures are necessary to “qualify” for it’s next bailout loan.<\/span>
\nFor the last week I’ve said the risk\/reward for initiating new shorts was not very good. The intermediate term trend was down (still is), but within a downtrend, there will be mini rallies. If you chase stocks down after they’ve already fallen several days, you could be caught short at the wrong time. This attitude has served us well. We’ve been laying low and letting the market show its cards first. Here’s the 15-min SPX chart I posted yesterday. The 1280 level has acted as support and resistance several times the last two weeks. As of now, today’s open will be near 1285. The real test happens at 1290. That’s where we’ll find out if the last three days have been just a mini bounce within a downtrend or if the move has some legs to the 1300-1310 area.<\/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