{"id":4509,"date":"2011-06-22T07:29:40","date_gmt":"2011-06-22T12:29:40","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4509"},"modified":"2011-06-22T07:29:40","modified_gmt":"2011-06-22T12:29:40","slug":"before-the-open-jun-22-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4509","title":{"rendered":"Before the Open (Jun 22)"},"content":{"rendered":"

Good morning. Happy Wednesday. Happy Fed Day.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Japan led the way with a 1.8% gain. Europe is currently mostly down thanks to a profit warning from Philips. Futures here in the States suggest a slightly down open for the cash market.<\/span>
\nThe dollar is up slightly. Gold, silver and oil are down.<\/span>
\nThe Greek PM survived the confidence vote. It’s a step, but the country still has to cut its budget and agree to new taxes before getting its next bailout check.<\/span>
\nToday is Fed day. Bernanke and Co. will target the overnight rate and discount rate. It would be a shock if rates were changed. The Fed often induces a hiccup in the short term but rarely changes the overall market. I expect the same today. Words are meaningless, but mention of QE3 or no need for QE3 would move things.<\/span>
\nHere’s an update of the 15-min SPX chart. The index easily cleared 1280 yesterday and then sliced right through 1290. That 1290 level could now act as support.<\/span>
\n\"\"
\nBacking up, here’s the weekly. My target for this bounce is the middle of the Bollinger Bands which is around 1318.<\/span>
\n\"\"
\nNow we wait for the Fed. 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 Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n