{"id":4568,"date":"2011-07-05T07:28:21","date_gmt":"2011-07-05T12:28:21","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4568"},"modified":"2011-07-05T07:28:21","modified_gmt":"2011-07-05T12:28:21","slug":"before-the-open-jul-5-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4568","title":{"rendered":"Before the Open (Jul 5)"},"content":{"rendered":"

Good morning. Happy Tuesday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mixed and with a bearish tone, but there were no standout winners or losers. Europe is currently mixed – no standouts there either. Futures here in the States are mixed and mostly flat.
\n<\/span>
\nThe US dollar is up. Gold, silver and oil are up too.<\/span>
\nWe got the market’s best 1-week rally in a long time last week. The S&P blew through my 1316ish target, so my new target is the upper Bollinger Band – around 1370.<\/span>
\n\"\"
\nZooming in a little, last Friday’s daily S&P candle opened above its upper Bollinger Band and then proceeded to rally all day. This happens from time to time with individual stocks, but I can’t remember a time when an index was so far above. <\/span>
\n\"\"
\nNeedless to say, the market is ridiculously overbought on a short term basis. Given last week’s movement and gains from individual stocks, it’s way too late to jump in new positions. Managing what you have and letting the market settle down is the way to go.<\/span>
\nI was bearish heading into last week but had offered many reasons the market could rally and warned to be flexible and on your toes. It didn’t take long for me to do a complete reversal. Now I’m bullish, but I still want to be flexible and on my toes. Besides the lack of volume, last week’s movement was suspicious because the indexes slowly grinded up day after day and without any noticeable pullbacks. For some reason there was a constant bid. This isn’t normal, so while I favor the upside, I’m not completely sold. 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