{"id":4573,"date":"2011-07-06T07:16:07","date_gmt":"2011-07-06T12:16:07","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4573"},"modified":"2011-07-06T07:16:07","modified_gmt":"2011-07-06T12:16:07","slug":"before-the-open-jul-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4573","title":{"rendered":"Before the Open (Jul 6)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets close mixed. Hong Kong dropped 1%; Japan rallied 1%. Europe is currently down across the board; several markets are down 0.75% or more. Futures here in the States point towards a moderate gap down open for the cash market which will open the indexes much closer to yesterday’s lows than the highs.
\n<\/span>
\nYesterday did not change my stance heading into this week. I’m laying low. Last week’s rally put the market in ridiculously overbought territory, and although the charts tell me we have more upside coming, I don’t feel comfortable chasing here. There’s a time to be aggressive and a time to lay low, be patient and wait for trades to come. That latter characterizes my attitude right now. After the best week in two years, chasing stocks higher is not wise. <\/span>
\nVolume continues to be very light. It’s not a huge concern considering the time of year, but it does tell me if either the bulls or bears wanted to press the issue, they could relatively easily.<\/span>
\nThe rest of this week and early next week will go a long way hinting at what happens the rest of the summer. If a pullback is intense and full of energy, I’d question the market’s ability to leg up again. But if a pullback is calm and boring and it’s evident the bears are not going to control things, then odds favor taking out last week’s high and making a run to the top Bollinger Band (see yesterday’s chart). 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