{"id":4583,"date":"2011-07-08T07:40:05","date_gmt":"2011-07-08T12:40:05","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4583"},"modified":"2011-07-08T07:40:05","modified_gmt":"2011-07-08T12:40:05","slug":"before-the-open-jul-8-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4583","title":{"rendered":"Before the Open (Jul 8)"},"content":{"rendered":"

Good morning. Happy Friday. Happy Employment Numbers Day.<\/span>
\nThe Asian\/Pacific market closed mixed and with a bullish bias. Australia and Indonesia (up 1.1% and 1.6%) and India (down 1.2%) were the bigger movers. Europe is currently mixed and with a slight up bias. There are no big movers. Futures here in the States (30 min before the jobs report and 90 min before the open) are mixed and basically flat.
\n<\/span>
\nHere are the numbers:<\/span>
\nunemployment rate: 9.2% (from 9.1%)<\/span>
\nnonfarm payrolls: up 18K (vs. 110K estimated)<\/span>
\nprivate payrolls: 57K \u00a0(vs. 150K expected)<\/span>
\naverage workweek: 34.3 (down 6 minutes)<\/span>
\nhourly earnings: flat<\/span>
\nThe market’s reaction has been very negative. S&P futures went from being flat to down 15.<\/span>
\nThe market has gone wild. Two weeks ago it was sitting on the edge of a cliff. The bears were out in full force with their predictions of big losses and lots of pain. Now, after having gone vertical for 8 days, everything has been reversed. Who says the market goes down faster than it goes up? Eight weeks of losses have been recaptured in 8 days. The Nas 100 and S&P 600 made new highs. The others are following along. Some of the gains have been nothing short of remarkable. Pure insanity if you ask me. Obviously it can’t last. <\/span>
\nI went long last week and shifted into management role this week. I was hoping for some sideways movement or a little pullback to allow things to calm down. I got it for two whole days before the market surged again yesterday. It’s too late to go long, so I’ll continue to manage what I have and hope I get a chance to play decent risk\/reward set ups in the future. There are a few good set ups still to be had, but for the most part, I can’t chase stocks higher here. 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