{"id":4595,"date":"2011-07-11T07:26:10","date_gmt":"2011-07-11T12:26:10","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4595"},"modified":"2011-07-11T07:26:10","modified_gmt":"2011-07-11T12:26:10","slug":"before-the-open-jul-11","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4595","title":{"rendered":"Before the Open (Jul 11)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly down; Australia, Hong Kong, Singapore and South Korea lost more than 1%. Europe is getting crushed. Almost every index is down at least 1% and a couple are down 2%. Futures here in the States are getting hit hard. It’s going to be an ugly open.<\/span>
\nThe dollar is up almost 1%.<\/span>
\nI don’t have anything to add to the comments I made in my weekend report. The market is ridiculously overbought and badly in need of a rest. I stated numerous times towards the end of last week I had no interest in entering new positions. The indexes had gone too far too fast, and many individual stocks were in unsustainable vertical moves. Managing what I had while otherwise sitting and waiting has been the call I’ve been making for several days. <\/span>
\nNow we’re going to get a lot of selling pressure at the open which of course doesn’t bother me even a little bit because it’s exactly what the market needed. <\/span>
\nHeadlines this morning blame economic worries on the market’s permarket weakness. Whatever. The market didn’t go vertical because it was believed the economy was getting better. The sheep will continue to be led to slaughter. <\/span>
\nI’m staying in “wait and see” mode and am still in no hurry to do anything. Let’s see what kind of intensity a pullback has. 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