{"id":4620,"date":"2011-07-15T07:28:48","date_gmt":"2011-07-15T12:28:48","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4620"},"modified":"2011-07-15T07:28:48","modified_gmt":"2011-07-15T12:28:48","slug":"before-the-open-jul-15-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4620","title":{"rendered":"Before the Open (Jul 15)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mixed. Taiwan rallied 1.1%, otherwise there were no big winners or losers. Europe is currently mostly down. Stockholm is down 0.9%, otherwise there are no standouts. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\nOne week removed from its best week in two years, the market is on the brink of its worst week since last summer. Easy come, easy go. As good as things looked just two weeks ago when many stocks went vertical, the market looks equally bad right now.<\/span>
\nThe overall trend remains up, but we don’t trade the overall trend. The intermediate term trend is neutral. After all, the market has been range bound since the beginning of the year. On a short term basis, the market is in bad shape right now. Every little intraday pop gets sold into, and all the indexes have closed near their LODs this week. There is no buying interest. <\/span>
\nHeading into this week I said the intensity of the correction would tell us how healthy the market is, that if volume was light and sellers lacked enthusiasm and energy, odds favored higher prices, but if the pullback was forceful, everything gets wiped out and we start our short term analysis from scratch. It’s pretty obvious how intense the correction has been.<\/span>
\nThe one glimmer of hope is the debt ceiling. If it gets raised, the market will certainly surge to the upside. But considering what’s happened this week, a quick surge is likely to be faded. <\/span>
\nI posted some set ups on the message board. 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