{"id":4633,"date":"2011-07-19T07:19:16","date_gmt":"2011-07-19T12:19:16","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4633"},"modified":"2011-07-19T07:19:16","modified_gmt":"2011-07-19T12:19:16","slug":"before-the-open-jul-19-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4633","title":{"rendered":"Before the Open (Jul 19)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mixed – there were no standout winners or losers. Europe is currently up across the board – France, Germany, Stockholm and Switzerland are up more than 1%. Futures here in the States point towards a moderate gap up open for the cash market. <\/span>
\nYesterday, all the indexes hit a new July low and closed at their lowest level since late June. Some key groups such at the banks and semis hit new lows for the year. As good as things looked three weeks ago, they look equally bad right now. <\/span>
\nThe debt ceiling debate lingers, and when it gets resolved, the market is likely to move quickly. Wall St. wants the ceiling raise because it doesn’t care about the debt; it just wants money to keep flowing. So raising the ceiling could result in the highs getting tested again. It doesn’t mean a lasting rally will begin, but there should be enough buying pressure to get the indexes back to their recent highs. Failure to raise the ceiling could cause big time selling pressure…unless that scenario is slowly being discounted. In any case, we have a major news event pending, but we don’t know when the news will hit or what the news will be. Lots of unknown event risk to say the least.<\/span>
\nThis is one reason I am laying low. I plan on trading for a long time, so I don’t mind missing a week here or there when there aren’t many good set ups, the risk\/rewards aren’t great and a major news item that has the ability to jerk the market in one direction or the other lingers. The market, after all, has been range bound since the beginning of the year, and right now we’re in the middle of the range.<\/span>
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\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