{"id":4667,"date":"2011-07-26T07:20:14","date_gmt":"2011-07-26T12:20:14","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4667"},"modified":"2011-07-26T07:20:14","modified_gmt":"2011-07-26T12:20:14","slug":"before-the-open-jul-26-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4667","title":{"rendered":"Before the Open (Jul 26)"},"content":{"rendered":"

Good morning. Happy Tuesday. <\/span>
\nThe Asian\/Pacific markets closed mostly up. Hong Kong, Indonesia and Taiwan gained more than 1%; India lost more than 1%. Europe is currently mixed. There are no standout winners or losers. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\nThe dollar is down. Gold and silver are down a small amount. Oil is up and getting closer to $100.<\/span>
\nWe are one more day closer to Aug 2 and still no deal regarding the debt ceiling. But as dire as reports are in the media that the US will default and lose its AAA rating, Wall St. either doesn’t care or it doesn’t believe it will happen. I see no change in movement, character or personality among the indexes over the last couple weeks compared to the last couple months. Wall St. knows what’s going on, and traders who would normally be taking days off here and there are at their desks at all times – sometimes until late in the evening – but they don’t seem too concerned. They certainly aren’t eager to sell.<\/span>
\nFrom a technical standpoint, if there was a slight concern, it comes from the small caps which have started to lag. While the Nas 100 made a new high last week and the Dow matched its high and the S&P got within 2%, the Russell was much further behind. And then yesterday when most of the indexes filled their opening gap downs, the Russell didn’t come close. The weak dollar is helping the market, but the lagging small caps are not. <\/span>
\nThe market is range bound. No reason to place big bets in the middle of a range. 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