{"id":4684,"date":"2011-07-29T07:28:02","date_gmt":"2011-07-29T12:28:02","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4684"},"modified":"2011-07-29T07:28:02","modified_gmt":"2011-07-29T12:28:02","slug":"before-the-open-jul-29-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4684","title":{"rendered":"Before the Open (Jul 29)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed down across the board – South Korea and Taiwan lost more than 1%. Europe is currently down across the board – Belgium, France, Amsterdam and Switzerland are down more than 1%. Futures here in the States point towards a moderate gap down open for the cash market.
\n<\/span>
\nThe dollar is up a little. Gold and silver are down small amounts. Oil is down 73 cents.<\/span>
\nThe vote that was supposed to take place yesterday was delayed. We were supposed to get an answer but instead we’re told to wait longer. <\/span>
\nWhen analyzing the trend and its staying power, often the index charts are sufficient. But funny math will sometimes paint the index charts to say one thing while charts of individual stocks say something else. I looked at 1000 charts last night; they don’t look good. Many have suffered losses much greater than the overall market, and even safe havens such as CAT and MMM have taken big hits. It’s ok for safe havens to lag when the market moves up because money is rotated to higher beta issues, but when the market is weak and the safe havens fall a bunch, something is wrong.<\/span>
\nA lot of damage has been done to the charts…so much damage that if an agreement in Washington induces some short covering, I don’t think it’ll last long. There are too many bag holders who believed at the beginning of the week an agreement was inevitable, so they kept their longs. Now those traders are hoping for a chance to salvage their positions. 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>
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