{"id":4711,"date":"2011-08-04T07:26:34","date_gmt":"2011-08-04T12:26:34","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4711"},"modified":"2011-08-04T07:26:34","modified_gmt":"2011-08-04T12:26:34","slug":"before-the-open-aug-4-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4711","title":{"rendered":"Before the Open (Aug 4)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Thursday.<\/span><br \/>\n<span style=\"font-size: medium;\">The Asian\/Pacific markets close mixed. Australia, India, South Korea and Taiwan lost more than 1%. Europe is currently mostly down. Austria, Norway, Stockholm and London are down at least 1%. Futures here in the States are down a bunch. About half of yesterday&#8217;s move off the lows will be wiped out at today&#8217;s open.<!--more--><br \/>\n<\/span><br \/>\n<span style=\"font-size: medium;\">The US dollar is up over 1% and trading at its highest level in 10 months. Gold and silver are up slightly. Oil continues to slide and is down to $91.<\/span><br \/>\n<span style=\"font-size: medium;\">Yesterday the market finally bounced. It sold off hard early&#8230;lots of stops were hit, lots of sell programs were triggered, lots of margin calls no doubt added to the selling pressure. Then the indexes bottomed and bounced and closed green after having been down a bunch early. Volume was heavy and considering the losing streak and where many indicators were, the reversal was not a surprise. But as I stated yesterday, who knows how long this will last or how far it will go. Lots of technical damage has been done&#8230;enough that if left alone, the market will not be able to move up here uninterrupted. <\/span><br \/>\n<span style=\"font-size: medium;\">My downside SPX target remains 1200 (or thereabouts). Several days ago that target constituted a decent drop, but yesterday&#8217;s low was 1234 and today&#8217;s open will be around 1245 &#8211; we aren&#8217;t that far away. That&#8217;s the line I&#8217;ll be using to determine the long term trend. More after the open.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spxM080411.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">today&#8217;s <a href=\"http:\/\/www.briefing.com\/investor\/calendars\/upgrades-downgrades\/\">upgrades\/downgrades<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">yesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4708\">sector performance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4691\">Earnings<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4693\">Economic Numbers<\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\");\ndocument.write(unescape(\"%3Cscript src='\" + gaJsHost + \"google-analytics.com\/ga.js' type='text\/javascript'%3E%3C\/script%3E\"));\n\/\/ ]]><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar pageTracker = _gat._getTracker(\"UA-6273151-1\");\npageTracker._initData();\npageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Thursday. The Asian\/Pacific markets close mixed. Australia, India, South Korea and Taiwan lost more than 1%. Europe is currently mostly down. Austria, Norway, Stockholm and London are down at least 1%. Futures here in the States are down a bunch. About half of yesterday&#8217;s move off the lows will be wiped out [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/4711"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4711"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/4711\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}