{"id":4775,"date":"2011-08-16T07:25:53","date_gmt":"2011-08-16T12:25:53","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4775"},"modified":"2011-08-16T07:25:53","modified_gmt":"2011-08-16T12:25:53","slug":"before-the-open-aug-16-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4775","title":{"rendered":"Before the Open (Aug 16)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mostly down but only Singapore (down 1.5%) lost more than 1%. Europe is currently mostly down. Belgium, France, Germany and Stockholm are down more than 2%. Futures here in the States point towards a large gap down for the cash market.
\n<\/span>
\nI saw a headline yesterday asking if the summer rally could continue. Huh? Summer rally? Three up days in the middle of August constitute a summer rally? Give me a break. The market went through a 4-day stretch were it was down 50 one day, up 50 the next, then down 50, then up 50 – this is movement never seen before. Then it simply followed through for two days and suddenly we have a summer rally? More headlines like this will give me more confidence that at the very least, the lows will need to be tested.<\/span>
\nI saw a simimlar headline referring to a week-long oil rally. Huh? I had to go look at the chart because I figured I missed something. Oil had fallen over 30% in just over three 3 months and then moved up 3 of 5 days. This is a rally? It’s a freaking bounce within a newly established downtrend. Is the AP now working with Wall St. to encourage the lay public to buy?<\/span>
\nMy stance remains the same. Short term I don’t have a clue. Up 50 one day, down 50 the next. Nobody has any idea what the market will do day to day. But on an intermediate and longer term basis, my bias is to the downside until the market proves to me that bias is wrong. Trading wise I’m keeping things short term until this 100-point S&P bounce decides what it ulitimately wants to do. More after the open.<\/span>
\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n