{"id":4783,"date":"2011-08-18T07:28:02","date_gmt":"2011-08-18T12:28:02","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4783"},"modified":"2011-08-18T07:28:02","modified_gmt":"2011-08-18T12:28:02","slug":"before-the-open-aug-18-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4783","title":{"rendered":"Before the Open (Aug 18)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Australia, China, Hong Kong, India, Japan, South Korea and Taiwan each lost more than 1%. Europe is getting crushed. Every market is down at least 2%. Futures here in the States point towards a large gap down open for the cash market.
\n<\/span>
\nToday’s open will be below Monday’s open and Friday’s close, so the indexes will be down on the week. Is that it? Is that all the bounce we’re going to get? Even though the S&P rallied 100 points off its low, my overall bias remained to the downside. My bearish stance would remain if the market drifted up on light volume or turned around and sold off with some intensity. And I would shift to short term bullish if the market continued up with energy and enthusiasm or drifted down on lighter volume. So far we’ve gotten 3 straight days of sideways movement on light volume, so the jury has still been out. But today could change things. If today is a stiff down day, the technical picture is textbook bearish – huge sell-off on big volume, lighter volume bounce, stall, intense selling continues. In such a case, the lows become my next target (with my bearish bias, they were my target anyways). 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