{"id":4794,"date":"2011-08-22T07:31:53","date_gmt":"2011-08-22T12:31:53","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4794"},"modified":"2011-08-22T07:31:53","modified_gmt":"2011-08-22T12:31:53","slug":"before-the-open-aug-22","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4794","title":{"rendered":"Before the Open (Aug 22)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend. <\/span>
\nThe Asian\/Pacific markets closed mostly down. Japan and South Korea lost more than 1%. India gained more than 1%. Europe is currently mostly up, and there are some big winners. Belgium, France, Stockholm, Switzerland and London are up more than 2%. Futures here in the States point towards a large gap up open for the cash market.<\/span>
\nThe dollar is down slightly. Gold and silver are up (gold is at another new high). Oil is up almost a buck.<\/span>
\nI don’t have anything to add to my weekend report where I said the next couple days would go a long way towards hinting at the next couple week’s movement…that the market would either 1) slice through the recent lows, 2) take out the lows and then bounce soon after or 3) double bottom and bounce now. <\/span>
\nThe trend is down, and absent Europe completely solving their debt issues, I see little chance an uptrend resumes. Yes we’ll get bounces along with the way – some big and aggressive and lasting several weeks – but overall I consider the trend to be down and lower prices to be on the horizon. Unless the S&P can close above 1200 this month, my next S&P target is 1000, which happens to be the 2010 low.<\/span>
\nFutures are getting a boost from northern Africa where Qaddafi’s 42 years of ruling Libya have come to an end. <\/span>
\nI’ll have more to say after the open…I usually don’t have much to say on Monday mornings since I just wrote an extensive report over the weekend. <\/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