{"id":4816,"date":"2011-08-30T07:08:55","date_gmt":"2011-08-30T12:08:55","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4816"},"modified":"2011-08-30T07:08:55","modified_gmt":"2011-08-30T12:08:55","slug":"before-the-open-aug-30-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4816","title":{"rendered":"Before the Open (Aug 30)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Hong Kong, India and Japan did well. Europe is currenly most up. Austria, Amsterdam and Londone are leading the way. Futures here in the States point towards a down open for the cash market.
\n<\/span>
\nThe market has put in two consecutive up days and has taken out its most recent high, but volume has been declining. That’s not a great sign. I would not fight the move, but I wouldn’t trust it either. <\/span>
\nHere’s the 30-min SPX chart. The trendlines capturing the movement of the last three weeks are parallel, so this would be a place the odds price gets turned back are higher. There are no guarantees, just odds, and attached to those odds are either more or less motivation to take all or partial profits or initiate new positions. Taking a few bucks off the table late yesterday was a good idea.<\/span>
\n\"\"
\nThe long term trend remains down. Short term things have shifted. But we’ve had many sudden moves in both direction, so I trust nothing. It’s one thing to be in a consolidation period for a couple weeks. It’s another thing for that consolidation pattern to be 85 S&P points. That’s big enough to turn a good trade into a bad trade in a short period of time. Your goal is to take money out of the market, not predict what will happen next. 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