{"id":4818,"date":"2011-08-31T07:06:40","date_gmt":"2011-08-31T12:06:40","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4818"},"modified":"2011-08-31T07:06:40","modified_gmt":"2011-08-31T12:06:40","slug":"before-the-open-aug-31-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4818","title":{"rendered":"Before the Open (Aug 31)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed up across the board. Singapore rallied over 3%, and Hong Kong, India, South Korea and Taiwan gained over 1%. Europe is currently up across the board. No index is up 2% but several are up more than 1%. Futures here in the States point towards a solid gap up open for the cash market.
\n<\/span>
\nWhy hsa the market moved up 6 of the last 7 days and 10 of the last 14? It doesn’t matter. I stated several times over the last couple weeks that everyone was bearish, and when everyone was stacked on one side of the marketm, surprises happen. I’ve also stated the biggest up days occur within downtrends and even when the market trends down, there are upward corrections that can last a couple weeks at a time. Be flexible, no matter how bearish you are. <\/span>
\nVery quietly the indexes have made a higher high…the S&P is up almost 100 in just over a week. Nothing prompted the move…just a good old fashion imbalance of supply and demand. But volume has been on the lighter side, so although we shouldn’t fight it, we shouldn’t entirely trust it either. Wall St. is a big voting booth. More volume = more votes in favor of a move. This move hasn’t gotten enough votes to conclude a majority of the people are in favor of it. In 5 years we’ll look back at this time period and possibly draw different conclusions regarding volume because of high frequency trading, but for now, I still want to know if volume is expanding or contracting as prices move around.<\/span>
\nBe flexible, be open minded. At the rate we’re going, it won’t be long before the indexes bump up against their previous support levels. <\/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