{"id":4823,"date":"2011-09-02T07:40:14","date_gmt":"2011-09-02T12:40:14","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4823"},"modified":"2011-09-02T07:40:14","modified_gmt":"2011-09-02T12:40:14","slug":"before-the-open-sep-2-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4823","title":{"rendered":"Before the Open (Sep 2)"},"content":{"rendered":"

Good morning. Happy Friday. Happy Employment Numbers Day.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Australia, China, Hong Kong and Japan lost more than 1%. Europe is currently down across the board. Austria, France, Germany, Switzerland and London are down 2% or more. About 30 min before the employment data was released and 90 before the open, futures here in the States pointed towards a moderate gap down open for the cash market.
\n<\/span>
\nHere are the employment numbers:<\/span>
\nunemployment rate: 9.1% (from 9.1%)<\/span>
\nnonfarm payrolls: flat (vs. 53K estimated)<\/span>
\nprivate payrolls: will post when I see the number<\/span>
\naverage workweek: down 6 minutes to 34.2<\/span>
\nhourly earnings: down 0.1% to $23.09 (vs. up 0.1% expected)<\/span>
\nThe S&P futures, which were down 10, are now down 17.<\/span>
\nLet me repeat some things I said yesterday: The market has been on a nice run, but the overall trend is still down, volume on the move up has mostly been weakish and we’re starting to run into overhead resistance. Over the last month the market has gone down, then up, then down and now up. And there has been very little pause at the tops and bottoms. You can hope for whatever you want, but it’s entirely possible the indexes simple head down here. We’ve had several good long trades, but those trades may now be over. I hope not. It’d be nice to get another round of breakouts and an opportunity to short at higher prices, but I don’t get to order such movement. Be ahead of the curve taking profits. That means you take profits when you have them; you don’t use a loose stop in hopes of riding a trading for everthing it’s worth. 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