{"id":484,"date":"2009-05-15T06:30:09","date_gmt":"2009-05-15T11:30:09","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=484"},"modified":"2009-05-15T06:30:09","modified_gmt":"2009-05-15T11:30:09","slug":"before-the-open-54","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=484","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Friday. Happy Options Expiration Day.
\nBarring a gigantic rally today, the 9-week winning streak for the Nas and Russell will come to an end. It\u2019s about time. The consistency of the move is not something I\u2019ve seen in a long time. Every little dip got bought\u2026every time the bulls got a little scare the indexes made new highs a day or two later. The party may be over for now, but that doesn\u2019t mean a top is in and a resumption of the bear market about to begin. It just means the indexes may need to rest.
\nBut every sell-off begins will simple profit taking. A top could be in place or the market may just need to rest. I don\u2019t know, and when I don\u2019t know, I trade much less aggressively (if at all) with smaller position sizes. I make the bulk of my money within the trends, not during turning points.
\nHere\u2019s the SPX daily. The trendline drawn off the low (red) has been penetrated and may now become resistance if the market bounces (910 area). The trendline using more recent data (blue), which in my opinion is more relevant, has not been penetrated and coincidentally happens to intersect at around 875 \u2013 resistance on the way up.
\n
\nIf the SPX can hold 875 and bounce, the forcefulness of the bounce and whether volume and a new batch of 52-week highs are registered will go a long way towards suggesting the next couple weeks.
\nHere\u2019s the 60-min chart. It doesn\u2019t look too bad. Higher highs and higher lows remain in place.
\n
\nAnd here\u2019s the 15-min chart. Several times during this 11-week rally we\u2019ve gotten a falling wedge against the overall uptrend.
\n
\nIt\u2019s Friday; I\u2019m not taking any big chances. As stated earlier, I make my money within the trends when trading is easy, stocks follow through and stress levels are low. I leave the turns for others.
\nheadlines<\/a> from Yahoo Finance
\nstocks to watch<\/a><\/a> from MarketWatch
\ntoday’s upgrades & downgrades<\/a> from briefing.com
\nyesterday’s leaders & laggards<\/a> from LeavittBrothers.com
\nthis week’s earnings & economic releases<\/a> from LeavittBrothers.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Friday. Happy Options Expiration Day. Barring a gigantic rally today, the 9-week winning streak for the Nas and Russell will come to an end. It\u2019s about time. The consistency of the move is not something I\u2019ve seen in a long time. Every little dip got bought\u2026every time the bulls got a little […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/484"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=484"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/484\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}