{"id":4855,"date":"2011-09-15T07:24:57","date_gmt":"2011-09-15T12:24:57","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4855"},"modified":"2011-09-15T07:24:57","modified_gmt":"2011-09-15T12:24:57","slug":"before-the-open-sep-15-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4855","title":{"rendered":"Before the Open (Sep 15)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Taiwan rallied over 2%; Australia, India, Japan, Singapore and South Korea gained more than 1%. Europe is posting solid across-the-board gains. France, Germany, Stockholm and London are up more than 2%. Futures here in the States point towards a positive open for the cash market. <\/span>
\nThe big news out overnight is that Greece won’t be defaulting on their debt any time soon. They’ll receive rescue funds as part of a bailout. Considering this news, one would think futures here in the States would be up more than they are. Perhaps we know from our own financial crisis that kicking the can down the road doesn’t solve the problem, it just delays it. Greece will need more bailout funds again, and there are other countries following in Greece’s footsteps. <\/span>
\nNews out of Switzerland is that a rogue trader has caused the bank to lose $2 billion. Unless UBS has to unwind positions, this shouldn’t affect the rest of the market.<\/span>
\nI’ve seen significant improvement from individual stocks the last couple days. That doesn’t mean the bulls can get complacent, it just means they can relax a little because the market isn’t sitting on the edge of a cliff. We entered the week with many charts sitting on support and Europe being down big. After weakness most of Monday, the market has rallied nicely. Once again a disaster has been averted…or delayed. The range continues. The S&P is unchanged over the last 6 weeks, so despite all the bad news, you have to admit the market has done a pretty good job absorbing and digesting an unfavorable situation. Here’s an update of the bull wedge drawn on the 30-min chart. It has positive implications but will not have a smooth ride up. Yesterday, the index was rejected by last week’s high near 1200, and even when\/if that’s taken out, 1230 will bring some sellers to the table. <\/span>
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\nI’m still of the opinion we need to be ahead of the curve taking profits because the current trading environment is better suited for day traders than swing traders. 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