{"id":486,"date":"2009-05-19T06:30:11","date_gmt":"2009-05-19T11:30:11","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=486"},"modified":"2009-05-19T06:30:11","modified_gmt":"2009-05-19T11:30:11","slug":"before-the-open-56","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=486","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Tuesday.
\nComing off its first across-the-board down week in over two months, the market gapped up and rallied all day yesterday. Steady buying all day characterized by every little dip getting bought was reminiscent of many days over the last eleven weeks. Internals were strong, and about 95% of the market groups closed up. The only warning came from the lack of conviction \u2013 volume was lightest it\u2019s been in well over a month. And of course we now have another unfilled gap below.
\nLast week, while many market participants turned bearish, I merely turned neutral. It\u2019s possible a top is in place and the lows will be revisited this summer, but it\u2019s at least equally possible the market needed to take some time off. After all, the indexes had just rallied 40-50% in just over 2 months. And something else I\u2019ve been trying to drill into everyone. This is not a normal market. The government is playing a very active role. What should happen won\u2019t necessarily happen \u2013 at least not when you expect it. Don\u2019t rule out illogical and nonsensical moves.
\nHere\u2019s the SPX daily. Support from the last two lows within the uptrend held and 875, which was stiff resistance on the way up and is now support on the way down, held.
\n
\nAnd there\u2019s the SPX weekly. There\u2019s nothing wrong with a couple weeks of consolidation within an intermediate term uptrend.
\n
\nI remain neutral. No bias here.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nyesterday’s leaders & laggards<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Tuesday. Coming off its first across-the-board down week in over two months, the market gapped up and rallied all day yesterday. Steady buying all day characterized by every little dip getting bought was reminiscent of many days over the last eleven weeks. Internals were strong, and about 95% of the market groups […]<\/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\/486"}],"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=486"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/486\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}