{"id":4872,"date":"2011-09-22T07:27:21","date_gmt":"2011-09-22T12:27:21","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4872"},"modified":"2011-09-22T07:27:21","modified_gmt":"2011-09-22T12:27:21","slug":"before-the-open-sep-22-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4872","title":{"rendered":"Before the Open (Sep 22)"},"content":{"rendered":"

Good morning. Happy Thursday. <\/span>
\nIt’s not happy day for markets around the world. The Asian\/Pacific markets got crushed. Indonesia down 9%…Hong Kong down 5%…Taiwan, South Korea and China down around 3%. Europe is also getting clobbered. Austria, Belgium, France and Germany are down more than 4%. Futures here in the States point towards a large gap down for the cash market. <\/span>
\nThings have changed quickly the last couple days. They looked ok at the end of last week…not great, just not horrible, so the bulls had a little cushion to work with. That sentiment is now gone. I looked at 500 charts last night and didn’t find one worth buying. Instead there are many very good short set ups in addition to our shorts that have already triggered this week. <\/span>
\nMy opinion of the market hasn’t changed in 6 weeks. A top is in place, and the trend is now down. But the market’s biggest up days occur within downtrends, so it won’t be a one-way ride down. Expect bounces and have a plan to deal with them. <\/span>
\nHere’s the 30-min S&P chart. My next two potential support areas are 1150 and 1140, but as of now the S&P is going to open below 1150. <\/span>
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\nMy ultimate target is 1000 even. I think the market goes lower than that, but that’s where I see potential for strong support. <\/span>
\nDon’t fight or argue with the movement. Be ahead of the curve taking profits. You know the routine. This is not a time you can sit back and let charts run their courses. Here<\/a> area few trading ideas.<\/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>
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