{"id":4891,"date":"2011-09-27T07:21:19","date_gmt":"2011-09-27T12:21:19","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4891"},"modified":"2011-09-27T07:21:19","modified_gmt":"2011-09-27T12:21:19","slug":"before-the-open-sep-27-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4891","title":{"rendered":"Before the Open (Sep 27)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed with huge across-the-board gains. South Korea gained 5%; Hong Kong and Indonesia better than 4%; Australia and Taiwan more than 3%. Europe is currently posting solid gains led by France and Germany which are up more than 4%. Futures here in the States point towards a large gap up open for the cash market.<\/span>
\nWe entered this week with the trend being down but it being too late to go short. Many of our short set ups had already broken down and hit their first targets, so it was wise to wait for either little flag patterns to form or a bounce to materialize. It looks like we’re getting a bounce. Don’t fight it and don’t be surprised by it. This is the fourth time in less than two months it looked like the market was doomed but instead the bulls stepped up and defended their turf. If you’re bullish, this lets you breathe a little. If you’re bearish, you get to short at higher prices. No one should be frustrated with a bounce.<\/span>
\nHere’s the S&P daily. The slanted support line was taken out last week as was the Sept low. Allowing for a little wiggle room, the Aug 22 low has held. Overall I’d consider this to be a distribution pattern within a downtrend which should resolve down, the direction of the trend. But as I’ve stated, triangle patterns are tricky because even after support gets taken out, there are lows from within the pattern which can bring buyers to the table. <\/span>
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\nI’m looking to short this bounce…hopefully it’s a big one. 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