{"id":4896,"date":"2011-09-29T07:46:49","date_gmt":"2011-09-29T12:46:49","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4896"},"modified":"2011-09-29T07:46:49","modified_gmt":"2011-09-29T12:46:49","slug":"before-the-open-sep-29-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4896","title":{"rendered":"Before the Open (Sep 29)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly up . South Korea gained 2.7% and India and Malaysia more than 1%. China dropped 1%. Europe is currently mixed, and not one index has moved more than 1% from its unchanged level. Futures here in the States point towards a solid gap up for the cash market. <\/span>
\nEverything about the market has remained the same. The overall trend is down, so that’s where my bias lies, but the indexes have been range bound the last 8 weeks, so we’ve needed to keep trades shorter term. Taking profits proactively as opposed to waiting for a trailing stop to get hit has been a good idea because otherwise chunks of profits are given back. It is still my belief a top is in place and a downtrend underway. Right now the indexes are trading within distribution patterns within those downtrends, and these patterns are likely to resolve in the direction of the trends. There are some who believe a Greek default is inevitable and is being priced into the market. This may be partially true, but in my opinion, the trend is down until it’s not. <\/span>
\nPer the lower Bollinger Band on the Monthly and the 2010 lows on the weekly and a measured move on the daily, I’m sticking with my 1000 price target for the S&P. The weekly is below.<\/span>
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\nToday is a Jewish holiday…expect light volume. <\/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