{"id":4916,"date":"2011-10-04T07:20:56","date_gmt":"2011-10-04T12:20:56","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4916"},"modified":"2011-10-04T07:20:56","modified_gmt":"2011-10-04T12:20:56","slug":"before-the-open-oct-4-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4916","title":{"rendered":"Before the Open (Oct 4)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Hong Kong, Singapore and South Korea each dropped more than 3%. Europe is currently down across the board. London, Stockholm, Germany, France and Belgium are currently down more than 3%. Futures here in the States point towards a moderate gap down for the cash market. <\/span>
\nGold and silver are down about 1%. Copper is down almost 3%. Oil is down about 2.6%. The dollar is up.<\/span>
\nThe market is still being held hostage to Europe and more specifically Greece. The assumption is Greece will default on its debt, but it’s not entirely known what ultimate effect this would have on Europe’s banking system. Germany’s debt insurance recently hit a record high. <\/span>
\nBernanke is testifying in Washington today about the current economic outlook and recent monetary policy actions.<\/span>
\nThere isn’t anything for the bulls to be excited about, and we are far from a complete washout. The breadth indicators (AD line, AD volume, 52-week highs and lows, number of stocks trading above various moving averages and others) are trending down but not close to washout levels. The rock solid companies that have done great for a long time (AAPL, AMZN, BIDU, PCLN, WYNN and others) are cracking. Safe haven stocks (JNJ, PG, WMT and many utilities) have out-performed recently. The small caps have been lagging. Here’s the Russell…a clean break down.<\/span>
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\nHere’s the banking chart. Maybe buyers step in here at support, but otherwise we have a new closing low.<\/span>
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\nThe trend is down. I’ve been saying that for two months. I hope you have not been in denial. 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