{"id":4921,"date":"2011-10-06T07:42:22","date_gmt":"2011-10-06T12:42:22","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4921"},"modified":"2011-10-06T07:42:22","modified_gmt":"2011-10-06T12:42:22","slug":"before-the-open-oct-6-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4921","title":{"rendered":"Before the Open (Oct 6)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nSomber times in tech land as the world learned of Steve Jobs passing. In modern times he had no equal. If you judge a man by the number of lives he touched or as Warren Buffett says, the number of people who love you, Jobs stands alone. The response in the media and on the internet is a response reserved for presidents. His name goes next to Edison in the history books as a brilliant creator, innovator, visionary, business leader and entrepreneur. When he stepped down from his CEO post, we knew this day probably wasn’t far off, but it’s still a shock. He will be missed.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Hong Kong gained better than 5%. Indonesia more than 4%. And Australia more than 3%. Europe is currently up across-the-board. Austria is up more than 3% and France is up more than 2%. Futures here in the States suggest a positive open for the cash market. <\/span>
\nSentiment has shifted the last day (plus 45 minutes). The overall trend is down. The intermediate term trend is either down or neutral (I say down because over the last 5 weeks, the indexes have made a couple lower highs and lower lows). The short term is up. As of today’s open, the S&P will be about 75 points off its low. This is the 5th 75-point rally in the last two months, so it should not be a surprise. Big bounces occur within downtrends, and in fact the single biggest up days occur within downtrends. You must plan for these moves. A shorter term trades exits and looks to re-enter. A longer term trader can hold short with a loose stop. Neither is inherently right or wrong, but there is a best practice for your personally. And whatever you do, be consistent. He who wavers back and forth loses in this business. He who keeps things simple and is painfully consistent wins – or at least has much higher odds of winning. <\/span>
\nI am in wait-and-see mode. Right now this bounce is no different than the four that preceded it. 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