{"id":4924,"date":"2011-10-07T07:37:51","date_gmt":"2011-10-07T12:37:51","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4924"},"modified":"2011-10-07T07:37:51","modified_gmt":"2011-10-07T12:37:51","slug":"before-the-open-oct-7-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4924","title":{"rendered":"Before the Open (Oct 7)"},"content":{"rendered":"

Good morning. Happy Friday. Happy Employment Numbers Day.<\/span>
\nThe Asian\/Pacific market closed mostly up. Hong Kong rallied 3.1%, Australia, India and South Korea more than 2%, Japan, New Zealand, Singapore and Taiwan more than 1%. Europe is currently mixed; there are no big winners or losers. About 35 minutes before the employment numbers were released and 95 minutes before the open, futures here in the States pointed towards a relatively small gap down open for the cash market. <\/span>
\nIt’s been a good week for the market so far. It was weak Monday and early Tuesday and has been steadily moving up since. Currently the S&P is up about 3% on the week and is about 90 points off Tuesday’s low. For now I’m still calling it a bounce within a downtrend. If the market wants to prove me wrong, fine, but until it does my long term bias will be down. Here’s the 30-min S&P chart. After the big drop, we got a series or higher highs and higher lows and now a series of lower highs and lower lows. Monday’s loses, which closed the index at a new low, were recovered Tuesday, so other than that day, the S&P has remained range bound.<\/span>
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\nHere are the employment numbers: <\/span>
\nunemployment rate: 9.1% (from 9.1%)<\/span>
\nnonfarm payrolls: up 103K <\/span>
\nprivate payrolls: up 137K<\/span>
\naverage workweek: up 6 min to 34.3 min<\/span>
\nhourly earnings: up 0.2% <\/span>
\nThe S&P futures jumped about 15 points when the news hit. The first couple days off a low are the easy ones. The bulls get excited about buying at lower prices and the shorts cover. But those first couple days are over. Now it gets tough. Short term I remain in want-and-see mode and am in no hurry to re-enter the market. The market has some proving to do. 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