{"id":493,"date":"2009-05-29T06:30:20","date_gmt":"2009-05-29T11:30:20","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=493"},"modified":"2009-05-29T06:30:20","modified_gmt":"2009-05-29T11:30:20","slug":"before-the-open-63","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=493","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Friday. This week has flow by. I guess that\u2019s what happens when it\u2019s holiday shortened.
\nWe had a big up day Tuesday which recaptured 4 days off losses\u2026a decent down day Wednesday which almost gave back those gains\u2026then an up day yesterday. Now we\u2019re looking at a gap up open in the neighborhood of the intraweek high. Rallies get sold; sell-offs get bought. The price action is getting compressed; pressure is building. For about a month, we\u2019ve gotten lower highs and higher lows. This type of action typically leads to an explosive breakout, so I\u2019m thinking any target which is relatively close to the range is unrealistic. The market will either bust out and run or bust out and reverse soon after and run in the other direction.
\nHere\u2019s the daily chart. If we back the chart up, I\u2019d still consider the overall trend down, but taking a 3-month look, the chart looks fantastic\u2026a steady move up for 2 months and now a month of consolidation. From a technical standpoint, this is bullish set up.
\n
\nI know there\u2019s a long list of reasons the market is supposed to go down and it very well may. The best advice I can give you is to trade what happens, not what you think should happen or want to happen. Otherwise you better have deep pockets and the ability to sit tight and wait. I promise whatever bets you place will eventually be winners \u2013 if you have the ability to wait long enough (just don\u2019t play those ultra ETFs).
\nHave a great day. Enjoy your weekend. I see no reason to be super aggressive here. But be ready just in case the market busts out. It may be coming soon.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nyesterday’s leaders & laggards<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Friday. This week has flow by. I guess that\u2019s what happens when it\u2019s holiday shortened. We had a big up day Tuesday which recaptured 4 days off losses\u2026a decent down day Wednesday which almost gave back those gains\u2026then an up day yesterday. Now we\u2019re looking at a gap up open in the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/493"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=493"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/493\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}