{"id":4937,"date":"2011-10-12T07:25:45","date_gmt":"2011-10-12T12:25:45","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4937"},"modified":"2011-10-12T07:25:45","modified_gmt":"2011-10-12T12:25:45","slug":"before-the-open-oct-12-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4937","title":{"rendered":"Before the Open (Oct 12)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mixed and with an upward bias. China and Indonesia rallied 3%, India more than 2%, Hong Kong, Malaysia and Singapore more than 1%. Except for Austria, Europe is up across the board. France, Germany, Amsterdam and Norway are each up more than 1%. Futures here in the States point towards a moderate gap up open which will put the cash market above yesterday’s high.<\/span>
\nThe S&P has rallied about 125 points the last 6 days – that’s the best 6-day rally this year. What started out as an innocent bounce – a bounce that differed little from several other bounces we’ve had the last two months – has turned into a pretty big move. But overall the indexes remain in their ranges, and volume the last two days has been very light. Here’s the S&P. Other than a single close below the horizontal trendline and quick snap back which has made clearly defining support more difficult, the index remains range bound.<\/span>
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\nRespect the move but be careful up here. Considering the move we’ve just had and the proximity to the highs of the pattern, I don’t think the risk\/reward for initiating new longs is very good. The rest of this week will go a long way towards telling us if this is just another bounce within the range or something that has legs. 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>
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