{"id":4940,"date":"2011-10-13T07:26:28","date_gmt":"2011-10-13T12:26:28","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4940"},"modified":"2011-10-13T07:26:28","modified_gmt":"2011-10-13T12:26:28","slug":"before-the-open-oct-13-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4940","title":{"rendered":"Before the Open (Oct 13)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed and with a bullish slant. Hong Kong rallied more than 2%. Indonesia and Malaysia more than 1%. Europe is currently down across the board (except for Austria). France, Germany, Amsterdam, Norway, Stockholm and London are down 1% or more. Futures here in the States point towards a negative open for the cash market. <\/span>
\nOn an intermediate term basis, the market is in consolidation mode. It’s been range bound for over two months. We gotten several rallies and several sell-offs, many gaps, many sudden moves, several sudden reversals, and in the end the indexes are largely unchanged since the first week of August. Considering how bad the news has been (US debt being downgraded, financial problems in Europe, signs China is slowing, high unemployment) the performance hasn’t been too bad (relatively speaking). <\/span>
\nOn a short term basis, the market has moved gone up 6 of 7 days. It’s moved from a new low to the upper part of its range in a little more than a week. Stocks that no one wanted at 15 last week are now being bought for 18. The market is due for a rest…especially considering the proximity to the highs, some resistance levels above and the beginning of earnings season.<\/span>
\nI see no reason to be aggressive here in either direction. The risk\/rewards are not great. Manage what you have and otherwise be conservative. 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