{"id":4954,"date":"2011-10-18T07:38:19","date_gmt":"2011-10-18T12:38:19","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4954"},"modified":"2011-10-18T07:38:19","modified_gmt":"2011-10-18T12:38:19","slug":"before-the-open-oct-18-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4954","title":{"rendered":"Before the Open (Oct 18)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets got hit hard. Every index closed down at least 1% and a few (Australia, China, Hong Kong, Indonesia) lost more than 2%. Europe is currently down across-the-board. Austria is getting clobbered (down 4%), and Belgium, France, Amsterdam, Switzerland and London are down more than 1%. Futures here in the States point towards a negative open for the cash market, but the futures aren’t as bad as one would expect considering the overseas markets.
\n<\/span>
\nOil and copper are down for the second straight day. The dollar is up.<\/span>
\nHere’s the 60-min SPX chart. Other than a brief move below the bottom of the range and a quick recapture, the index has been range bound for 11+ weeks. Rallies get sold, dips get bought. The move we got of the recent low was more impressive than any other 2-week period this year, but the market is still range bound.<\/span>
\n\"\"
\nDuring the 2-week rally, we got across-the-board improvement. The small caps had some days where they led. The heavily-weighted Nas 100 stocks did great – AAPL, AMZN, GOOG went on huge runs. The internals greatly improved. The market brushed off some negative news. It seemed like a step in the up direction, and barring bad news from Europe (or a lack of good news) I think a pullback gets bought. But this of course is a big IF. We have no control over what Europe does (or doesn’t do) or says, so although I lean to the upside right now, I am willing to abandon my view very quickly if the movement necessitates it.<\/span>
\nBe flexible. Be open minded.<\/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