{"id":4957,"date":"2011-10-19T07:35:10","date_gmt":"2011-10-19T12:35:10","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4957"},"modified":"2011-10-19T07:35:10","modified_gmt":"2011-10-19T12:35:10","slug":"before-the-open-oct-19-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4957","title":{"rendered":"Before the Open (Oct 19)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Wednesday.<\/span><br \/>\n<span style=\"font-size: medium;\">The Asian\/Pacific markets closed mostly up. Hong Kong and Indonesia rallied more than 1%, India more than 2%. China dropped. Europe is currently mostly up. Austria and Amsterdam are up more than 1%. Most other indexes are up. Futures here in the States point towards a negative open for the cash market.<!--more--><\/span><br \/>\n<span style=\"font-size: medium;\">I&#8217;ve been saying for almost two weeks my bias is to the upside, and as of now I see no reason to change. News trumps the charts, and since there are no guarantees in Europe, anything can happen, but absent market-moving news, the indexes should breakout from their ranges and attempt to leg up.<\/span><br \/>\n<span style=\"font-size: medium;\">The small caps have done well&#8230;the heavily-weighted large caps which control the movement of the indexes have mostly done well&#8230;the movement of oil, copper and the US dollar supports the upside&#8230;the internals have supported a rally&#8230;even secondary indicators such as China and junk bonds have moved in the right direction. Also this bounce feels different than previous bounces. Dips are getting bought and some bad news has been brushed off. All-in-all things have looked very good the last two weeks, and again, barring very bad news, I favor the upside. <\/span><br \/>\n<span style=\"font-size: medium;\">Below are the S&amp;P 500 and Russell 2000. Both are sitting right at resistance. Whether they want the &#8220;all clear&#8221; sign from Europe or a few more earnings reports to be released here in the States, they are nicely positioned to run. <\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/pm\/spx101811.png\" alt=\"\" \/><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/pm\/rut101811.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">Two weeks ago I was bearish. What the heck. I&#8217;m not stubborn. If the market wants to move up, I&#8217;m certainly not going to fight it. You gotta be flexible to survive in this business. The goal is to make money, not be right. More after the open.<\/span><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">today&#8217;s <a href=\"http:\/\/www.briefing.com\/investor\/calendars\/upgrades-downgrades\/\">upgrades\/downgrades<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4946\">Earnings<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4948\">Economic Numbers<\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\");\ndocument.write(unescape(\"%3Cscript src='\" + gaJsHost + \"google-analytics.com\/ga.js' type='text\/javascript'%3E%3C\/script%3E\"));\n\/\/ ]]><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar pageTracker = _gat._getTracker(\"UA-6273151-1\");\npageTracker._initData();\npageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Wednesday. The Asian\/Pacific markets closed mostly up. Hong Kong and Indonesia rallied more than 1%, India more than 2%. China dropped. Europe is currently mostly up. Austria and Amsterdam are up more than 1%. Most other indexes are up. Futures here in the States point towards a negative open for the cash [&hellip;]<\/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\/4957"}],"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=4957"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/4957\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}