{"id":4960,"date":"2011-10-20T07:43:18","date_gmt":"2011-10-20T12:43:18","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4960"},"modified":"2011-10-20T07:43:18","modified_gmt":"2011-10-20T12:43:18","slug":"before-the-open-oct-20-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4960","title":{"rendered":"Before the Open (Oct 20)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed down across the board. South Korea lost 2.7%, China 1.9%, Hong Kong 1.8% Europe is currently mixed. Austria is down 1.5%. No other indexes has moved 1%. Futures here in the States point towards a moderate gap up open for the cash market.
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\nLast week the indexes moved to resistance near the tops of their ranges. This week the indexes have rested in tight ranges. Down day Monday, up day Tuesday, down day Wednesday. The net change on the week is slightly down (although it’s up since Monday’s close when the open-interest data said flat or slightly up movement was needed to cause max pain). Here are the daily S&P 500 and Russell 2000 charts. Unless the market completely falls apart today, we have little flag patterns within mini uptrends. <\/span>
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\nBut this is still earnings season, the financial problems in Europe have not been solved and the indexes have only moved to the tops of their ranges. They haven’t broken out.<\/span>
\nI favor the upside because that’s what the charts tell me my bias should be. But I’m on my toes. I have no problem recognizing when the market changes its mind. I don’t marry biases. 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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