{"id":4970,"date":"2011-10-24T07:26:57","date_gmt":"2011-10-24T12:26:57","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4970"},"modified":"2011-10-24T07:26:57","modified_gmt":"2011-10-24T12:26:57","slug":"before-the-open-oct-24","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4970","title":{"rendered":"Before the Open (Oct 24)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Hong Kong gained 4.1%, Taiwan and South Korea more than 3% and Australia, China and Indonesia more than 2%. Europe is mixed; not one index has moved more than 0.5%. Futures here in the States point towards a flat open for the cash market.
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\nThe Nas and Russell are sitting right at resistance. The Dow and S&P are in the process of breaking out, but I hardly consider last week’s action to be a build up or pressure followed by an explosive move. Here’s the 60-min S&P. The index has spent most of the last three months in a range, and although it’s above the range right now and there’s a thin area above (until 1260), we don’t have enough separation for the bulls to relax. <\/span>
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\nZooming in on the 10-min confirms the lack of breakout and insteads shows an entity which has made higher highs and higher lows for a two weeks. There’s nothing wrong with this, but it has different implications than a breakout.<\/span>
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\nMy bias remains to the upside. How could it be anything else. Two weeks ago I stated the bounce looked and felt different than the other bounces that had taken place the last three months. Here we are near the tops of the ranges. There are still lots of headwinds, but we need to get used to them because they aren’t going away any time soon. 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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