{"id":4972,"date":"2011-10-25T07:28:27","date_gmt":"2011-10-25T12:28:27","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4972"},"modified":"2011-10-25T07:28:27","modified_gmt":"2011-10-25T12:28:27","slug":"before-the-open-oct-25-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4972","title":{"rendered":"Before the Open (Oct 25)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. China, Hong Kong and India gained over 1%. Europe is currently mixed. Austria and Germany are up more than 1%. Nothing is down much. Futures here in the States point towards a slight up open for the cash market.<\/span>
\nMy bias has been to the upside for three weeks. Several times I’ve said the bounce felt different than previous bounces over the last couple months. I hope you haven’t been in a state of denial. I don’t know why the market does what it does, but I can see what’s it’s doing and decide not to fight it. Yesterday we got across-the-board breakouts from the indexes. From a technical standpoint you can’t be anything be long here. Could the moves prove to be false breakouts? Sure, but trading is a game you play where you don’t know the outcome ahead of time. So you have to read the sign posts and take the high-probability set ups and then play good defense. Those are the two steps to trading. 1) Be on the right side of a trend and 2) Play good defense. Being on the right side will save you from some bad set ups because the market is highly correlated. That means when the market moves up, almost everything moves up. Managing positions means dumping losers quickly, and with your winners, knowing when to take quick profits and when to let positions ride. <\/span>
\nHere are those daily charts. The Nas has been back inside the bottom of its Jan-Jul range for almost two weeks. The Dow and S&P will bump into their bottoms soon. Don’t get lazy.<\/span>
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\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