{"id":4975,"date":"2011-10-26T07:33:51","date_gmt":"2011-10-26T12:33:51","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4975"},"modified":"2011-10-26T07:33:51","modified_gmt":"2011-10-26T12:33:51","slug":"before-the-open-oct-26-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4975","title":{"rendered":"Before the Open (Oct 26)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed up across the board (except for Japan), but there were no 1% winners. Europe is currently mixed; only Stockholm has moved more than 1% (up 1.3%). Futures here in the States point towards a moderate gap up open for the cash market. <\/span>
\nOn Monday the indexes broke out. Yesterday they gave a big chunk of the gains back. I’m not going to abandon my bullish bias just because the market drops one day. That’s not my style. I’m a swing trader who varies his holding time based on market conditions, but I maintain my bias as long as possible. I’ve been long for three weeks, so it’s going to take more than one down day to get me to change. There’s nothing wrong with being bullish one day and bearish the next…you just have to admit you’re better suited for day trading, not swing trading. <\/span>
\nWe’ve already seen several large cap tech stocks (IBM, AAPL for example) take hits after earnings. Add AMZN’s name to the list. The stock dropped 4.4% yesterday and is down another 12% before the open. <\/span>
\nHere’s a repost of the 60-min charts. The Dow is at it June lows. The Nas, S&P and Russell are at resistance of some sort – either in the form of a previous high, a previous support level or a trendline connecting previous highs. The indexes have gone virtually straight up for an entire month, so the risk\/rewards here aren’t as good as they were last week. My bias isn’t changing, but I’m recognizing the possible need to rest before resuming the uptrend. More after the open.<\/span>
\n\"\"
\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