{"id":4981,"date":"2011-10-28T07:33:11","date_gmt":"2011-10-28T12:33:11","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4981"},"modified":"2011-10-28T07:33:11","modified_gmt":"2011-10-28T12:33:11","slug":"before-the-open-oct-28-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4981","title":{"rendered":"Before the Open (Oct 28)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed up across-the-board. China, Hong Kong, India, Japan and Singapore led the way. Europe is mostly down. Austria, Amsterdam and Norway are weakest. Futures here in the States point towards a moderate gap down open for the cash market.
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\nWith two more trading days to go this month, October has been the single best month in many years, so I’m glad we’ve been long most of the month. Here are the 60-min charts identifying some potential overhead resistance levels. The Dow is up against a trendline created by the March and June lows. The Nas moved above the slanted trendline I posted earlier this week and is now at its early-July low. The S&P moved above its March and June low and is now up against the same July low the Nas is testing. The Russell is lagging. It’s the only index that has not yet climbed back into its Jan-Jul range.<\/span>
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\nIt’s hard to argue when the market has its best month in years, but unfortunately, although we’ve had many very good trades the last few weeks, there are virtually none left. Very few stocks are set up to breakout. They’ve all already broken out and are way too far gone to chase. The market is healthy from a technical standpoint and from a sentiment standpoint, and when you consider the bears out there who are not long yet, there’s shadow buying that will come into the market on any weakness. Odds favor a continuation of the uptrend. Don’t get lazy and chase stocks higher. Don’t fight the trend either. 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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