{"id":4988,"date":"2011-10-31T07:37:48","date_gmt":"2011-10-31T12:37:48","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4988"},"modified":"2011-10-31T07:37:48","modified_gmt":"2011-10-31T12:37:48","slug":"before-the-open-oct-31","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4988","title":{"rendered":"Before the Open (Oct 31)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend. <\/span>
\nThe Asian\/Pacific markets closed most down. Australia, Indonesia, Singapore and South Korea fell more than 1%. Europe is currently down across the board. Almost everything is down at least 1%. Futures here in the States point towards a relatively large gap down for the cash market.
\n<\/span>
\nI don’t have anything to add to the comments I made over the weekend in my Weekly Report. The market is in good shape. From a technical standpoint all the indexes have broken out of their ranges, and although the moves are unsustainable and resistance levels are just overhead, I’d expect a dip to get bought (and there will be a give back soon). News wise, the biggest item has been dealt with (Europe). I don’t think they solved anything, but they’re making sure a default won’t domino all over the world. Sentiment wise the bulls are feeling good and the bears are frustrated and pissed off again. And there are many money managers who are either not long or not long enough, so a correction here is likely to get bought.<\/span>
\nHowever you look at the market, things look good (although unsustainable). My bias has been to the upside for the last month, and that’s where it will remain. Here are the 60-min charts. Each one is at a resistance level. The Dow is near a former support trendline which connected the March and June lows. The Nas and S&P are at levels that support prices in mid July. The Russell is at the bottom of its January-July range. The trend over the last month is solidly up, but when you back up, there are technical headwinds to deal with. Be careful.<\/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