{"id":4993,"date":"2011-11-02T07:34:25","date_gmt":"2011-11-02T12:34:25","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4993"},"modified":"2011-11-02T07:34:25","modified_gmt":"2011-11-02T12:34:25","slug":"before-the-open-nov-2-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4993","title":{"rendered":"Before the Open (Nov 2)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mixed and with a bearish bias. Indonesia gained more than 2%, and China, Hong Kong and Singapore gained more than 1%. Japan dropped 2.2% and Australia dropped 1.1%. Europe is currently mixed. Austria is down 3.6% and Amsterdam 2.8%. Germany is up 1.1%. Futures here in the States point towards a positive open for the cash market.<\/span>
\nWe’ve gotten lots of selling pressure the last two days. Twice the market has gapped down, and no legit rally attempt was made either day. The market deserved a break. October 2011 was the best Octobers in 25 years and one of the best months in two decades. The move off the early month low was unsustainable. Throw in proximity to resistance, and for us traders, the risk\/rewards were not great. The news that shocked the market yesterday was convenient in that it hit at the “right” time. I’m still of the opinion the trend is up, and I still believe this dip will get bought. But this doesn’t mean I stay long and watch my profits disappear. You have two choices. 1) Ride out a dip or 2) Exit and look to re-enter. Anyone who has been reading my material for any length of time knows I fall into the second category. I exit and take profits and then sit tight and wait for a good opportunity to re-enter. This causes me to miss moves from time to time, but I also sleep well at night during these times.<\/span>
\nThere is an FOMC meeting today. Either traders don’t care or it’s obvious what the Fed will do and say or the situation in Europe is so much more important that no one is talking about it. In any case, it’s here. They’ve already said rates won’t change, but their statement will be closely dissected.<\/span>
\nAs I stated yesterday, I’m laying low until the dust in Greece settles. 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>
\n