{"id":5013,"date":"2011-11-09T08:31:50","date_gmt":"2011-11-09T13:31:50","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5013"},"modified":"2011-11-09T08:31:50","modified_gmt":"2011-11-09T13:31:50","slug":"before-the-open-nov-9-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5013","title":{"rendered":"Before the Open (Nov 9)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Australia, Hong Kong, Indonesia and Japan each gained ore than 1%. India dropped 1.2%. Europe is getting clobbered. Austria is down 3.6%, and Germany, Amsterdam, Norway and Stockholm are down more than 2%. Futures here in the States point towards a very big gap down for the cash market.
\n<\/span>
\nThe euro is getting hit hard; the dollar is up 1% and trading near a 3-week high.<\/span>
\nNews has shifted from Greece to Italy where 10-year yields moved above 7%. Greece is a small country, so although there was lots of debate and negotiation, containing their debt and preventing it from spreading wasn’t\/isn’t very hard. Italy is a different story. It’s debt is probably too big for Europe to bailout, so the survival of the eurozone has come into question. <\/span>
\nI’ve said for several weeks the market is doing well from a technical standpoint and barring very negative news from Europe, odds favor a continuation of the uptrend and another leg up for the market. But this isn’t a time where news doesn’t exist, and I’ve warned many times we could wake up any morning and see the S&P futures either up or down 50 points. Right now they’re down 35. <\/span>
\nMy bias remains the same, but I’m still being conservative. I’m net long but am in no hurry to be aggressive. This is the stance I will have until things in Europe clear up. The unknown event risk is too high for us to trade any other way. 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