{"id":5070,"date":"2011-11-28T08:47:14","date_gmt":"2011-11-28T13:47:14","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5070"},"modified":"2011-11-28T08:47:14","modified_gmt":"2011-11-28T13:47:14","slug":"before-the-open-nov-28","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5070","title":{"rendered":"Before the Open (Nov 28)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed up across the board. India gained 3%; South Korea more than 2%; Australia, Hong Kong, Japan, Singapore and Taiwan more than 1%. Europe is currently posting huge gains. France is up more than 4%; Belgium, Germany and Stockholm more than 3%; Norway, Switzerland and London more than 2%. Futures here in the States point towards a huge gap up for the cash market. <\/span>
\nThe dollar is down. Oil and copper are up nicely.<\/span>
\nThe reason for the buying enthusiasm is news from Europe the IMF was planning a $794 billion rescue package for Italy and word the eurozone’s 6 triple A countries were preparing to sell bonds together with the proceeds going towards the financially strapped countries. <\/span>
\nFor a couple months it’s always been about Europe. Any other news may have induced a short term move, but Europe has held the key. We’ve known for over a month that on any given day the S&P could gap up or down 50 points depending on news flow from Europe. Today’s gap will be better than 30. This is the market we’ve been dealt. Being a technical trader requires a lack of news flow to enable the natural forces of supply and demand to play out. When you throw in pending news that can trump the charts, trading becomes difficult. Hence why I’ve been laying low lately. <\/span>
\nWhat comes next? I don’t have a clue. Encouraging news from Europe will cause traders to forget all the recent selling and negative sentiment and would likely push the indexes higher. Bad news or a lack of confirmation of today’s positive news will have the opposite effect. <\/span>
\nI’m going to continue playing it safe. When the market can gap up or down huge on any given random day, I lay low. 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