{"id":5086,"date":"2011-12-02T08:44:18","date_gmt":"2011-12-02T13:44:18","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5086"},"modified":"2011-12-02T08:44:18","modified_gmt":"2011-12-02T13:44:18","slug":"before-the-open-dec-2-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5086","title":{"rendered":"Before the Open (Dec 2)"},"content":{"rendered":"

Good morning. Happy Friday. Happy employment numbers day.<\/span>
\nThe Asian\/Pacific markets closed mixed. India and Australia moved up 2.2% and 1.4% respectively. China dropped 1.1%. Europe is currently up across the board; almost every index is up at least 1%. Futures here in the States point towards a large gap up open for the cash market, but this could change because as of this writing, we’re still 15 minutes from the employment data being released.
\n<\/span>
\nHere are the employment numbers:<\/span>
\nunemployment rate: 8.6% (from 9.0%)
\nnonfarm payrolls: up 120K
\nprivate payrolls: will post when I get the number
\naverage workweek: stayed same \u2013 34.3 min
\nhourly earnings: down 0.1% to 23.18<\/span><\/span><\/span><\/span><\/span>
\nS&P futures were up about 17 when then numbers came out. The reaction has been very muted…slight move up, then back down.<\/span>
\nThis has been a heck of a week. The psychology of the market has greatly improved. The technicals look much better. News from Europe, which has been holding the market hostage, has improved greatly. Things are much better on all fronts today than they were at the beginning of the week. <\/span>
\nWhen the week started I was looking to buy a complete washout or sell a dead-cat bounce. We got a bounce, but I’m not sure it’s of the dead-cat variety. Put a gun to my head and ask me where the market will be at the end of the year, I’d say higher than it is now. Things could change because the news can change, but for now, that’s where I lean. <\/span>
\nHere’s the SPX 30-min chart. Today’s open will be slightly above resistance, and then there’ll be much more resistance between 1260 & 1290. With the market moving straight down in the middle of November and straight up this week, it’d be nice if the indexes moved sideways for a few days to allow the charts to rest and set up in tradeable patterns. More after the open.<\/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