{"id":5098,"date":"2011-12-06T08:33:30","date_gmt":"2011-12-06T13:33:30","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5098"},"modified":"2011-12-06T08:33:30","modified_gmt":"2011-12-06T13:33:30","slug":"before-the-open-dec-6-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5098","title":{"rendered":"Before the Open (Dec 6)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed down across the board. Taiwan dropped 2%. Australia, Hong Kong, Japan and South Korea dropped more than 1%. Europe is currently mixed. Belgium and Stockholm are the only 1% movers (down 1.1% and 1.2% respectively). Futures here in the States point towards a relatively small gap up open for the cash market.
\n<\/span>
\nHere’s the 30-min S&P chart since the beginning of October. Everything that was lost after the index broke support of the consolidation pattern has been recaptured. Price is right back in the middle of the range. The market dropped when Italian bond yields moved above 7%, Spanish bond yields moved above 6% and even French bond yields moved up. Then news hit suggesting the central bankers were going to work together to provide liquidity to the global financial system. The market dropped because of news and then rallied because of news. There’s no question this is a news driven market, and Europe is in control. Funny how that works. They have no control over their finances, but they have control over Wall St. <\/span>
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\nThe internals have improved. Key groups are moving up. Key stocks are doing well. Safe-havens are lagging. Everything is lining up for a year-end rally. The market still has work to do, and there’s a key European summit schedule for Friday that will produce a few headlines. But once we get this week behind us, the path of least resistance is up. Things can always change, but for now, my bias remains to the upside. 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>
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