{"id":5114,"date":"2011-12-07T08:28:24","date_gmt":"2011-12-07T13:28:24","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5114"},"modified":"2011-12-07T08:28:24","modified_gmt":"2011-12-07T13:28:24","slug":"before-the-open-dec-7-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5114","title":{"rendered":"Before the Open (Dec 7)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed up across the board. Hong Kong, Indonesia, Japan, Singapore and Taiwan rallied more than 1%. Europe is currently mixed with a lean to the downside. Austria (up 1.8%) is the only 1% mover. Futures here in the States point towards a negative open for the cash market.
\n<\/span>
\nThe market has done very well recently. The S&P is up about 100 point over the last 7 sessions. All of the losses incurred since the late-Oct, early-Nov consolidation patterns broke down have been recovered. But I’m not sure I like what’s been going on the last couple days. The bulls are getting more complacent. There’s a growing consensus the market will rally into the new year once the European summit has passed without any major negative news. We’ve had several small range days on light volume which I don’t like. I also don’t like how the indexes have been slowly creeping up. I’ve seen steady creeps continue, but they do get my attention. I wouldn’t be very surprised to see a pullback here. If the S&P can rally 100 points in 7 days (it actually moved up 100 points the first 5 days), it can certainly pull back 50 in a couple days. I’m not predicting it, just more willing to recognize its possibility. If the market does want to pull back, my first S&P target is 1240. After that 1200. Yes all the way down at 1200. That ought to shake the tree a little and cause the bulls to doubt the prospects of a year-end rally. Consider all possibilities and have a game plan for each. More after the open.<\/span>
\nheadlines at Yahoo Finance<\/a><\/span>
\nheadlines at MarketWatch<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n