{"id":5152,"date":"2011-12-19T08:41:38","date_gmt":"2011-12-19T13:41:38","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5152"},"modified":"2011-12-19T08:41:38","modified_gmt":"2011-12-19T13:41:38","slug":"before-the-open-dec-19","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5152","title":{"rendered":"Before the Open (Dec 19)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly down. South Korea lost 3.4%, Australia and Taiwan more than 2%, and Hong Kong, Japan and Singapore more than 1%. Europe is currently mostly up, but only France (up 1.1%) has moved more than 1%. Futures here in the States point towards a positive open for the cash market. <\/span>
\nI don’t have anything to add to the comments I made over the weekend in the Index Report. We start this week with the indexes trending down in the near term and being neutral over the last couple months. Last week the market dropped Mon, Tues and Wed and on Thurs and Fri it closed up but well off its intraday highs. Rallies are getting sold into – this has been the case for two weeks. But if we back the chart up we’d realize the S&P is unchanged since the end of Nov, the middle of Nov, the middle of Oct, the middle and beginning of Sept and the first week of Aug. Yes the current level has been visited from both directions many times. This makes the market neutral on an intermediate term basis, but I lean to the downside overall because of the following chart. <\/span>
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\nThe S&P formed a large topping pattern the first 7 months of this year and then broke down in early August. Since then most of the price action has taken place below support (near 1260). Until the S&P can reclaim this level, the long term picture leans to the downside. 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