{"id":5161,"date":"2011-12-22T08:34:44","date_gmt":"2011-12-22T13:34:44","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5161"},"modified":"2011-12-22T08:34:44","modified_gmt":"2011-12-22T13:34:44","slug":"before-the-open-dec-22-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5161","title":{"rendered":"Before the Open (Dec 22)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Thursday.<\/span><br \/>\n<span style=\"font-size: medium;\">The Asian\/Pacific markets closed mixed and with a downward slant. Australia (down 1.2%) was the only 1% mover. Europe is up across the board. Austria is up 2.4%, and Belgium, France, Germany, Amsterdam, Norway, Stockholm and London are up 1% or more. Futures here in the States point towards a gap up open for the cash market. <!--more--><\/span><br \/>\n<span style=\"font-size: medium;\">The dollar is down slightly. Oil and copper are up. Gold and silver are down.<\/span><br \/>\n<span style=\"font-size: medium;\">Until two days ago December was looking weak. Now, thanks to the big move up Tuesday and some follow through yesterday, the S&amp;P is close to 1250 and things aren&#8217;t looking that badly any more. Many stocks have broken out the last couple days. By itself this is a good sign, but many of those breakouts are safe-haven stocks. The price action looks good, but when ORCL, IBM, CRM and others lag while utility stocks move up, we definitely have to take note. In the end money rules, and when money rotates to groups such as consumer staples, health care and utilities, it&#8217;s not a good omen.<\/span><br \/>\n<span style=\"font-size: medium;\">Here&#8217;s the 60-min S&amp;P chart. The price action is getting squeezed by converging trendlines. Pressure is building. As long as the index trades below the red horizontal line, my longer term bias will be to the downside. For me to believe a move up has legs, I need the top of the triangle taken out with force, and I need the &#8220;right&#8221; groups to lead the way. More after the open. <\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spx122211.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/www.marketwatch.com\/story\/newsviewer\">MarketWatch<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">today&#8217;s <a href=\"http:\/\/www.briefing.com\/investor\/calendars\/upgrades-downgrades\/\">upgrades\/downgrades<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=5148\">Earnings<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=5150\">Economic Numbers<\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\");\ndocument.write(unescape(\"%3Cscript src='\" + gaJsHost + \"google-analytics.com\/ga.js' type='text\/javascript'%3E%3C\/script%3E\"));\n\/\/ ]]><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar pageTracker = _gat._getTracker(\"UA-6273151-1\");\npageTracker._initData();\npageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Thursday. The Asian\/Pacific markets closed mixed and with a downward slant. Australia (down 1.2%) was the only 1% mover. Europe is up across the board. Austria is up 2.4%, and Belgium, France, Germany, Amsterdam, Norway, Stockholm and London are up 1% or more. Futures here in the States point towards a gap [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/5161"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5161"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/5161\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}