{"id":5248,"date":"2012-01-17T08:33:36","date_gmt":"2012-01-17T13:33:36","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5248"},"modified":"2012-01-17T08:33:36","modified_gmt":"2012-01-17T13:33:36","slug":"before-the-open-jan-17","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5248","title":{"rendered":"Before the Open (Jan 17)"},"content":{"rendered":"

Good morning. Happy Tuesday. Hope you enjoyed your extra day off.<\/span>
\nThe Asian\/Pacific markets closed up across the board. China rallied 4.2%, Hong Kong 3.2%, Singapore 2.2%, Australia, India, Indonesia, Japan, South Korea and Taiwan more than 1%. Europe is currently up across the board. Austria, Belgium, France, Germany, Amsterdam and Stockholm are up more than 1%. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nThe dollar is down. Oil and copper are up. Gold and silver are up.<\/span>
\nThe market continues to chug along. The S&P has moved up 15 of the last 20 days and 22 of the last 33. The individual up days have not all been playable because some gains took place in the form of a gap, but those gaps held. Every dip is getting bought. Every little gap down is getting bought. I sense the bulls are getting a little complacent. <\/span>
\nOver the weekend I pointed out<\/a> a few indicators which are starting to diverge from the price action. Such indicators do not tell us a pullback is imminent, but they do tell us some selling pressure will likely take place in the next week or so if they don’t get invalidated. <\/span>
\nMany of the indexes are forming bearish wedges. The price action is creeping up but getting squeezed by converging trendlines. If these patterns are not invalidated soon, they’re likely to lead to a correction – not a big sell-off, just a correction that allows the charts to re-set for the next leg up.<\/span>
\nThe S&P closed last Friday at 1289. My downside targets are 1270, 1250 and 1200. My upside target is 1350.<\/span>
\nHave a good day and week. I consider the holiday season to officially be over. Things should pick up now. The ranges should expand, and volume should increase. After today’s close I’ll be writing my monthly put\/call open-interest report. <\/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><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Tuesday. Hope you enjoyed your extra day off. The Asian\/Pacific markets closed up across the board. China rallied 4.2%, Hong Kong 3.2%, Singapore 2.2%, Australia, India, Indonesia, Japan, South Korea and Taiwan more than 1%. Europe is currently up across the board. Austria, Belgium, France, Germany, Amsterdam and Stockholm are up more […]<\/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\/5248"}],"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=5248"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/5248\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}