{"id":5254,"date":"2012-01-18T08:38:34","date_gmt":"2012-01-18T13:38:34","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5254"},"modified":"2012-01-18T08:38:34","modified_gmt":"2012-01-18T13:38:34","slug":"before-the-open-jan-18-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5254","title":{"rendered":"Before the Open (Jan 18)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mixed…only China (down 1.4%) moved more than 1%. Europe is currently mixed…there are no 1% movers. Futures here in the States point towards a slight positive open for the cash market.
\n<\/span>
\nI don’t have much to say. The trend is up, so my bias is of course to the upside, but little by little I’m seeing hints the market wants to correct…not come down hard, just correct for a week to allow the charts to re-set. <\/span>
\nYesterday was typical of what’s been going on lately…across-the-board gains, but the closes were below the opens. To the casual observer, the closing numbers weren’t bad, but the intraday movement wasn’t extremely encouraging. <\/span>
\nThe market keeps chugging along…that’s the best I can describe the recent action. Dips get bought. Gap downs get bought. The S&P has moved up 16 of 21 days, and yesterday it took out its October high. The intraday movement hasn’t always offered evidence of a strong market, but gains are gains. Many people have lost alot money being in denial or taking positions based on what *should happen rather than what was happening. Don’t be one of those people. <\/span>
\nMy downside targets remain the same for the S&P…1270 and 1250. And regardless of whether they get hit or not, I believe my upside target will get hit eventually…1350.<\/span>
\nThe conclusion to my monthly open-interest<\/a> report was…I couldn’t draw a conclusion. The numbers were mixed.<\/span>
\nThat’s all for now. I’ll have more to say after the open. I’m cautiously long. That means I’m long but I’m getting more cautious and am not eager to enter new positions. <\/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