{"id":5262,"date":"2012-01-20T08:29:58","date_gmt":"2012-01-20T13:29:58","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5262"},"modified":"2012-01-20T08:29:58","modified_gmt":"2012-01-20T13:29:58","slug":"before-the-open-jan-20-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5262","title":{"rendered":"Before the Open (Jan 20)"},"content":{"rendered":"

Good morning. Happy Friday. Happy Options Expiration Day.<\/span>
\nThe Asian\/Pacific markets closed mostly up. China, Japan, Singapore and South Korea rallied more than 1%. Europe is currently down across the board. There are no 1% losers. Futures here in the States point towards a down open for the cash market.
\n<\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down.<\/span>
\nOptions expire today. This day every month has been an irrelevant event for a long time, and I don’t expect today to be any different.<\/span>
\nYesterday after the close MSFT, IBM and INTC moved up after releasing earnings. GOOG got hit hard. This morning GE is down on earnings. <\/span>
\nThe market keeps going and going and going, so I’ve felt like a broken record. The S&P is up 18 of 23 days – an incredible run which is obviously not sustainable. You can’t fight the trend, but I still don’t think it’s wise to throw all caution to the wind and be aggressively long. I’d rather miss a few bucks in profits than lose a lot by repeatedly guessing tops. <\/span>
\nAll the indexes have taken out their October highs; the NDX is sitting at a 10+ year high.<\/span>
\nNegative divergences I pointed out last week remain in place. Prices have made higher highs while the AD line and AD volume have made lower highs, and the PC ratio continues to move down. These indicators will need to be invalidated soon or else we will get a stiff pullback…but obviously guessing when such a pullback will play out isn’t wise.<\/span>
\nWe’ve had lots of stocks hit their targets recently. Be a trader and do the prudent thing…take profits or at least partial profit and trail a stop very close. 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