{"id":5275,"date":"2012-01-24T08:32:59","date_gmt":"2012-01-24T13:32:59","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5275"},"modified":"2012-01-24T08:32:59","modified_gmt":"2012-01-24T13:32:59","slug":"before-the-open-jan-24-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5275","title":{"rendered":"Before the Open (Jan 24)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe European markets are down across the board. Austria is down 2.3%, France, Germany, Amsterdam, Norway and Stockholm are down more than 1%. Futures here in the States point towards a moderate gap down open for the cash market.
\n<\/span>
\nThe dollar is up slightly. Oil and copper are down. Gold and silver are down.<\/span>
\nThere’s been less to talk about lately because the market has pretty much done the same thing day after day for an entire month. Dips get bought. Gap downs get bought. The S&P has moved up 20 of 25 days, and we haven’t had two consecutive down days since mid December. This one-directional movement can’t last, but guessing when it’ll end has been painful and frustrating for the bears. <\/span>
\nTomorrow is a FOMC announcement. It would be too easy and make too much sense for the market to rally into the meeting and sell off afterwards. More likely, if a correction is to play out soon, it’ll start today or get delayed until a day or two after the meeting. <\/span>
\nMy near term upside S&P target (should the market continue up) is 1330. Beyond that I’m eying 1350. On the downside, I’m expecting 1298ish to get hit if sellers step up, and beyond that 1270.<\/span>
\nDon’t get lazy out there. Take partial profits and get rid of stocks that aren’t keeping up…or at least move stops up to protect your capital. The risk\/rewards for aggressively entering new longs is not great considering the steady flow of up days we’ve had. 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