{"id":5278,"date":"2012-01-25T08:29:31","date_gmt":"2012-01-25T13:29:31","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5278"},"modified":"2012-01-25T08:29:31","modified_gmt":"2012-01-25T13:29:31","slug":"before-the-open-jan-25-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5278","title":{"rendered":"Before the Open (Jan 25)"},"content":{"rendered":"

Good morning. Happy Wednesday. Happy Fed Day.<\/span>
\nEurope is currently trading mostly down. Austria is up 1.3%. Switzerland is down 1.2%. Futures here in the States point towards a negative open for the cash market.
\n<\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down. <\/span>
\nToday is Fed Day. It’s the day the Fed sets the Discount Rate and targets the Overnight Rate. Since the Fed has been pretty open about their position, it’s silly to expect them to change anything. Their statement on the other hand will be closely read, but I don’t think anything noteworthy will happen. In my opinion, Wall St. just wants to get this over with so they can re-focus on earnings and Greece etc.<\/span>
\nWhen I look at the index charts I see a broken record…same old same old day after day…prices are grinding up, and since we haven’t had back to back down days in over a month, there has been no pullback or correction or resting period to speak of. It’s been very one dimensional – not easy to trade. The reason why is simple. When the market dips within an uptrend, we get to see which stocks fall out of their patterns and which hold up well. This anecdotal relative strength reading helps us decide which stocks to buy on the following leg up. The market tells us which stocks are the leaders and which are the laggards. This is happening right now but to a much lessor extent. Oh well.<\/span>
\nMy near term target remains cautiously bullish. My intermediate term target remains bullish. <\/span>
\nKeep in mind the market tends to reverse its post-Fed move the following day, so a move up into today’s close is likely to get sold into tomorrow and vice versa. 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