{"id":5284,"date":"2012-01-27T08:40:11","date_gmt":"2012-01-27T13:40:11","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5284"},"modified":"2012-01-27T08:40:11","modified_gmt":"2012-01-27T13:40:11","slug":"before-the-open-jan-27-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5284","title":{"rendered":"Before the Open (Jan 27)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nEurope is mostly down, but no index is more than 1% moved from its unchanged level. Futures here in the States point towards a negative open for the cash market.
\n<\/span>
\nThe dollar is down. Oil and copper are up. Gold and silver are up. <\/span>
\nSo the market finally pulled back yesterday. The closing numbers weren’t bad, but the move off the early high was noticeable. Here’s the 15-min SPX chart going back a month. There’s no denying the trend or relatively tight and consistent channel which has contained the price movement. <\/span>
\n\"\"
\nIt’s entirely possible a local top was established yesterday. It’s also possible the market moves up and takes out the high like it has many times the last six weeks. After all, yesterday was just a single down day. Big deal. <\/span>
\nI’m not in the predicting business, so I have no interest arguing whether a top is or is not in place. I’d rather consider several different scenarios and have a game plan for dealing with each. Then it’s just a matter of executing. <\/span>
\nTo make money trading, you have to be comfortable being uncomfortable. You have to be able to operate in an environment where you don’t know what will happen next…like a baseball player not knowing what pitch is coming next. Sometimes it’s easy to guess what’s coming. Other times it’s a coin flip. This is trading. You never know for sure what will happen, and you just have to be comfortable operating under such circumstances or you don’t. Thankfully you are permitted to sit on the sidelines and wait. You don’t have to swing at any particular pitch. If you’re not sure, wait. There will always be another day and another trade. 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