{"id":5320,"date":"2012-02-07T08:38:50","date_gmt":"2012-02-07T13:38:50","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5320"},"modified":"2012-02-07T08:38:50","modified_gmt":"2012-02-07T13:38:50","slug":"before-the-open-feb-7-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5320","title":{"rendered":"Before the Open (Feb 7)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mixed; only China (down 1.7%) moved more than 1%. Europe is currently down across-the-board; Austria and Germany are down more than 1%. Futures here in the States point towards a negative open for the cash market.<\/span>
\nThe dollar is up slightly. Oil and Copper are down. Gold and silver are down.<\/span>
\nThe market’s movement over the last couple days has been no different than the last two months…a gap followed by a tight range for 2 days…then another gap followed by another tight range for 2 days. Most of the gains take place via an opening gap and then little intraday movement takes place. This type of action has favored swing traders who enter and hold. The day to day action isn’t always pretty, but the net change over a couple weeks is very favorable.<\/span>
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\nMy stance remains the same. I’m cautiously bullish in the near term and bullish in the intermediate term. Why the market keeps going up week after week is not something I care about. It is and I’m going to keep riding it. When it turns I’ll given back some profits. Oh well, it’s a small price for riding a 2+ month trend.<\/span>
\nHere’s the 60-min SPX chart. If the market does correct, 1300 is a level I’ll key on.<\/span>
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\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