{"id":5334,"date":"2012-02-10T08:39:24","date_gmt":"2012-02-10T13:39:24","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5334"},"modified":"2012-02-10T08:39:24","modified_gmt":"2012-02-10T13:39:24","slug":"before-the-open-feb-10-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5334","title":{"rendered":"Before the Open (Feb 10)"},"content":{"rendered":"

Good morning. Happy Friday. <\/span>
\nThe Asian\/Pacific markets closed mostly down; Hong Kong, Indonesia and South Korea dropped more than 1%. Europe is currently down across the board; Austria is down almost 3%, Belgium, France, Germany, Amsterdam, Stockholm and Switzerland are down more than 1%. Futures here in the States point towards a sizeable gap down open for the cash market. <\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down.<\/span>
\nEveryday this week the market has been weak early (either via an opening gap down or an intraday sell-off), and everyday the market has V bottomed and rallied to recapture the losses and close near its highs. Is the market correcting with a series of mini thrusts down instead of an actual pullback? Maybe. Pressure seems to be building – pressure that typically leads to a blow-off top of quick sell-off – but each of these mini thrusts acts to difuse a little pressure. <\/span>
\nI said yesterday at the end of the day today would be important. Who would flinch first? Would the bears throw in the towel and cover in total frustration or would the bulls want to take profits ahead of the weekend? This was the technical situation, but with Greece’s bailout not yet finalized, premarket futures are not letting the natural forces of supply and demand play out. <\/span>
\nHere’s the 60-min SPX chart. If the market really did want to correct, a drop all the way to 1300 would not destroy the up-slopping channel. <\/span>
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\nI remain cautiously bullish in the near term and bullish in the intermediate term. But I’m a trader. I’m always looking to sell laggards or when my targets are hit to free up cash for new positions. 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>
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