{"id":5348,"date":"2012-02-14T08:35:19","date_gmt":"2012-02-14T13:35:19","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5348"},"modified":"2012-02-14T08:35:19","modified_gmt":"2012-02-14T13:35:19","slug":"before-the-open-feb-14-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5348","title":{"rendered":"Before the Open (Feb 14)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Tuesday.<\/span><br \/>\n<span style=\"font-size: medium;\">The Asian\/Pacific markets closed mxied; there were no 1% movers. Europe is currently mixed; there are no 1% movers there either. Futures here in the States point towards a flat-to-slightly down open for the cash market. <!--more--><\/span><br \/>\n<span style=\"font-size: medium;\">The dollar is up (third straight day). Oil is up, copper is down. Gold and silver are down.<\/span><br \/>\n<span style=\"font-size: medium;\">Last Friday the market dropped because of hiccups with the Greece bailout. Yesterday it was up because those hiccups were overcome. It was nice to see the small caps lead and AAPL climb above 500, but all the warning signs I talked about over the weekend remain in place. From a technical standpoint the market should at least rest to allow the indicators to cycle down and then give new buy signals. Perferably we&#8217;d get a 1-2 week pullback to allow the charts to reset and set up another round of breakouts. But the market hasn&#8217;t been acting from a technical standpoint. There seems to be an invisible hand keeping it propped up. I&#8217;m not a conspiracy theorist, but it&#8217;s not normal for the market to keep going and going and going without taking a break. This is not how markets typically work &#8211; healthy or not. Here&#8217;s the 60-min SPX chart. <\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spx021412.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">Here&#8217;s a chart I was working off of going into yesterday. The S&amp;P was rejected by two different trendlines and then drifted. My upside targets are those same trendlines. My downside target is the blue dotted line which I just drew parallel to the blue trendline which has acted as support and resistance.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spx021412-2.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">I remain in defensive mode. More after the open.<\/span><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/www.marketwatch.com\/story\/newsviewer\">MarketWatch<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">today&#8217;s <a href=\"http:\/\/www.briefing.com\/investor\/calendars\/upgrades-downgrades\/\">upgrades\/downgrades<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=5338\">Earnings<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=5340\">Economic Numbers<\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\");\ndocument.write(unescape(\"%3Cscript src='\" + gaJsHost + \"google-analytics.com\/ga.js' type='text\/javascript'%3E%3C\/script%3E\"));\n\/\/ ]]><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar pageTracker = _gat._getTracker(\"UA-6273151-1\");\npageTracker._initData();\npageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Tuesday. The Asian\/Pacific markets closed mxied; there were no 1% movers. Europe is currently mixed; there are no 1% movers there either. Futures here in the States point towards a flat-to-slightly down open for the cash market.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/5348"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5348"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/5348\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}