{"id":5434,"date":"2012-03-12T07:34:12","date_gmt":"2012-03-12T12:34:12","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5434"},"modified":"2012-03-12T07:34:12","modified_gmt":"2012-03-12T12:34:12","slug":"before-the-open-mar-12-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5434","title":{"rendered":"Before the Open (Mar 12)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend. <\/span>
\nThe Asian\/Pacific markets closed mostly down, but only Taiwan (down 1.1%) dropped more than 1%. Europe is currently trading mixed and with a down bias – there are no 1% movers. Futures here in the States point towards a gap down open for the cash market.<\/span>
\nThe dollar is flat. Oil and copper are down. Gold and silver are down.<\/span>
\nI don’t have anything to add to report I posted over the weekend. The long term trend is up; the near term trend is less clear. The market took a big hit last Tuesday but then recovered quickly the following three days. Overall it looks like the market has been in consolidation mode the last month. Zooming in there are hurdles that need to be climbed. The banks need to take out resistance. The semis need to hold support. The AD and AD volume lines need to continue up. New highs need to expand again. Several other breadth indicators need to reverse. The market has had a 1-track mind the last couple months; can it continue to ignore nonsupportive data?<\/span>
\nOne key heading into this new week is the dollar. For the most part, the dollar and the market have moved opposite…when the dollar moved up, the market dropped. Here’s the S&P vs. the dollar. Last Friday the dollar moved up with force and closed at its highest level in two months. If it continues, the market’s upside potential is limited.<\/span>
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\nI lean to the upside, but I’m skeptical. The market has some proving to do in the near term. I want to know if last week’s drift up into the end of the week wasn’t just a move in anticipation of the jobs report. 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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