{"id":5439,"date":"2012-03-13T07:27:13","date_gmt":"2012-03-13T12:27:13","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5439"},"modified":"2012-03-13T07:27:13","modified_gmt":"2012-03-13T12:27:13","slug":"before-the-open-mar-13","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5439","title":{"rendered":"Before the Open (Mar 13)"},"content":{"rendered":"

Good morning. Happy Tuesday. Happy Fed Day.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Australia, Hong Kong, India, New Zealand, South Korea and Taiwan rallied more than 1%. Europe is currently up across the board. Austria, Belgium, France, Germany, Amsterdam and Stockholm are up more than 1%. Futures here in the States point towards a moderate gap up open for the cash market. <\/span>
\nThe dollar is up. Oil and copper are up. Gold and silver are down.<\/span>
\nToday is FOMC day, the day the Fed targets overnight rates and the discount rate. The Fed has already said rates will remain low until 2014, so no change is expected, but their statement will be closely studied. Personally I wish they’d raise rates. If the economy is slowly getting better, they can back off the accomodation. But with commodity prices much closer to their 1-year low than 1-year high, they’re not worried about inflation.<\/span>
\nHere’s my very simple S&P chart. There is nothing wrong here. A steady uptrend has turned into five weeks of sideways movement. Yes there’s lots of stuff going on in the world, but this chart tells us all is good…at least for now. Don’t think too much.<\/span>
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\nBut as I’ve pointed out several times the last month the market is not very correlated. That means while the overall market is very healthy, there will be many stocks that out-perform and many stocks that under-perform. You can’t use the movement of the entire market to justify staying in a lagging position. Judge each position in-and-of-itself. 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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