{"id":5520,"date":"2012-04-10T07:33:11","date_gmt":"2012-04-10T12:33:11","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5520"},"modified":"2012-04-10T07:33:11","modified_gmt":"2012-04-10T12:33:11","slug":"before-the-open-apr-10","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5520","title":{"rendered":"Before the Open (Apr 10)"},"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 mixed. Hong Kong was the only 1% mover &#8211; it dropped 1.2%. Europe is currently down across the board. Amsterdam is down 2%; Austria, France, Germany, Norway, Stockholm, Switzerland and London are down 1% or more. Futures here in the States point towards a flat-to-slightly up open for the cash market.<!--more--><br \/>\n<\/span><br \/>\n<span style=\"font-size: medium;\">The US dollar is flat. Oil is down; copper is up. Gold and silver are up.<\/span><br \/>\n<span style=\"font-size: medium;\">The market has now had a long weekend and an entire trading day to react to Friday&#8217;s employment numbers. This makes today important. Was yesterday an over-reaction or was it just the beginning? We&#8217;ll see. I&#8217;ve had a defensive posture for a couple weeks, and I see no reason to change.<\/span><br \/>\n<span style=\"font-size: medium;\">Here are the daily index charts. All of them have clearly broken down from rising patterns. This doesn&#8217;t automatically mean a downtrend is underway. It just means the uptrend has been neutralized in the near term. The market could now either move down or move sideways in a bigger range.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/pm\/indexD040912.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">Here&#8217;s the 60-min S&amp;P chart. It shows a longer term trendline being broken, but in my opinion, as stated above, this just means the uptrend is in jeopardy. It&#8217;s very possible the market trends down right now. It&#8217;s also very possible the market moves sideways in a range. A broken trendline doesn&#8217;t automatically mean the market is going to fall apart. Ask the bears; they&#8217;ve been wrong so many times the last three years.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spx041012.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">Be defensive. The near term is unclear.<\/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=5508\">Earnings<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=5510\">Economic Numbers<\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\n var gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\"); document.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[\n var pageTracker = _gat._getTracker(\"UA-6273151-1\"); pageTracker._initData(); pageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Tuesday. The Asian\/Pacific markets closed mixed. Hong Kong was the only 1% mover &#8211; it dropped 1.2%. Europe is currently down across the board. Amsterdam is down 2%; Austria, France, Germany, Norway, Stockholm, Switzerland and London are down 1% or more. Futures here in the States point towards a flat-to-slightly up open [&hellip;]<\/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\/5520"}],"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=5520"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/5520\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}