{"id":5524,"date":"2012-04-12T07:26:40","date_gmt":"2012-04-12T12:26:40","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5524"},"modified":"2012-04-12T07:26:40","modified_gmt":"2012-04-12T12:26:40","slug":"before-the-open-apr-12-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5524","title":{"rendered":"Before the Open (Apr 12)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. China and Singapore rallied more than 1%. Europe is currently mostly up, but there are no 1% winners. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nThe dollar is down. Oil and copper are up. Gold and silver are down.<\/span>
\nYesterday the market gapped up and then sat in a tight range. Today we’ll get another gap. It’d be nice if the market could open flat and then move. Instead so much of the movement takes place overnight and then we’re left with scraps during the day. <\/span>
\nIn my opinion the long term trend remains up – this hasn’t changed. The short term is certainly in question. Was the pullback off the high just a pullback within an uptrend? Or is the bounce that started yesterday a dead cat bounce within a mini downtrend? I don’t have the answers. I do know we don’t have to always trade – there are times to trade and times to lay low, and right now is a time to lay low. Many good looking patterns have broken down and need time to fix themselves. And as I stated yesterday, it’s too late to go short. In the near term I’m keeping my defensive posture.<\/span>
\nHere’s the 30-min SPX chart. I see resistance at 1400 and support down at 1340. Given yesterday’s close at 1369, the index is right in the middle of that range. <\/span>
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\nTrading isn’t hard when you do it under the right conditions (when you swing at fastballs over the heart of the plate), but it can be very hard if you push it when the coast isn’t clear (when you swing at curve balls in the dirt). Let things settle here. There will be plenty of time to get involved again. 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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