{"id":5534,"date":"2012-04-16T07:25:02","date_gmt":"2012-04-16T12:25:02","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5534"},"modified":"2012-04-16T07:25:02","modified_gmt":"2012-04-16T12:25:02","slug":"before-the-open-apr-16-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5534","title":{"rendered":"Before the Open (Apr 16)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Only Japan (down 1.7%) moved more than 1%. Europe is currently mixed. Austria and Belgium are down more than 1%. Futures here in the States suggest a flat-to-slightly-up open for the cash market.
\n<\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down.<\/span>
\nI don’t have anything to add to the report I wrote over the weekend. The long term trend (we don’t trade off the long term trend) is up, but the short term trend and sentiment have taken a turn down. The breadth indicators are not in great shape, and many key groups and stocks have weakened in the near term. Also, my bottom-up approach reveals very few good long set ups and many good shorts. <\/span>
\nWe don’t know if this will end up being an innocent pullback within an uptrend or a full blown correction. Our job is to play the odds and then play good defense. <\/span>
\nHere’s the 30-min S&P chart. I still consider resistance to be at 1400 and support at 1340, and with last Friday’s close at 1370, the index is smack in the middle of this range.<\/span>
\n\"\"
\nMy near term bias is to the downside, and I’m maintaining my defensive posture. 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>
\n