{"id":5602,"date":"2012-05-09T07:36:27","date_gmt":"2012-05-09T12:36:27","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5602"},"modified":"2012-05-09T07:36:27","modified_gmt":"2012-05-09T12:36:27","slug":"before-the-open-may-9-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5602","title":{"rendered":"Before the Open (May 9)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed down across the board (except for New Zealand). Australia, China, Indonesia, Japan and Singapore dropped more than 1%. Europe is currently mostly down. Austria, Switzerland and London are down more than 1%. Futures here in the States point towards a big gap down open for the cash market.
\n<\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are getting hit hard.<\/span>
\nMarkets around the world are melting down. Nowhere to run, nowhere to hide. Everything is getting hit. Six trading days ago the S&P hit a new high and was less than 10 points from a multiyear high. Now, after dropping 4 of 5 days, it’s dropped more than 50 and is at a 2-month low. Things change quickly. Several months of progress wiped out in a very short period of time. <\/span>
\nNews from Europe is the same. There’s fear Greece will get kicked out of the EU, and Spain’s banks are in trouble. With 434 of the 500 S&P companies having reported earnings (80% beat expectations) and a lack of news here, Wall St. has nothing to focus on except Europe. <\/span>
\nHere’s an update of the 60-min S&P chart. The index took out 1360 yesterday but rallied to close above it. Today’s open will be slightly above 1350. My next target is 1340 and then the 1275-1300 range. <\/span>
\n\"\"
\nThe path or least resistance remains down, and when we wake up every morning and see the futures down 5-10 points, it’s not even worth it try an oversold long for a quick bounce. 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