{"id":5605,"date":"2012-05-10T07:26:35","date_gmt":"2012-05-10T12:26:35","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5605"},"modified":"2012-05-10T07:26:35","modified_gmt":"2012-05-10T12:26:35","slug":"before-the-open-may-10-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5605","title":{"rendered":"Before the Open (May 10)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Thursday.<\/span><br \/>\n<span style=\"font-size: medium;\">The Asian\/Pacific markets closed mixed. There were no big winners or losers. Europe is currently mostly up. Greece is up almost 3%, and Belgium and the Czech Republic are up more than 1%. Futures here in the States point towards a moderate gap up open for the cash market.<!--more--><br \/>\n<\/span><br \/>\n<span style=\"font-size: medium;\">The dollar is down slightly. Oil is flat, copper is up. Gold is up, silver down.<\/span><br \/>\n<span style=\"font-size: medium;\">The market has had a rough time lately. The S&amp;P has dropped 5 of 6 days, and the one up day was a very small gain. We&#8217;ve had many good short set ups and no good longs. The downside has been the way to go, and although I think the path of least resistance is down, let&#8217;s not get overly bearish in the near term. The bears have had plenty of opportunity to completely take control, but they haven&#8217;t done it so far. Each day this week the bulls have pushed prices up intraday.<\/span><br \/>\n<span style=\"font-size: medium;\">Here are the 60-min charts. At the risk of sounding bullish, these charts are salvagable. Allowing for a little wiggle room, the Dow, S&amp;P and Russell could still be considered in large consolidation patterns. The Nas is in a falling, broadening wedge pattern, which considering the rally that preceded it, isn&#8217;t overly bearish.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/index051012.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">The easy money on the downside has been made&#8230;it&#8217;s not wise to chase stocks down. The market could have collapsed this week, but it hasn&#8217;t so far. A little good news or a lack of bad news could induce a short squeeze. Be on the lookout. More after the open.<\/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=5590\">Earnings<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=5592\">Economic Numbers<\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\");\ndocument.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[\nvar pageTracker = _gat._getTracker(\"UA-6273151-1\");\npageTracker._initData();\npageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Thursday. The Asian\/Pacific markets closed mixed. There were no big winners or losers. Europe is currently mostly up. Greece is up almost 3%, and Belgium and the Czech Republic are up more than 1%. Futures here in the States point towards a moderate gap up open for the cash market.<\/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\/5605"}],"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=5605"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/5605\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}