{"id":5651,"date":"2012-05-24T07:37:24","date_gmt":"2012-05-24T12:37:24","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5651"},"modified":"2012-05-24T07:37:24","modified_gmt":"2012-05-24T12:37:24","slug":"before-the-open-may-24-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5651","title":{"rendered":"Before the Open (May 24)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed. India rallied 1.7% – it was the only 1% mover. Europe is currently mostly up. Greece is down 3.3%; Austria, Belgium, France and London are up at least 1%. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\nThe dollar is up slightly. Oil and copper are up. Gold and silver are up.<\/span>
\nIt looks like scenario #2 may be in the beginning stages. Scenario #2 was “we need a test of the low before the real move up can begin.” I’m not predicting the indexes will be off to the races soon, but I am saying to be flexible and open-minded. The unexpected does happen, and if you think so much damage has been done to the charts that the market can’t possibly rally for more than a few days, look no further than last November when the S&P broke down from a symmetrical triangle pattern and then rallied straight up 100 points before settling in a steady uptrend. <\/span>
\n\"\"
\nAgain, I’m not predicting this, just saying be open-minded because suprises do happen when you least expect them.<\/span>
\nIn my opinion, Europe still rules. When bad news comes out of Greece and the US market ignores the news and moves up anyways, you’ll know Greece no long matters. Right now this isn’t the case. Right now Greece still matters. <\/span>
\nHewlett-Packard is laying off 27,000 employees. The most shocking part is that’s only 8% of their workforce because they have 350K workers world wide. HP wants to be IBM, but they aren’t even close. The stock is up in premarket trading. <\/span>
\nCOST did well with earnings and is up 1% before the open.<\/span>
\nAll of today’s economic numbers come before the opening bell, so the normal forces of supply and demand should rule.<\/span>
\nRight now my upside S&P target is 1360. After that, I’ll re-evaluate. It’ll all depend on how the market acts when news is released. 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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