{"id":5661,"date":"2012-05-29T07:31:51","date_gmt":"2012-05-29T12:31:51","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5661"},"modified":"2012-05-29T07:31:51","modified_gmt":"2012-05-29T12:31:51","slug":"before-the-open-may-29","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5661","title":{"rendered":"Before the Open (May 29)"},"content":{"rendered":"

Good morning. Happy Tuesday. Hope you had a good weekend.<\/span>
\nYesterday, while the US market was closed, the world markets closed mostly up. Australia, Brazil, China, Singapore, Hong Kong and India rallied; Germany and spain dropped; Canada, France, Japan and London were little changed.
\n<\/span>
\nToday, the world markets have picked up where they left off yesterday. The Asian\/Pacific markets are up across the board. Taiwan closed up almost 3%; Australia, China, Hong Kong and South Korea moved up at least 1%. Europe is currently mostly up, but gains are small. Greece is down 1.1%; Stockholm is up 1%. Futures here in the States point towads a moderate gap up open for the cash market.<\/span>
\nThe dollar is down slightly. Oil and copper are up. Gold is flat; silver is down.<\/span>
\nConsidering we’re coming off a 3-day weekend, there isn’t much market moving news out. Perhaps that’s the biggest reason futures are up – a lack of bad news. <\/span>
\nSpanish 10-year bond yields are near 6.5% – not terribly far from the 7% level many consider to threshold that would trigger serious problems.<\/span>
\nSpanish retail sales dropped almost 10% yoy.<\/span>
\nItalian 2-year note yields moved up from 3.36% to 4.037%.<\/span>
\nThe unemployment rate in Japan rose 10 basis points to 4.6%.<\/span>
\nJP Morgan sold $25 billion of profitable securities to cover their recent multi billion dollar derivatives loss.<\/span>
\nCase-Shiller will come out 30 min before the open and consumer confidence 30 min after.<\/span>
\nThe market closed up 4 of 5 days last week and put in its first weekly gain in 4 weeks. It’s a start, but within a downtrend, the first move up is the easy one. Now the bulls need some follow through with a little energy behind the move. Otherwise this is likely to be just a dead-cat bounce within a downtrend. <\/span>
\nHere’s the daily S&P chart. My target was hit, and now the index is moving up. My two upside targets are 1340 and 1360. Those are doable, but then we’ll run into a block of overhead supply.<\/span>
\n\"\"
\nBe open-minded. Be flexible. The market is fragile here and could move quickly in either direction based on news out of Europe. You never know. Have a plan and don’t dig your feet in the ground and fight for what you believe. 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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