{"id":5676,"date":"2012-06-04T07:38:05","date_gmt":"2012-06-04T12:38:05","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5676"},"modified":"2012-06-04T07:38:05","modified_gmt":"2012-06-04T12:38:05","slug":"before-the-open-jun-4-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5676","title":{"rendered":"Before the Open (Jun 4)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Indonesia dropped almost 4%. Australia, China, Hong Kong, South Korea and Taiwan dropped more than 2%; Malaysia, Japan, New Zealand and Singapore dropped more than 1%. Europe is currently mixed. Norway (down 1.3%) is the only 1% mover. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\nThe dollar is down slightly. Oil and copper are down. Gold and silver are down.<\/span>
\nChina’s nonmanufacturing Purchasing Manager’s Index for May dropped from 56.1 to 55.2. There was hope the services sector could pick up some slack from the slowing manufacturing sector.<\/span>
\nPortugal is injecting money into three of its biggest banks. This is news because we’ve heard a lot about Greece, Italy and Spain, but this is the first time in a long time we’ve seen Portugal (they’re the P in PIIGS) in the news.<\/span>
\nThe Japanese market hit a 28-year low.<\/span>
\nOil is at an 8-month low.<\/span>
\nThe market is broken on many levels. From a technical standpoint, the indexes are in downtrends and just Friday broke down from two weeks of consolidation. From a fundamental standpoint, economic numbers have gotten worse the last month, and the big number (the lastest employment report) stunned Wall St. From a psychological standpoint, fear is rising. Heck investors would rather buy bonds at 1.5% than invest in the stock market.<\/span>
\nAdded up the market is in bad shape, but it’s not in washout mode yet. As an example, here’s a chart I’ll be watching. It’s the S&P 500 vs. the NYSE 52-week lows. When new lows spike up like they did in August, September and October, you know the bulls have completely given up. More after the open.<\/span>
\n\"\"
\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