{"id":5678,"date":"2012-06-05T07:36:56","date_gmt":"2012-06-05T12:36:56","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5678"},"modified":"2012-06-05T07:36:56","modified_gmt":"2012-06-05T12:36:56","slug":"before-the-open-jun-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5678","title":{"rendered":"Before the Open (Jun 5)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Australia, Indonesia, Japan, South Korea and Taiwan rallied more than 1%. Europe is currently trading mixed and with a bullish bias. Greece is down 4%; no other index has moved more than 1%. Futures here in the States are flat.
\n<\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down.<\/span>
\nGoogle is buying Meebo, but before the announcement was made, Meebo laid off 90% of its workforce. Ouch.<\/span>
\nStarbucks is buying San Francisco based Bay Bread (La Boulange). There are many in the Bay area not happy. They want a ma and pop operation, not Starbucks.<\/span>
\nSpain has officially made its first plea to the EU for aid to help shore up its banks. <\/span>
\nG7 finance ministers and central bankers are holding an emergency conference call today to discuss Europe.<\/span>
\nAustralia cut its interest rate by 25 basis points.<\/span>
\nNo matter how you look at the market, it’s in bad shape. But it’s not in bad enough shape to support an extended move up. If the market bounces here, it’ll get sold into. But if we can get a total washout (new lows spike, put\/call spikes, VIX spikes, ATR spikes), then we can get a rally that lasts at least a couple weeks. <\/span>
\nEurope still rules. There are lots of cat and mouse games going on. Someone could blink at any time and send the market quickly up or down. The trends (short and intermediate term) are down, but have a plan for all realistic scenarios. What if the market bounces hard? How will you play it?<\/span>
\nHere’s the S&P daily. It dropped to my target zone (1275-1300) on increasing volume last week. A bounce could certainly play out here, but until it makes a higher high, I’ll question whether any move up has legs. 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