{"id":5689,"date":"2012-06-08T07:31:07","date_gmt":"2012-06-08T12:31:07","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5689"},"modified":"2012-06-08T07:31:07","modified_gmt":"2012-06-08T12:31:07","slug":"before-the-open-jun-8-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5689","title":{"rendered":"Before the Open (Jun 8)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Japan dropped 2.1%, Australia, Hong Kong and Taiwan around 1%. Europe is currently mostly down. Only Stockholm (down 1.2%) has moved more than 1%. Futures here in the States point towards a down open for the cash market.
\n<\/span>
\nThe dollar is up. Oil and copper are down 3%. Gold and silver are down.<\/span>
\nBloomberg is reporting Oil is heading for its longest weekly losing streak in 13 years. <\/span>
\nSupposedly Spain will ask the EU for aid on Saturday.<\/span>
\nThe market got a boost yesterday on news China cut its interest rate 25 basis points (they often cut their reserve requirement but haven’t cut rates since 2008), but the gain quickly disappeared when Bernanke failed to tell Wall St. QE3 was in the pipeline. Wall St. is addicted to stimulus. It doesn’t care what the long term ramifications are. It only cares about what happens to the stock market right now, and since it didn’t get what it wanted, it sold off. <\/span>
\nStrong markets rally in the face of bad news. Weak markets drop even when showered with good news. Yesterday was an opportunity for the bulls to show how strong they were, but they didn’t put up a good fight. On a closing basis, the market didn’t do too badly, but relative to where the market was right before Bernanke spoke, the performance was not very good. Today is another day. A good day will enable traders to forget about yesterday and key on the positive week we’re having so far. A down day will make this week’s bounce look more like a dead cat bounce within an uptrend instead of the beginning of a rally. <\/span>
\nHere’s the 60-min S&P chart. The index moved straight down at the end of May and then straight up. But lower highs and lower lows remain in place. The trend is down until it’s not.<\/span>
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\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