{"id":5707,"date":"2012-06-12T07:44:14","date_gmt":"2012-06-12T12:44:14","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5707"},"modified":"2012-06-12T07:44:14","modified_gmt":"2012-06-12T12:44:14","slug":"before-the-open-jun-12","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5707","title":{"rendered":"Before the Open (Jun 12)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nOur 1-time, Groupon-like special offer is here<\/a>. <\/span>
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\nThe Asian\/Pacific markets closed mostly down, but only Japan (down 1%) moved more than 1% from its unchanged level. Europe is currently mostly up. Gains are small and Austria and the Czech Republic are down 1%. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\nThe dollar is flat. Oil and copper are down. Gold and silver are down.<\/span>
\nAfter the biggest up week in several months, we got a gap up and big sell off yesterday – textbook definition of “buy the rumor, sell the news.” Perhaps the selling was overdone…or perhaps the bailout of the Spanish banks really is just a temporary fix that doesn’t solve any of the structural issues. We’ll see. The market is mostly unchanged over the last three weeks, and other than a quick move down at the beginning of June and a quick move up immediatly after, the range has been small. Rallies have gotten sold, dips have gotten bought. We’ve gotten some good moves in both directions, and this by itself tells me there is no dominant short term trend. If there was, we’d either have lots of good long trades or lots of good short trades, not lots of both. <\/span>
\nHere’s the 30-min SPX chart. The bulls want to see yesterday’s low hold, or at the very least, 1300 hold.<\/span>
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\nSpanish bond yields moved from just over 6.5% to ~ 6.66%.<\/span>
\nNetJets (owned by Berkshire Hathaway) is buying 425 jets to bolster is fleet.<\/span>
\nBershire Hathaway has offered to buy the mortgage division and loan portfolio of Residential Capital.<\/span>
\nVerizon is scraping most of its phone plans in favor of pricing schemes that will allow data to be shares by up to 10 people and on multiple devices such as phones, laptops and tablets.<\/span>
\nThat’s it for now. A major obstacle in Europe has been removed, but the jury is split on whether it’ll have a lasting effect. Unfortunatly this means news from Europe still dominates. 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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