{"id":5718,"date":"2012-06-15T07:39:22","date_gmt":"2012-06-15T12:39:22","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5718"},"modified":"2012-06-15T07:39:22","modified_gmt":"2012-06-15T12:39:22","slug":"before-the-open-jun-15-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5718","title":{"rendered":"Before the Open (Jun 15)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nOur 1-time, Groupon-like special offer is here<\/a>. This offer expires this weekend.<\/span>
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\nThe Asian\/Pacific markets closed mostly up. Hong Kong rallied more than 2%, India, Singapore and Taiwan more than 1%. Europe is currently up across the board. Belgium is up 2.5%; Austria, France, Germany, Norway and Greece more than 1%. Futures here in the States point towards a slightly up open for the cash market.
\n<\/span>
\nThe dollar is flat. Oil and copper are up. Gold is flat, silver down slightly.<\/span>
\nOptions expire today, but the only thing that matters is the elections in Greece this Sunday. Some Greeks want to leave the EU, others want to stay. It’s divided – polls are split.<\/span>
\nWe got news yesterday the central banks are standing by ready to act in case there is a need to inject liquidity into the system next week. Hence the strength in Asia and Europe today.<\/span>
\nMoody’s downgraded five Dutch banks.<\/span>
\nThere’s also an election in Egypt. This has implications for the US’s foreign policy in the Middle East.<\/span>
\nI’ll repeat what I wrote yesterday – the casino is now open. The S&P could gap up or gap down huge on Monday. Take your pick. I’m a technical trader. I use support and resistance to identify where buyers and sellers may be, but when news is pending that can quickly cause buyers and sellers to change their minds, the charts become much less useful. Such is the current situation. There’s always another day and another trade. I see no reason to be all in right now. Scale back; take some money off the table. Let the dust settle first.<\/span>
\nHere’s the 30-min S&P chart. The last seven days have been: up, down, up, down, up, down, up. This has given us a tight range with established support and resistance. But as stated above, support and resistance have less meaning when big news is pending. More after the open.<\/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>
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