{"id":5759,"date":"2012-06-28T07:40:04","date_gmt":"2012-06-28T12:40:04","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5759"},"modified":"2012-06-28T07:40:04","modified_gmt":"2012-06-28T12:40:04","slug":"before-the-open-jun-28-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5759","title":{"rendered":"Before the Open – (Jun 28)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed. Indonesia and China dropped around 1%; Japan rallied 1.7%. Europe is currently mostly down. France, Germany, Stockholm, London and the Czech Republic are down more than 1%. Futures here in the States point towards a moderate gap down open for the cash market.
\n<\/span>
\nThe dollar is up. Oil is up, copper is down. Gold and silver are down.<\/span>
\nThe 27 EU heads of state are gethering in Brussels today for a 2-day summit to discuss the euro crisis. Expectations are low anything meaningful or significant will be accomplished.<\/span>
\nThe Supreme Court is expected to rule on the constitutionality of Obama’s Affordable Care Act this morning. <\/span>
\nRumors are the JP Morgan trading loss intially estimated at $2B may grow to $9B by the time they unwind the entire position.<\/span>
\nGermany’s unemployment rate has moved up to 6.8%.<\/span>
\nHere’s an update of the 30-min S&P chart. On Monday and Tuesday it tested a previous low and yesterday it began the process of testing a previous high. Other than a breif move down in early June and brief move up last week, the entire has traded in a 35-point range (from 1300-1335) for almost six weeks. <\/span>
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\nWe had many good set ups to play during the 2+ week rally that started the month but have had to shift to a more defensive posture the last week because the charts needed to reset and the market’s movement over the near term was less clear. That’s trading – especially swing trading. We get a bunch of trades, and then we have to lay low and wait for the charts to reset. You have to be aggressive when things are going well and patient when the market needs time to rest. 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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