{"id":5833,"date":"2012-07-26T07:41:13","date_gmt":"2012-07-26T12:41:13","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5833"},"modified":"2012-07-26T07:41:13","modified_gmt":"2012-07-26T12:41:13","slug":"before-the-open-jul-26-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5833","title":{"rendered":"Before the Open (Jul 26)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed. India (down 1.2%) was the only 1% mover. Europe is currently up across the board. France is up 2.9%, Austria, Germany, Amsterdam, Norway, Stockholm, Switzerland, London and the Czech Republic are all up more than 1%. Futures here in the States point towards a huge gap up open for the cash market.
\n<\/span>
\nThe dollar is down. Oil and copper are up. Gold and silver are up. <\/span>
\nSo are we going to get a repeat of the last two weeks? Two weeks ago the market was down all week until it rallied huge on Friday. Last week the market was up all week until a stiff down day Friday. Now the market has been very weak all week, and the S&P is set to gap up over 15 points. We’ll see. As I’ve said a gazillion times, in today’s market you cannot wait for a trail stop to take you out. Instead you need to be ahead of the curve preemptively taking profits. <\/span>
\nECB President Mario Drughi says the ECB is ready to do whatever it takes to preserve the euro.<\/span>
\nSpanish 10-year yields dropped under 7%. <\/span>
\nZNGA is getting clobbered (down 40%) after missing on earnings.<\/span>
\nHere’s the S&P over the last month. Looks very neutral. Up, down, up, down…several mini trends but serveral sudden reversals too. In my opinion, the S&P is capable of masking what’s going on under the hood. You’d probably guess most stocks are churning in place, but that’s not the case. Many have taken big hits. Kind of makes you wonder what kind of math their using to calculate this curve because I don’t think it’s reflective of what’s been going on.<\/span>
\n\"\"
\nStocks that are up in premarket trading -> WDC, AKAM, STX, FTNT, WFM, CROX, OVTI, SPRD, MRVL, UNTD<\/span>
\nStocks that are down in premarket trading -> ZNGA, QSII, SYNC, APOL, GRPN, FB, HZNP, GLUU<\/span>
\nI’m sticking with my defensive conservative nature until either 1) some of the headwinds are dealt with or 2) the charts clean themselves up. 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>
\n