{"id":5869,"date":"2012-08-08T07:36:53","date_gmt":"2012-08-08T12:36:53","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5869"},"modified":"2012-08-08T07:36:53","modified_gmt":"2012-08-08T12:36:53","slug":"before-the-open-aug-8-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5869","title":{"rendered":"Before the Open (Aug 8)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mixed. Japan and South Korea rallied 0.9%. Europe is currently down across the board. Austria, Norway and Greece are down 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. Gold and silver are down.<\/span>
\nThe Bank of England lowered its growth outlook. Otherwise there is no major news out of Europe…nothing about Greece, Spain or Italy.<\/span>
\nThis is good. It enables us to focus on the US market which has made good progress recently. I’ve beening talking about the divergence between the large caps, small caps and mid caps for several weeks. Divergences can last in the near term but some simply cannot persist if the market is to move up. This is one of those. I need evidence investors are willing to take on a little risk by buying into small caps and mid caps rather than just putting their money in large cap safe havens. For several weeks, the large caps made higher highs and higher lows, but the small and mid caps were not able to match the movement, until now. Last week they made higher lows for the first time in three weeks, and yesterday they made a higher high. Overall the indexes are mostly neutral because they are little changed over the last couple months, but this recent development is a positive sign.<\/span>
\n\"\"
\nMy bias of course is to the upside, but I am far from going all in. I’m still playing it safe. I’m still being conservative…especially after the recent move. For 2+ months the market has gone straight up or straight down, and the reversals have come out of nowhere and are often in the form of a gap. Take profits along the way. I’d rather miss some of a move than stick around too long. 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