{"id":5948,"date":"2012-09-06T07:47:50","date_gmt":"2012-09-06T12:47:50","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5948"},"modified":"2012-09-06T07:47:50","modified_gmt":"2012-09-06T12:47:50","slug":"before-the-open-sep-6-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5948","title":{"rendered":"Before the Open (Sep 6)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Malaysia dropped 1.4%; Australia, China and Indonesia rallied 0.7% or more. Europe is currently mostly up. France, Germany and Austria are up more than 1%. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nThe dollar is down. Oil is up, copper down. Gold and silver are down.<\/span>
\nToday’s big news comes at 8:30 EST when the ECB holds a press conference. The market expects the ECB to announce a bond purchase program, which would boost bond prices and drive yields down. Several EU countries are in very bad shape…having to 7+ percent interest on short term debt is death.<\/span>
\nThe ADP jobs report, which was expected to be +140K, came in at +201K – a big beat.<\/span>
\nFirst time jobless claims dropped 12K (1K was expected).<\/span>
\nAMZN is developing a smart phone – another player in the mix.<\/span>
\nIn pre market trading, MW is up 9% and NAV is up 13% – both earnings related.<\/span>
\nOCZ is down 20%, PAY is down 13% – due to earnings.<\/span>
\nThe first two days of this week have been a continuation of August’s slow action, but this should change soon. Besides the market being very wound up (from a technical standpoint), some major news items will be released soon. Between the ECB press conference and tomorrow’s unemployment report, one by one, excuses are being removed. Traders who have been waiting for the “all clear” sign are in the process of getting it.<\/span>
\nHere’s an update of the daily charts. The Dow has made higher highs and higher lows since early June, and although short term support and resistance are not clearly defined, there’s nothing overly wrong with the action. The Nas and S&P are setting up nicely in consolidation patterns with uptrends. The Russell broke out two days ago but could not follow through yesterday. The small caps needed to do well for a rally to materialize.<\/span>
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\nSoon, very soon, the market will wake up. I hope you’re ready. We’ve had enough slow action for you to rest up and recharge. The fall should be an active time. 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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