{"id":5990,"date":"2012-09-19T07:58:51","date_gmt":"2012-09-19T12:58:51","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5990"},"modified":"2012-09-19T07:58:51","modified_gmt":"2012-09-19T12:58:51","slug":"before-the-open-sep-19-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5990","title":{"rendered":"Before the Open (Sep 19)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed up across the board. Hong Kong and Japan moved up more than 1%. Europe is mixed; there are no 1% winners or losers. Futures here in the States point towards a slight up open for the cash market.
\n<\/span>
\nThe dollar is up. Oil is down; copper is up. Gold and silver are down.<\/span>
\nThere isn’t any major, earth-shattering news out this morning, and since very little happened Monday and Tuesday, my opinion of the market hasn’t changed.<\/span>
\nThe trend is up, but the market has been mostly very quiet. Even though it’s up nicely over the last six weeks, almost all the gains took place on two days while all other days combine for almost no net change. Unlike June and July, where we saw lots of up and down movement, the intraday and day to day ranges have been small. Individual stocks are moving (we’ve had lots of good charts to play), but the indexes have been mostly quiet. The market quickly digests one major news announcement and then immediately settles into a range while it waits for the next piece of news. This is the market we’ve been dealt. We have to deal with it and make whatever adjustments are needed. <\/span>
\nAs I stated yesterday, I’ll looking for two things to guage the underlying strength\/weakness. 1) How does the market react to good\/bad news? Does it rally on good news and easily absorb bad news? Or does it sell off on bad news and not get much of a boost from good news? How the market reacts to good and bad news tells us much about the market’s current psychology. 2) Does the market start to not make sense? Does it start acting wierd and seem disconnected from news flow (which is currently dominating the movement)? If so, this may be a hint of something. <\/span>
\nThe Bank of Japan is joining the US Fed and the ECB…it will debase its currency and buy assets. It’s a race to the bottom for world currencies.<\/span>
\nThe Bank of England voted 9-0 to keep its asset purchase program and headline interest rates unchanged.<\/span>
\nHousing Starts caused a little boost in the futures.<\/span>
\nMore 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