{"id":6167,"date":"2012-11-26T08:39:42","date_gmt":"2012-11-26T13:39:42","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6167"},"modified":"2012-11-26T08:39:42","modified_gmt":"2012-11-26T13:39:42","slug":"before-the-open-nov-26-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6167","title":{"rendered":"Before the Open (Nov 26)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mixed. Taiwan moved up 1.1%; Indonesia and Singapore rallied 0.6% and 0.5% respectively. China dropped 0.5%. Europe is currently mostly down. France is down 0.8%; Norway, Stockholm, Switzerland, London and Greece are down at least 0.5%. Futures here in the States point towards a moderate gap down open for the cash market.
\n<\/span>
\nThe dollar is flat. Oil is down, copper up slightly. Gold and silver are both down.<\/span>
\nDespite last week being a holiday-shortened week, the market registered its biggest weekly gain in several months. In fact the S&P rallied so hard, it’s only down 3 points for the entire month. That’s an amazing comeback considering how much it was down just a week ago. But the first bounce is the easy bounce. Between bottom fishers, short covering and momentum players just looking for a quick buck, the move was not a surprise. The biggest moves, after all, occur within downtrends. Now the real test comes. To prove last week’s move doesn’t constitute a dead-cat bounce, the gains need to held, and volume needs to improve. Purely from a technical standpoint, rallying on declining volume is not a great foundation for continued gains. Hence the market has some proving to do.<\/span>
\nHere’s the SPX daily. It moved straight down and now straight up. Volume has declined and what’s not shown in this chart is two big gap ups last week. <\/span>
\n\"\"
\nMy bias remains to the upside, but the risk\/reward for entering new longs is nowhere near what it was a week ago. Be careful. 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