{"id":6408,"date":"2013-02-19T07:35:34","date_gmt":"2013-02-19T12:35:34","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6408"},"modified":"2013-02-19T07:35:34","modified_gmt":"2013-02-19T12:35:34","slug":"before-the-open-feb-19","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6408","title":{"rendered":"Before the Open (Feb 19)"},"content":{"rendered":"

Good morning. Happy Tuesday. Hope you enjoyed your extra day off.<\/span>
\nThe Asian\/Pacific markets closed mixed. China and Hong Kong dropped; India and New Zealand rallied. Europe is currently mostly up. France, Germany, Amsterdam and Stockholm are posting solid gains. Futures in the States point towards a slightly up open for the cash market.
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\nThe dollar is flat. Oil and copper are down. Gold is up, silver is down.<\/span>
\nWe enter this new week with the S&P on a 7-week winning streak, but volume is falling off and a couple short term indicators are suggesting some near term weakness is in order to allow the charts and indicators to reset. Specifically, the % of S&P stocks trading at a new 20-day high and the % of S&P stocks trading above their 20-day MAs has been declining for two weeks. Mathematically this can persist in the near term, but over time it’s impossible to maintain. Either the market will come down – just in the near term – or the indicators need to reverse. Here are the charts with the indicators smoothed with a 10-day MA.<\/span>
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\nBut this isn’t much different than the last month. It seems there has always been a couple reasons the market should soften in the near term, but this is exactly why it hasn’t. When the market has a mind of its own, it travels the proverbial wall of worry. It travels a path to frustrate the most people. In this case, that path points up because so many traders and funds are on the sidelines waiting for a chance to get long.<\/span>
\nOverall I still like the long side, but in the near term you gotta when when the music will stop playing. Manage positions wisely. Don’t get lazy. 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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