{"id":6429,"date":"2013-02-28T07:40:08","date_gmt":"2013-02-28T12:40:08","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6429"},"modified":"2013-02-28T07:40:08","modified_gmt":"2013-02-28T12:40:08","slug":"before-the-open-feb-28-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6429","title":{"rendered":"Before the Open (Feb 28)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. India drop 1.5%; China, Hong Kong and Japan rallied 2% or more, and Australia, Indonesia, New Zealand and South Korea rallied more than 1%. Europe is currently up across the board. Austria, Belgium, Germany, Stockholm, Switzerland, Greece and the Czech Republic are doing well. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\nThe dollar is flat. Oil is flat, copper up. Gold is down, silver up.<\/span>
\nLast week when the market started to drop, I stated I would be very surprised if the market just dropped without testing the high at least one time. Here we are a week later. The high is not being tested yet, but the action of the last two days tells us the bulls are not going to give up easily. Tops take time to form, and we don’t even know if a top is forming. There will be lots of up and down movement, lots of sudden reversals, lots of action that makes no sense. The market will shake out as many market participants as possible in both directions before officially starting its next leg. That’s just the way things work. The invisible hand of the market wants to make sure as few people as possible participate. <\/span>
\nIn the near term anything goes. We could get another trend up day and a sudden reversal down. On an intermediate term basis, the evidence points towards a top forming. But a top could take two months to form, and there’s no guarantee it’ll be anything more than a 2-month drop that takes the S&P down 150-200 points. This would be a playable move but far from the catastrophe some bears are expect. <\/span>
\nThis weekend I’ll do a State of the Market video and give an overview of what I see. <\/span>
\nIf you’re a day trader, have fun. The increased volatility and expanded ranges present more opportunities than those tiny ranges we got in January. If you’re a swing trader, be careful. You can’t give positions time and space to play out because you’re very likely to get stopped out with the intraday fluctuations. You must shoot for singles – be content with small gains. 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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