{"id":6446,"date":"2013-03-06T07:49:54","date_gmt":"2013-03-06T12:49:54","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6446"},"modified":"2013-03-06T07:49:54","modified_gmt":"2013-03-06T12:49:54","slug":"before-the-open-mar-6-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6446","title":{"rendered":"Before the Open (Mar 6)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed up across-the-board. Australia, China, Hong Kong, Indonesia, Japan and Singapore led the way. Europe is currently mostly up. Belgium, Germany and the Czech Republic are each 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 up slightly. Oil and copper are down slightly. Gold and silver are down slightly. <\/span>
\nThe market jumped yesterday. Most of the indexes registered new highs; the Russell small caps and S&P mid caps are lagging. It was the S&P’s 5th up day in the last six days. In hindsight, the late-February pullback, which consisted of three down days in a four day span, doesn’t look much different than the late-Dec pullback – just a little selling pressure coming off a huge start to 2013.<\/span>
\nHow many times has this happened…the market, while obviously trending up, experiences a little selling pressure, and everyone freaks out and thinks a top is in place. Then a couple weeks later the market is making new highs, and the bears are back to the drawing board. Business Insider has a great write-up<\/a> of so called gurus who’ve been dead wrong for several years. Highly-trained, smart, well-educated people who don’t have the ability to say: “my analysis techniques don’t work.” <\/span>
\nI don’t get it. I was never trained to analyze the market, so I’m forced to keep things simple. I look at the charts and ask: “is the trend up or down or is the market chopping around?” Then I ask: “what groups are doing the best and which are doing the worst?” In an uptrend, I like to play the best set ups from the best groups. Within a downtrend I prefer buying inverse ETFs. Because I wasn’t trained to do this, I assume I can be wrong, and I don’t stick to my guns if the market tells me to abandon my analysis. I guess it’s easier to have some mental flexibility when you aren’t trained compared to someone who spent a lot of money and several years of their life learning at the university level. Or perhaps all these smart people who’ve been so wrong for so long don’t realize there’s a disconnect between the stock market and the economy. I don’t know. It confuses me. Being wrong is fine. Digging your heels in and being wrong for 3 or 4 years is pure insanity. <\/span>
\nShort term I still believe anything goes. <\/span>
\nOver the next month I still think there are some lagging breadth indicators that need to be dealt with. We need more participation.<\/span>
\nLong term the trend is solidly up, and I still expect 2013 to be a good year.<\/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