{"id":6448,"date":"2013-03-07T07:47:42","date_gmt":"2013-03-07T12:47:42","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6448"},"modified":"2013-03-07T07:47:42","modified_gmt":"2013-03-07T12:47:42","slug":"before-the-open-mar-7-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6448","title":{"rendered":"Before the Open (Mar 7)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed. China and South Korea dropped; India and New Zealand rallied. Europe is currently mostly up, but only Greece (down 1.5%) has moved much from its unchanged level. Futures here in the States point towards an up open for the cash market.
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\nThe dollar is down slightly. Oil and copper are up. Gold and silver are down.<\/span>
\nSince gapping up yesterday morning, the market has traded very quietly and in a small range. Call it a high-and-tight pattern at a new highs. Here’s a 15-min SPX chart. After two weeks of volatility and wide swings, the bulls retook control – or should I say maintained control – and the market trend continued. <\/span>
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\nVocal analysts are very divided. Some say a top is forming and the S&P is headed back under 1000. Others say we’re in the beginning stages of a massive rally. We’re not talking about small percentage differences here; we’re talking about whether the S&P will drop to 900 or rally to 1800. But don’t worry about those who are wrong. They’ll keep their jobs…and we should be happy they do. We need people on both sides of the debate in order for Wall St. to function smoothly. When the trend is up and I’m long, I’m happy to hear the opinions of the pessimistic bears. Their ideas keep me grounded so I don’t get too one-sided in my thinking. They also represent an entire group of traders\/investors who don’t believe what’s happening, so inadvertently they add fuel to the move as they throw in the towel one by one. Never get pissed off when someone disagrees with the market. Instead thank them for allowing the move to continue longer than it would have. <\/span>
\nToday we get initial jobless claims, and tomorrow we get the latest employment numbers. Between the two, the 4-week MA of the weekly jobless claims is more important. Unlike the employment numbers which involves lots of funny math, the weekly claims is much harder to fudge and therefore more accurate. <\/span>
\nThe small and mid caps are lagging. A few indicators are lagging. 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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