{"id":6491,"date":"2013-03-22T07:36:50","date_gmt":"2013-03-22T12:36:50","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6491"},"modified":"2013-03-22T07:36:50","modified_gmt":"2013-03-22T12:36:50","slug":"before-the-open-mar-22-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6491","title":{"rendered":"Before the Open (Mar 22)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mostly down today. Japan dropped 2.4% and Indonesia 1.7%. There were no big winners. Europe is currently mixed. Austria is posting a decent gain; there are no big losers. Futures here in the States point towards a gap up open for the cash market.
\n<\/span>
\nThe dollar is down. Oil and copper are up. Gold and silver are down.<\/span>
\nCyprus remains the headline news story. The country could not secure aid from Russia, so it’s back to the drawing board with the EU. A deal must be struck by Mar 25.<\/span>
\nSo far the market has done a very good job shaking off Cyprus, which is actually bad news for Cyprus. It means we don’t care, and if we don’t care, if we don’t think it going bankrupt will negatively affect us, they lose some of their negotiating posture. It’s hard to stand firm in your position or bluff if the world, and in particular the US, don’t seem overly concerned with the country going bankrupt. <\/span>
\nThat said, baring a big rally today, the S&P will post its biggest weekly loss since December, but the loss as of right now is less than 1% – no big deal. <\/span>
\nToday I’m going to be mostly in management mode. Research over the last 24 hours tells me my bias should still be to the upside, but the quality and quantity of good set ups are not as high as one would expect for a strong market. The market needs a little more time to digest its gains and set itself up for another leg up. I would be very surprised if the S&P did not high a new all-time high. <\/span>
\nPlay the best set ups in the best groups. And then manage risk by playing good defense. 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