{"id":6519,"date":"2013-04-04T07:38:50","date_gmt":"2013-04-04T12:38:50","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6519"},"modified":"2013-04-04T07:38:50","modified_gmt":"2013-04-04T12:38:50","slug":"before-the-open-apr-4-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6519","title":{"rendered":"Before the Open (Apr 4)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed. Australia, India, Indonesia and South Korea dropped 1% or more; Japan rallied 2.2%. Europe is currently mixed. Norway, Stockholm, Switzerland and the Czech Republic are down; Italy, Spain, Greece, Belgium and France are up. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nThe dollar is up. Oil is up, copper down. Gold and silver are down. <\/span>
\nThe market got clobbered yesterday. It was the single worst down day since the market bottomed in late February. <\/span>
\nThe bulls will say it’s just a little selling pressure within a solid up trend. The bears will say the failure of the market to follow through after making a new high is a bad sign. Both have valid points, and regardless of what happens over the next week or two, neither will admit they were wrong. <\/span>
\nOver the weekend I issued a warning that it didn’t seem in the cards for the market to rally.<\/span>
\nThe small caps were lagging. All the indexes had made higher highs, the Russell small caps and S&P small caps failed to do the same. <\/span>
\nMany indicators were not supporting the price movement. The AD line, AD volume line, declining new highs, inability of the TICK to move up and the bottoming put\/call all pointed towards beneath-the-surface trouble brewing.<\/span>
\nMany groups failed to match the market’s higher high. Tech, semis, financials, banks, home builders and others all moved down while the indexes pushed up.<\/span>
\nAnd CAT has been lagging. I wondered in this video<\/a> if it was a canary in a coal mine.<\/span>
\nI have no interest predicting the future. That’s too hard and too stressful. I just call it as I see it, and everything I looked at told me to be very careful initiating new positions, so we shouldn’t be entirely surprised the market has been weak this week. <\/span>
\nEmbrace a pullback. If you’re long term bullish like I am, a correction would be a gift. It’ll provide an opportunity to buy stocks at lower prices instead of chasing stocks that have already broken out several times. More after the open.
\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