{"id":6561,"date":"2013-04-19T07:24:07","date_gmt":"2013-04-19T12:24:07","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6561"},"modified":"2013-04-19T07:24:07","modified_gmt":"2013-04-19T12:24:07","slug":"before-the-open-apr-19-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6561","title":{"rendered":"Before the Open (Apr 19)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. China and Hong Kong rallied more than 2%; India and Taiwan rallied more than 1%. Europe is currently up across-the-board. Austria is up 2.2%, France, Norway, Greece and the Czech Republic are up more than 1%. Futures here in the States point towards a big gap up open for the cash market.
\n<\/span>
\nThe dollar is down slightly. Oil is up, copper is down. Gold and silver are up.<\/span>
\nIn my opinion the market is on thin ice. So far the move off the high can be considered a pullback within an uptrend, but if it lasts much longer or drops much further, we may reclassify it as the beginning of a legit correction. <\/span>
\nThere are many warning signs. The small and mid caps are lagging…key stocks are lagging…money is rotating out of growth and parasite groups and into safe havens…most breadth indicators suggest internal deterioration. From a technical standpoint, most signs point towards a further decline, but the long term trend is still solidly up. <\/span>
\nI looked at 1000 charts yesterday, and I’d estimate they’re split. I found equal number of good long and short set ups and many others had pulled back off their high but weren’t necessary in good or bad shape. <\/span>
\nI don’t think this is a time to go all in. Be selective and play good defense. Plus it’s Friday. We’ve had several big gap opens this week, and who knows what will happen Monday after a weekend of news is released. 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