{"id":784,"date":"2009-08-07T07:29:47","date_gmt":"2009-08-07T12:29:47","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=784"},"modified":"2009-08-07T07:29:47","modified_gmt":"2009-08-07T12:29:47","slug":"before-the-open-176","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=784","title":{"rendered":"Before the Open (Aug 7)"},"content":{"rendered":"<p>Good morning. Happy Friday.<br \/>\nToday, an hour before the open, the Labor Dept. releases the latest employment data, but I\u2019m typing these comments before the numbers come out because I don\u2019t think the data matters much.<br \/>\nThe market often makes a decision ahead of time which way it wants to move, and the numbers are either ignored or embraced \u2013 whatever is convenient &#8230;<!--more--><br \/>\nIf the market wants to move up, it\u2019ll move up regardless. If the numbers are good, the market may gap up and after a gap fill attempt it\u2019ll be off to the races. If the numbers are poor, the market will gap down, rally to fill the gap, chop around, and then illogically rally.<br \/>\nIf the market wants to move down, it\u2019ll move down no matter what. A gap up will get sold while a gap down may initially get bought before the really move begins.<br \/>\nThe decision has been made; the numbers don\u2019t matter.<br \/>\nHere\u2019s the weekly SPX. Barring a big sell-off, this\u2019ll be the 4th consecutive up week, but given its proximity to the upper Bollinger Band and the bottom of a very thin area, the risk\/reward for new longs isn\u2019t great. An upward surge from here could be a false move. If the market wants to move up, I\u2019d prefer some backing and filling first.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx080709-1.png\" alt=\"\" \/><br \/>\nHere\u2019s the daily. You can\u2019t argue with the trend. Going short constitutes guessing a top which I don\u2019t like to do. I\u2019d rather let the price action be my guide rather than constantly guessing when a top will be established.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx080709-2.png\" alt=\"\" \/><br \/>\nheadlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><br \/>\nstocks to watch from <a href=\"http:\/\/www.marketwatch.com\/story\/stocks-in-focus-for-friday-2009-08-06\">MarketWatch<\/a><br \/>\ntoday&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><br \/>\nyesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/leaders-laggards\/2009\/08\/06.cfm\">leaders &amp; laggards<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/economic-releases-earnings-reports\/2009\/08\/02.cfm\">earnings &amp; economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Friday. Today, an hour before the open, the Labor Dept. releases the latest employment data, but I\u2019m typing these comments before the numbers come out because I don\u2019t think the data matters much. The market often makes a decision ahead of time which way it wants to move, and the numbers are [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/784"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=784"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/784\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}