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Before the Open
by Leavitt Brothers
Tuesday, July 14, 2009

Good morning. Happy Tuesday.

The market will look to extend yesterday’s rally at today’s open; the futures are up several points. The Asian/Pacific markets already closed solidly in positive territory and Europe is currently up across the board.

Goldman Sachs has earnings today before the open. Also in the financial sector, JPMorgan, Bank of America and Citigroup report this week. Intel is the big tech name scheduled for after today’s close.

Here’s the bullish version of the SPX daily. A lower high and lower low are in place, but as I’ve been saying, do not expect the market to collapse just because a certain level was penetrated. Trading isn’t that easy. Traders often pile into individual stocks when they trade through significant levels, but it doesn’t often happen with the indexes.

And here’s the 60-min. After making a new low, the index is trying to get back into the pattern. There’s a gap overhead and lots of overhead resistance.

If the market can fill today’s opening gap and then rally and close at the intraday highs again, sentiment will be neutralized. But given the time of year and declining breadth indicators and lack of decent long set ups, it’ll take a heck of a lot of buying to begin another leg up. Trade the good ones and play good defense. More after the open.

headlines at Yahoo Finance

stocks to watch from MarketWatch

today's upgrades/downgrades

yesterday's leaders & laggards

this week's earnings & economic releases

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