PPDT - PP-XLF = 13.61 - 8/30 Monday

[kryptos2009]

Here is the PP Daily Thread (PPDT) data.


XLF PP=13.61
MP=13.74 R1=13.86 MP=13.93 R2=14.00 MP=14.19 R3=14.39 MP=14.58 R4=14.78
MP=13.54 S1=13.47 MP=13.35 S2=13.22 MP=13.02 S3=12.83 MP=12.63 S4=12.44
O=13.5 H=13.74 L=13.35 C=13.73

FAS PP=18.18
MP=18.65 R1=19.12 MP=19.37 R2=19.61 MP=20.32 R3=21.04 MP=21.75 R4=22.47
MP=17.94 S1=17.69 MP=17.22 S2=16.75 MP=16.03 S3=15.32 MP=14.60 S4=13.89
O=17.8 H=18.66 L=17.23 C=18.64

FAZ PP=16.63
MP=16.87 R1=17.10 MP=17.58 R2=18.05 MP=18.76 R3=19.47 MP=20.18 R4=20.89
MP=16.16 S1=15.68 MP=15.45 S2=15.21 MP=14.50 S3=13.79 MP=13.08 S4=12.37
O=17.01 H=17.57 L=16.15 C=16.16

SPY PP=106.05
MP=106.92 R1=107.78 MP=108.25 R2=108.71 MP=110.04 R3=111.37 MP=112.70 R4=114.03
MP=105.59 S1=105.12 MP=104.26 S2=103.39 MP=102.06 S3=100.73 MP=99.40 S4=98.07
O=105.89 H=106.97 L=104.31 C=106.86

SPG PP=89.68
MP=90.57 R1=91.46 MP=91.94 R2=92.41 MP=93.77 R3=95.14 MP=96.50 R4=97.87
MP=89.21 S1=88.73 MP=87.84 S2=86.95 MP=85.58 S3=84.22 MP=82.85 S4=81.49
O=89.36 H=90.62 L=87.89 C=90.52

GS PP=139.91
MP=140.75 R1=141.58 MP=142.49 R2=143.40 MP=145.15 R3=146.89 MP=148.64 R4=150.38
MP=139.00 S1=138.09 MP=137.26 S2=136.42 MP=134.68 S3=132.93 MP=131.19 S4=129.44
O=141.13 H=141.74 L=138.25 C=139.75

JPM PP=36.28
MP=36.65 R1=37.01 MP=37.22 R2=37.42 MP=37.99 R3=38.56 MP=39.13 R4=39.70
MP=36.08 S1=35.87 MP=35.51 S2=35.14 MP=34.57 S3=34.00 MP=33.43 S4=32.86
O=35.87 H=36.69 L=35.55 C=36.6

MS PP=24.83
MP=25.05 R1=25.26 MP=25.38 R2=25.50 MP=25.83 R3=26.17 MP=26.50 R4=26.84
MP=24.71 S1=24.59 MP=24.38 S2=24.16 MP=23.82 S3=23.49 MP=23.15 S4=22.82
O=24.81 H=25.06 L=24.39 C=25.03

C PP=3.72
MP=3.76 R1=3.80 MP=3.82 R2=3.84 MP=3.90 R3=3.96 MP=4.02 R4=4.08
MP=3.70 S1=3.68 MP=3.64 S2=3.60 MP=3.54 S3=3.48 MP=3.42 S4=3.36
O=3.7 H=3.76 L=3.64 C=3.76

VIX PP=25.66
MP=26.28 R1=26.90 MP=28.13 R2=29.36 MP=31.21 R3=33.06 MP=34.91 R4=36.76
MP=24.43 S1=23.20 MP=22.58 S2=21.96 MP=20.11 S3=18.26 MP=16.41 S4=14.56
O=26.5 H=28.11 L=24.41 C=24.45

UUP PP=24.07
MP=24.11 R1=24.14 MP=24.18 R2=24.22 MP=24.29 R3=24.37 MP=24.44 R4=24.52
MP=24.03 S1=23.99 MP=23.96 S2=23.92 MP=23.84 S3=23.77 MP=23.69 S4=23.62
O=24.08 H=24.14 L=23.99 C=24.07

FROM: www.econoday.com

Economic Events & Analysis - 8/30/2010 Monday


8:30 AM ET Personal Income and Outlays

Released on 8/30/2010 8:30:00 AM For Jul, 2010
Prior Consensus Consensus Range
Personal Income - M/M change 0.0 % 0.3 % 0.2 % to 0.4 %
Core PCE price index - M/M change 0.0 % 0.1 % 0.1 % to 0.2 %

Market Consensus Before Announcement
Personal income in June was unchanged, following a 0.3 percent boost the month before. What the consumer really bases spending on fared even worse. The wages & salaries component slipped 0.1 percent after posting a healthy 0.4 percent advance in May. Overall personal consumption was flat, following a 0.1 percent rise in May. Tugged down by lower energy costs, the headline PCE price index dipped 0.1 percent, matching May's decrease. The core rate was flat after a 0.1 percent gain in May. Looking ahead, we should see improvement in July at least in wages and salaries as aggregate weekly earnings jumped 0.6 percent. PCEs are likely to rise as retail sales excluding autos rose 0.2 percent in July and unit new motor vehicle sales rebounded 3.3 percent. Look for a bump up in headline PCE inflation as the overall CPI gained 0.3 percent in July. But the core CPI rose only 0.1 percent.


11:00 AM ET 4-Week Bill Announcement
11:00 AM ET 10-Yr TIPS Announcement
11:30 AM ET 3-Month Bill Auction
11:30 AM ET 6-Month Bill Auction

Additional World wide Economic Calendar information can be found at the following website.

worldeconomiccalendar.com/

NOTE:
The previous days OHLC data for todays PPDT was gathered from finance.yahoo.com for each individual stock by a series of webquerys built into a spreadsheet.
The formulas used by the www.mypivots.com website to create the Pivot Points were found in the sites help files.
The formulas were built into the spreadsheet which acts on the previous days OHLC data gathered from Yahoo.
The Pivot Points were created using the formulas from www.mypivots.com but NOT by using the site.
Please let me know if you find any errors in the data.
Use of this data is at your own risk.

[brosin]

Courtesy of Brian Shannon at Alphatrends




Caldaro: Support for the SPX moved up to 1058 and then 1041 on friday, with resistance now at 1090 and then 1107. Short term momentum has an extended positive divergence in place after the wed/fri SPX 1040 lows. Under either of the SPX/DOW scenarios posted above we'd expect the rally to continue for a few days and approach the 1090 pivot. The hourly RSI has reached its most overbought level since the SPX was at 1100. And, if it can stay above neutral (50) during the next days the daily RSI can get overbought. Naturally we'll evaluate this potential advance as it unfolds.


Cobra: The bottom line, the short-term trend is up, I hold both long and short over the weekend, kind like profits locking, although strictly according to my short-term model, I should hold no position over the weekend.

I’ve got mixed signals for the next Monday. My best guess is since today is a Major Accumulation Day (NYSE Up Volume to NYSE Down Volume >= 9), so the next Monday shall be a small range bar and whatever gap, up or down, if any, shall be filled on the same day. So no hurry in making any decision now no matter you’re bull or bear.

For the intermediate-term, I have no hard evidence arguing that 08/25 WAS NOT THE BOTTOM. Things I’m certain are:

1. The bearish statistics mentioned in 08/20 Market Recap are still valid.
2. 6.2.3 VIX:VXV Trading Signals is still too low.
3. The weekly NYSI STO in 4.1.0 S&P 500 Large Cap Index (Weekly) is not at a bull friendly position.
4. The next pivot date is around 09/07 to 09/10. Not sure it means a top or bottom though.

Overall, I’m inclined to believe that this is just a rebound that won’t go too far.


Bespoke:
Pick a Stock. Any Stock.
If you watch any of the business news networks during the day, you will invariably hear someone come on and describe the current environment as a stock picker's market. Usually the people saying this are saying it because that's what they do for a living. In reality, though, the current landscape isn't even anything close to resembling a stock picker's market. Friday, for example, the DJIA finished the day with a gain of 1.65%, and the S&P 500 and Nasdaq each finished up 1.66%. Even though each of these three indices contain different stocks and are weighted differently, they were all up virtually the same amount. In fact, over the last forty years, there have only been three other days where the one-day returns of all three major indices were so close together. So much for a stock picker's market.

(REPOST - Ukarl posted this intraday Friday)
Bullish Sentiment Drops to Lowest Levels Since March 2009
In another sign that individual investors have soured on the market, this week's bullish sentiment reading from the American Association of Individual Investors reached its lowest levels since the depths of the bear market in March 2009. As shown below, the reading is currently down at 20.7%. Bearishness is definitely not the contrarian view at the moment.

[brosin]

Ritholtz:
Federal Reserve Board and the Neverending Crisis
Your weekend home work assignment is Chris Whalen’s invective, I am Superman: The Federal Reserve Board and the Neverending Crisis:

This article asserts that, in dealing with the 2007-2009 financial crisis, the Federal Reserve Bank (Fed) has placed its role as monetary agency and de facto steward of the market for U.S. Treasury debt ahead of its statutory responsibility for ensuring the soundness of the private banks. This is not to say that the Fed supplies whatever credit the government wants — at least not yet — but in terms of both the provision of credit to the private financial system and the price of this credit, the growing fiscal imbalances of the U.S. government seem to be playing an increasing role in Fed policy decisions. This paper explores some of the issues involved in recent Fed policy decisions and draws some preliminary conclusions as to the conflicts between the Fed’s role as central bank and also as prudential supervisor.

Its must reading . . .

History of US Interest Rates: 1790-Present
This chart of 10yr Treasury yields since 1790 is from Doug Kass at Real Money.

Dougie notes “The only time that yields have consistently been below current levels was WWII — 1941-44 — and and immediately after, to 1951, when the U.S. enforced a ceiling on yields. Even during the 1930s when the great Depression contracted the economy 25%, deflation drove yields to 2.5-4.0%.”

10’s are currently 2.436% after the durable goods number yesterday.



No One Left to Sell CDOs To? Sell to Yourself!
ProPublica has a devastating take down of some of the self-inflicted wounds the big bailed out banks caused, all in the pursuit of bigger bonuses. Merrill lynch, CitiGroup, UBS, Goldmasn Sachs all come in for scathing criticism for their circular CDO sales to themselves:

“Over the last two years of the housing bubble, Wall Street bankers perpetrated one of the greatest episodes of self-dealing in financial history.

Faced with increasing difficulty in selling the mortgage-backed securities that had been among their most lucrative products, the banks hit on a solution that preserved their quarterly earnings and huge bonuses: They created fake demand.

A ProPublica analysis shows for the first time the extent to which banks — primarily Merrill Lynch, but also Citigroup, UBS and others — bought their own products and cranked up an assembly line that otherwise should have flagged. The products they were buying and selling were at the heart of the 2008 meltdown — collections of mortgage bonds known as collateralized debt obligations, or CDOs. “

This is a very clear (written for a non-technical audience) and focused article. Pro Publica doesn’t claim they are the first to report this (“Individual instances of these questionable trades have been reported before”). But ProPublica’s investigation (in partnership with NPR’s Planet Money), is comprehensive and written for the layperson. And, there is lovely chart porn (below) and a cartoon graphic.

Kudos to Jesse Eisinger and Jake Bernstein.

[ask2lern]

Thanks for the info Kryptos and Bros ……….Here are the pivots……….…hope everyone has a great day …………………GLTA


GOLD

R4 1274.23
midpoint 1268.18
R3 1262.13
midpoint 1256.08
R2 1250.03
Midpoint 1247.57
R1 1244.57
midpoint 1241.25

PP 1237.93

midpoint 1235.20
S1 1232.47
midpoint 1229.15
S2 1225.83
midpoint 1219.78
S3 1213.73
midpoint 1207.68
S4 1201.63

SILVER

R4 20.44
midpoint 20.22
R3 21.01
midpoint 19.79
R2 19.58
midpoint 19.47
R1 19.35
midpoint 19.25

PP 19.15

midpoint 19.04
S1 18.92
midpoint 18.82
S2 18.72
midpoint 18.50
S3 18.29
midpoint 18.07
S4 17.86

IMW

R3 64.68
R2 63.24
R1 62.44

PP 61.00

S1 60.20
S2 58.76
S3 57.96



TNA

R4 46.22
midpoint 44.38
R3 42.53
midpoint 40.69
R2 38.34
midpoint 38.21
R1 37.57
midpoint 36.36

PP 35.15

midpoint 34.52
S1 33.88
midpoint 32.67
S2 31.46
midpoint 29.62
S3 27.77
midpoint 25.93
S4 24.08

TZA

R4 50.39
Midpoint 48.20
R3 46.01
midpoint 43.82
R2 41.63
midpoint 40.21
R1 38.78
midpoint 38.02

PP 37.25

midpoint 35.83
S1 34.40
midpoint 33.64
S2 32.87
midpoint 30.68
S3 28.49
midpoint 26.30
S4 24.11

SDS

R3 37.40
R2 36.78
R1 35.60

PP 34.98

S1 33.80
S2 33.18
S3 32.00

………………………..GLTA

[abdogman]

Kryptos...Bros....Ask....thx for the info !!!!!!

Good Morining Gang .....GLTA......back for the open!

[ask2lern]

From http://www.optionmonster.com...............................GLTA

Indexes nearing midpoints
August 30, 2010 Mon 5:12 AM CT


The markets reversed higher after dovish comments from Federal Reserve Chairman Ben Bernanke on Friday morning. Capping a week that had very nearly the same range, the move higher leaves the major indexes with a shot of the mid-point values of the multi-month range. That would be 1805 for the Nasdaq 100, 1080 for the S&P 500, and 620 for the Russell 2000. All but the Nasdaq 100 has fresh resistance values for Monday at those mid-points.

Nasdaq 100 (NDX)
First support is at 1765.36. First resistance is at 1793.43.
For the NASDAQ 100 Index Tracking Stock (QQQQ) first support is at $43.46. First resistance is at $44.12.

S&P 500 (SPX)
First support is at 1046.68. First resistance is at 1080.
For the Standard and Poor's Depository Receipts (SPY) first support is at $104.97. First resistance is at $108.

Russell 2000 (RUT)
First support is at 588.58. First major resistance is at 620.
For the iShares Trust Russell 2000 Index Fund (IWM) first support is at $58.88. First resistance is at $62.

By: Bryan McCormick

[deadmoney95]

Good morning and hope everyone had a great weekend.

Carl F:

September S&P E-mini Futures: Friday's price action was very bullish. Today's range estimate is 1055-1075. I still think that the 1037 low ended the drop from 1127. I also think that a new upward leg in the bull market started from the 1003 low made July 5.

[abdogman]

xlf 13.67 on 1m and above PP

[abdogman]

2.3 m share spike last min in xlf
green candle ...xlf 13.65 on 1m

[ccash04]

The classic crap then gap?

[abdogman]

macd pos now on xlf fas on 1m
xlf 13.66 on 1m

[jack]

Nice b/t on the current FAStail(?)

GM gang...trust y'all had a good w/e

;D

[abdogman]

BB's narrowing now on 1m for xlf fas faz

[abdogman]

Aug 30, 2010 8:47:37 GMT -5 jack said:

Nice b/t on the current FAStail(?)

GM gang...trust y'all had a good w/e

;D

Mornin' Jack!

[abdogman]

sideways xlf 13.66 macd barely pos on 1m

[jack]

oops

[abdogman]

macd neg now on 1m xlf fas
xlf 13.64 min

[cosmic]

Not sure we're feelin the Ben Lovin' today. Market is saying 'we ain't gonna buy till you do'

[abdogman]

xlf 13.60 BB's spreading on 1m

[ccash04]

SMH under pressure all the semis have been weak maybe its been a rotation out of semis into cloud names?

[cosmic]

10am candle on the Mini looks like an ugly bearish reversal, on the 30m timeframe. Completely reversed the runup from 9:30-10 ++ a little more. Is that the Bernanke Dip to buy? I don't know!

[brosin]

Shorts are doing great today so far - US Steel is -2.4%

[abdogman]

BB's on 1m xlf fas faz vix eurusd audjpy and uup narrowing
xlf 13.59 and macd pos on 1m

[brosin]

By the way - for anyone who was interested in reading that article about banks selling CDOs to each other, here's the link - sorry for not attaching it to the article

www.propublica.org/article/banks-self-dealing-super-charged-financial-crisis

[cosmic]

Are you actually short X?

[brosin]

Me? No, just what I watch to gauge the shorts

fastopia.proboards.com/index.cgi?board=brosin&action=display&thread=7371

[abdogman]

Aug 30, 2010 9:36:26 GMT -5 brosin said:

By the way - for anyone who was interested in reading that article about banks selling CDOs to each other, here's the link - sorry for not attaching it to the article

www.propublica.org/article/banks-self-dealing-super-charged-financial-crisis

Thx Bros

[ask2lern]

Here are my current SPY levels..............R106.56 S106.14...

.......I had one SPY scalp for +10% going to sit on the sideline here for a bit.............................GLTA

[cosmic]

Aug 30, 2010 9:38:38 GMT -5 brosin said:

Me? No, just what I watch to gauge the shorts

fastopia.proboards.com/index.cgi?board=brosin&action=display&thread=7371

Gotcha

[abdogman]

Aug 30, 2010 9:44:24 GMT -5 ask2lern said:

Here are my current SPY levels..............R106.56 S106.14...

.......I had one SPY scalp for +10% going to sit on the sideline here for a bit.............................GLTA

GOOD TRADE ASK2.......exalt!