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Post by ukarlewitz on Jul 8, 2010 17:12:08 GMT -5
nymo blasted through the zero line today. S-t breadth has returned to health. Nysi is still neg but is now clearly inflecting higher and making a higher low; l-t market health is still suspect, but improving. Remember, because of the way nysi is calculated, once it changes direction, it is very slow to turn the other way. Risk trade - TNX closed above 3.0%. Recall that it was below 2.9% just a few days ago. The Euro logged its 4th close over the 50dma. Its possible the 20/50dma will cross in the next two days. Gold declined again but I spy a hammer on the lower BB today (hmm). WSJ - Why the sudden surge? Plenty — including some of us here at MarketBeat central — are still trying to figure out what was really behind Wednesday’s big rally in stocks. After all, it wasn’t like the news on the economy turned rosy all of a sudden. Here are two quick thoughts from James Barnes of GaveKal Dragonomics in Hong Kong, that might help make sense of it: Bonds outperformed stocks in the second quarter of the year quite admirably, and when bonds beat stocks by 23%, as they did between April and June, it’s a rare and strong signal to pension funds and insurance companies that they need to jump into stocks, which Barnes reckons (citing anecdotal evidence) happened Wednesday. Caldaro - Before this Intermediate wave B rally ends we expect to see a test of the OEW 1090 swing pivot by about the middle of next week. All the counter-trend rallies during this Primary wave II correction have retraced about 61.8%, and rallied about 80 SPX points. The market is also likely to get a bit choppy as it works its way higher. After Intermediate wave B concludes, the SPX should decline about 130 points into the Primary wave II low later this month. Should this SPX rally exceed the recent Major wave B high at 1131, then Primary wave II likely ended at SPX 1011. That level, btw, is a 38.2% retracement of Primary wave I, and the third of five levels of support we have been tracking during this correction. Bespoke - 1. First back to back 1% up days for the Dow since 2/1 and 2/2. Average change for the Dow the day after two consecutive 1% days over the last 10 years is -0.50%. 2. Below we highlight the current level of the percentage of S&P 500 stocks trading above their 50-day moving averages. After getting down to the lowest levels since late 2008, the indicator has jumped up to 28% after three days of gains this week. As shown, 28% is just barely above the low reached during prior pullbacks over the last year. For bulls, this means there could be a long way to go before the rally runs out of steam. For bears, this shows that even after a pretty big rally, breadth remains rather weak. Cobra - A little bit bearish toward short-term, not sure if it starts tomorrow though because SPY intraday chart looks like a Bull Flag, so likely at least one more push ahead. Anyway, if indeed a green day tomorrow, I don’t expect it to be a huge up day (less than 1%) because TICK was again closed above 1,000. Macro - Rail traffic volume hit 6th highest level ever. Volume was up 36.6 percent from a year ago and 19.1 percent from 2008. Container volume of 197,134 was the sixth highest week ever and the highest since week 39 of 2007. pragcap.com/rail-freight-container-volumes-hit-sixth-highest-level-everSpy - We'll know if this just a bear rally or something more very soon. All eyes are on the channel top rail and the fib retracement near 109. Any retracement that holds above the white line at 104 makes a higher low, so there's two parts to the story. Macd divergence is a positive. More later.
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Post by merrillstanley on Jul 8, 2010 23:20:57 GMT -5
Greetings from a McDonalds (again) somewhere in NE Michigan... There sure know how to make a nice choc shake up here <yum> And it is true that when you goto these 'small' towns: the food does look like the pictures Kids enjoying ice cream, Mrs. Merrill a sundae...long days, the sun really does not set until nearly 10:30 <yum>
Sure is weird not being 'connected'; beginning to not miss TV, Internet, phone, heck the news paper is barely 20 pages and the stock page lists maybe 40 'local favs' and EOD prices only...<Huh?> (The summer the entire NE lost power, we didn't know for 2 days...<Oh My!>)
Lake Huron can barely be 55 degrees...the pool in Dallas was 75+ when we left...HUGE difference <Oh My!>
Read thru Thursdays posts....damn I miss the 'quality' you guys bring each day If I could 'bulk exalt' I would
I played FAS with the remaining 25% and made up about $4K from the carnage last week <Yeah!> In 100% cash now...pretty much done for the rest of July, made my play earlier and lost, I cannot follow anymore...besides we're headed further north, then parents are in town next week...
Chat at you in a week...
Oh, not that I've been right all tournament but Spain 2-1, extra time...however Oranje winning would not surprise
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Post by kryptos2009 on Jul 9, 2010 0:30:12 GMT -5
Here is the PP Daily Thread (PPDT) data. XLF PP=14.26 MP=14.35 R1=14.44 MP=14.50 R2=14.56 MP=14.71 R3=14.86 MP=15.01 R4=15.16 MP=14.20 S1=14.14 MP=14.05 S2=13.96 MP=13.81 S3=13.66 MP=13.51 S4=13.36 O=14.37 H=14.39 L=14.09 C=14.31 FAS PP=20.87 MP=21.23 R1=21.58 MP=21.85 R2=22.11 MP=22.73 R3=23.35 MP=23.97 R4=24.59 MP=20.61 S1=20.34 MP=19.99 S2=19.63 MP=19.01 S3=18.39 MP=17.77 S4=17.15 O=21.3 H=21.41 L=20.17 C=21.04 FAZ PP=15.66 MP=15.87 R1=16.07 MP=16.35 R2=16.62 MP=17.10 R3=17.58 MP=18.06 R4=18.54 MP=15.39 S1=15.11 MP=14.91 S2=14.70 MP=14.22 S3=13.74 MP=13.26 S4=12.78 O=15.34 H=16.2 L=15.24 C=15.53 SPY PP=106.78 MP=107.22 R1=107.66 MP=107.91 R2=108.15 MP=108.84 R3=109.52 MP=110.21 R4=110.89 MP=106.54 S1=106.29 MP=105.85 S2=105.41 MP=104.73 S3=104.04 MP=103.36 S4=102.67 O=107 H=107.28 L=105.91 C=107.16 SPG PP=81.45 MP=82.08 R1=82.70 MP=83.19 R2=83.68 MP=84.80 R3=85.91 MP=87.03 R4=88.14 MP=80.96 S1=80.47 MP=79.85 S2=79.22 MP=78.11 S3=76.99 MP=75.88 S4=74.76 O=82.24 H=82.44 L=80.21 C=81.71 GS PP=135.40 MP=136.32 R1=137.23 MP=138.12 R2=139.01 MP=140.81 R3=142.62 MP=144.42 R4=146.23 MP=134.51 S1=133.62 MP=132.71 S2=131.79 MP=129.98 S3=128.18 MP=126.37 S4=124.57 O=136.92 H=137.17 L=133.56 C=135.46 JPM PP=38.04 MP=38.49 R1=38.94 MP=39.33 R2=39.71 MP=40.55 R3=41.38 MP=42.22 R4=43.05 MP=37.66 S1=37.27 MP=36.82 S2=36.37 MP=35.54 S3=34.70 MP=33.87 S4=33.03 O=38.78 H=38.82 L=37.15 C=38.16 MS PP=24.17 MP=24.33 R1=24.48 MP=24.62 R2=24.76 MP=25.06 R3=25.35 MP=25.65 R4=25.94 MP=24.03 S1=23.89 MP=23.74 S2=23.58 MP=23.29 S3=22.99 MP=22.70 S4=22.40 O=24.28 H=24.45 L=23.86 C=24.2 C PP=3.96 MP=3.99 R1=4.01 MP=4.03 R2=4.04 MP=4.08 R3=4.12 MP=4.16 R4=4.20 MP=3.95 S1=3.93 MP=3.91 S2=3.88 MP=3.84 S3=3.80 MP=3.76 S4=3.72 O=3.95 H=4 L=3.92 C=3.97 VIX PP=25.78 MP=26.57 R1=27.35 MP=28.17 R2=28.98 MP=30.58 R3=32.18 MP=33.78 R4=35.38 MP=24.97 S1=24.15 MP=23.37 S2=22.58 MP=20.98 S3=19.38 MP=17.78 S4=16.18 O=26.5 H=27.42 L=24.22 C=25.71 UUP PP=24.39 MP=24.41 R1=24.43 MP=24.45 R2=24.47 MP=24.51 R3=24.55 MP=24.59 R4=24.63 MP=24.37 S1=24.35 MP=24.33 S2=24.31 MP=24.27 S3=24.23 MP=24.19 S4=24.15 O=24.38 H=24.44 L=24.36 C=24.38 FROM: www.econoday.comEconomic Events & Analysis - 7/09/2010 Friday10:00 AM ET Wholesale Trade 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.
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Post by ask2lern on Jul 9, 2010 6:09:51 GMT -5
Morning gang…………thanks for the info UK and, Krpyptos……….Here are the pivots…………
GOLD
R4 1238.17 midpoint 1230.62 R3 1223.07 midpoint 1215.52 R2 1207.97 Midpoint 1203.60 R1 1199.23 midpoint 1196.05
PP 1192.87
midpoint 1188.50 S1 1184.13 midpoint 1180.95 S2 1177.77 midpoint 1170.22 S3 1162.67 midpoint 1155.12 S4 1147.57
SILVER
R4 19.07 midpoint 18.88 R3 18.69 midpoint 18.50 R2 18.31 midpoint 18.23 R1 18.14 midpoint 18.04
PP 17.93
midpoint 17.85 S1 17.76 midpoint 17.66 S2 17.55 midpoint 17.76 S3 17.17 midpoint 16 .98 S4 16.79
IMW
R3 63.45 R2 62.78 R1 61.38
PP 61.71
S1 61.31 S2 60.64 S3 60.24
TNA
R4 43.51 midpoint 42.54 R3 41.57 midpoint 40.60 R2 39.63 midpoint 39.25 R1 38.87 midpoint 38.28
PP 37.69
midpoint 37.31 S1 36.93 midpoint 36.34 S2 35.75 midpoint 34.78 S3 33.81 midpoint 32.84 S4 31.81
TZA
R4 45.18 Midpoint 44.13 R3 43.08 midpoint 42.03 R2 40.98 midpoint 40.33 R1 39.67 midpoint 39.28
PP 38.88
midpoint 38.23 S1 37.57 midpoint 37.18 S2 36.78 midpoint 35.73 S3 34.68 midpoint 33.63 S4 32.58
SDS
R3 36.23 R2 35.89 R1 35.32 PP 34.99
S1 34.42 S2 34.09 S3 33.52
………………………..GLTA
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Post by ask2lern on Jul 9, 2010 6:15:22 GMT -5
From www.optionmonster.comRussell 2000 breaks above resistanceJuly 9, 2010 Fri 12:12 AM CT The major indexes had quite a ride yesterday, but by end of day they had managed to settle in close to their session highs and near upside resistance. The Russell 2000 was the one index that broke above resistance at the close, so it gets new levels today. The Nasdaq 100 and the S&P 500 did not see levels shift much, instead mostly flipping to the resistance end of their ranges. The SPX has new support, tightening its range. Nasdaq 100 (NDX) First support is at 1752.31. First resistance is now at 1807.09. For the Nasdaq 100 Index Tracking Stock (QQQQ) first support is at $43.23. First resistance is at $44.46. S&P 500 (SPX) First support is now at 1048.08. First resistance is at 1071.10. For the Standard & Poor's Depository Receipts (SPY) first support isat $104.88. First resistance is at $107.10. Russell 2000 (RUT) First support is now at 616.34. First resistance is now at 623.71. For the iShares Trust Russell 2000 Index Fund (IWM) first support is at $61.63. First resistance is at $62.37. By: Bryan McCormick ........................GLTA
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Post by ask2lern on Jul 9, 2010 6:18:11 GMT -5
From www.optionmonster.comCalendar highlights Wholesale TradeJuly 9, 2010 Fri 12:00 AM CT As we head into earnings season next week, the focus on the macro will fade as traders turn to the micro, which means individual companies and their profits, revenues, and guidance. Until then, however, one of the few potential market catalysts will be the sole item on today's economic calendar, Wholesale Trade at 10 a.m. ET. The report has two components, inventories and sales. Inventories are forecast to rise 0.4 percent. The range of expecations is rather large, from -0.4 percent to 0.8 percent. Sales are forecast to rise 0.5 percent. Its range of expecations is wide as well, from -1.2 percent to 1.4 percent. Uploaded with ImageShack.usThe ideal outcome would be for sales to rise at a higher rate than inventories are growing. The worst-case scenario would be for sales to drop while inventories are building. The report will have greater impact if the components come in at either end of the extremes. (Chart courtesy of tradeMONSTER) By: Bryan McCormick ..............................GLTA
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Mikey
Broker/Dealer
Posts: 581
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Post by Mikey on Jul 9, 2010 6:28:37 GMT -5
From http://www.seekingalpha.com: We have entered another period similar to late 2007 and 2008, when the economic establishment had a rosy view of the economy, but a number of indicators were flashing warning signs that a major downturn was coming. Neither the Federal Reserve, the IMF, nor Wall Street correctly predicted a recession would begin in December 2007. None of these august bodies even realized the greatest economic downturn since the Depression was taking place even months after it had begun. Bullishness once again reigns supreme among the economic elites as one indicator after another is signaling trouble ahead. Here are 10 reasons to think that there will be a recession soon: 1. The ECRI weekly leading indicators have dropped to minus 7.7%. There has been no case since its existence when a recession didn't take place if this indicator fell to minus 10%. This doesn't mean that it has to fall that low, a recession is still very likely if it even gets close. Falling below zero and staying in that range for any period of time also signals a recession. In 2007, the recession began three months after this indicator turned negative. 2. Global shipping has experienced a collapse in the last six weeks. The Baltic Dry Shipping Index has fallen from 4209 on May 26th to 2018 in early July, a drop of over 50%. The BDI is now as low as it was in May 2009. Its high in 2008 was 11,793. 3. Interest rates on U.S. treasuries have been falling rapidly and this indicates a weakening economy. The yield on the two-year note even hit an all-time low recently, dropping below its rate during the Credit Crisis in late 2008 when the global economy was in free fall. 4. The stock market is turning down and the Dow Industrials and S&P 500 have both given bear market trading signals. The small cap Russell 2000 has already experienced a bear market loss. The stock market peaked only two months before the 2007 recession began. 5. U.S. Consumer confidence took a nosedive in June, falling 10 points to 52.9. A reading of 90 or above indicates a healthy confidence level. Confidence hasn't gotten anywhere near that level during the recovery. Prior to the Credit Crisis, consumer spending was responsible for 72% of GDP. The consumer is the 800-pound gorilla that determines the fate of the economy. 6. The jobs picture hasn't improved and isn't likely to get better for a long time. Weekly unemployment claims were 454,00 this week. Anything around or above 400,000 indicates a recessionary environment. Claims have not even gotten that low at any point during the recovery. Surveys indicate that job offers for 2010 graduating students are few and far between. Long-term unemployment is far higher than it has been in any post-War recession. 7. Housing, the epicenter of the Credit Crisis, is getting worse. New Homes sales fell to an all-time low recently. 8. Government stimulus is declining and turning into retrenchment globally. The 2009 U.S. stimulus package's impact on the economy peaked this spring and spending will run out by the end of this year. It is highly unlikely a new stimulus package will appear in 2011. Government spending didn't just stimulate the recovery, government spending WAS the recovery. Without it, there will be a sharp drop in economic activity. 9. Taxes are increasing globally and higher taxes are a drag on economic growth. In the U.S., the Bush tax cuts expire at the end of the year. In the UK, capital gains are going up from 18% to 28% and the VAT is being raised from 17.5% to 20.0%. In Japan, there is a proposal to double the national sales tax from 5% to 10%. In the EU, countries are trying to outdo each other in imposing new and higher taxes. 10. The eurozone debt crisis is not yet resolved, but has been temporarily postponed. Greece could still default and problems are likely to continue in Portugal, Spain, Ireland and Italy. These can continue to negatively impact the global economy for a long time to come. seekingalpha.com/article/213665-10-reasons-why-we-are-headed-into-a-recession
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Post by timber on Jul 9, 2010 6:37:28 GMT -5
well thats not very bullish
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Mikey
Broker/Dealer
Posts: 581
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Post by Mikey on Jul 9, 2010 6:37:43 GMT -5
And good morning friends... Hope you're all doing well and making big bucks with no whammies Here's my latest project: www.randolphtri.com/The website sucks but the race is great - I'm the race director for a major triathlon in NJ this weekend, tons of work to do the next two days to get the race site ready - but as a corporate finance/CPA kinda guy that sits on his ass in front of a monitor most of the year, it's always satisfying to get outside and do a few days of hard, sweaty manual labor. You all know I'm a tree hugging hippie too - check out all the green initiatives we take to reduce the environmental impact of our event. Still dreaming of directing events for a living someday...but been swamped trying to keep my legit corporate job afloat will exploring this dream-job side business, all while my baby daughter continues to grow and learn every day - gotta try not to miss too much of that!! Hope things quiet down after this race and I can chat more with y'all during the day. GLTA today and have a great weekend...
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Mikey
Broker/Dealer
Posts: 581
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Post by Mikey on Jul 9, 2010 6:55:01 GMT -5
Chart of the Day For some perspective into the all-important banking sector, today's chart presents the current trend of the KBW Bank Index. As today's chart illustrates, banking stocks were trending upward from late 2005 into early 2007. Then the impact of an already weakening real estate market began to take its toll and ultimately led to a historic financial crisis which led to banking stocks plunging at an ever-increasing rate. Beginning in early 2009, banking stocks surged and then settled into an upward sloping trend channel which continues to this day. It is worth noting, however, that the KBW Bank Index is currently testing support of its 14-month trend channel.
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Post by jack on Jul 9, 2010 7:13:52 GMT -5
And good morning friends... Hope you're all doing well and making big bucks with no whammies Here's my latest project: www.randolphtri.com/The website sucks but the race is great - I'm the race director for a major triathlon in NJ this weekend, tons of work to do the next two days to get the race site ready - but as a corporate finance/CPA kinda guy that sits on his ass in front of a monitor most of the year, it's always satisfying to get outside and do a few days of hard, sweaty manual labor. You all know I'm a tree hugging hippie too - check out all the green initiatives we take to reduce the environmental impact of our event. Still dreaming of directing events for a living someday...but been swamped trying to keep my legit corporate job afloat will exploring this dream-job side business, all while my baby daughter continues to grow and learn every day - gotta try not to miss too much of that!! Hope things quiet down after this race and I can chat more with y'all during the day. GLTA today and have a great weekend... I hope you tell the athletes NOT to piss in their shorts during the competition Mike...bad form you know...very bad form. LOL!!! G'mornin' Mike, Rog & Gang!!! Gonna be another hot one in No. VA (but not quite as hot as Oakland...)
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Mikey
Broker/Dealer
Posts: 581
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Post by Mikey on Jul 9, 2010 7:26:14 GMT -5
Hey Jack! Yeah its a sprint triathlon (0.5m swim, 16.4m bike, 3.1m run) so hopefully everyone will keep their bodily functions in check.
I did an Ironman down in Cozumel last November though (2.4m swim, 112m bike, 26.2m run), and that is another story entirely! At one point I was riding my bike about 100 feet behind a woman and suddenly felt what I thought was rain hitting my leg...until I realized it was coming from below, not above...she just let it rip right off the bike and it was bouncing off the road onto me!!
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Post by abdogman on Jul 9, 2010 7:27:25 GMT -5
Good Morning Gang!
Uk Great info as usual Merrill Good to here from You Kryptos thx for nmbrs Ask2 thx for nmbrs and info Mikey Thx for the info and good to here from you too! Good Luck w/Triathalon
GLTA.....back for the open
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Post by abdogman on Jul 9, 2010 7:30:03 GMT -5
And good morning friends... Hope you're all doing well and making big bucks with no whammies Here's my latest project: www.randolphtri.com/The website sucks but the race is great - I'm the race director for a major triathlon in NJ this weekend, tons of work to do the next two days to get the race site ready - but as a corporate finance/CPA kinda guy that sits on his ass in front of a monitor most of the year, it's always satisfying to get outside and do a few days of hard, sweaty manual labor. You all know I'm a tree hugging hippie too - check out all the green initiatives we take to reduce the environmental impact of our event. Still dreaming of directing events for a living someday...but been swamped trying to keep my legit corporate job afloat will exploring this dream-job side business, all while my baby daughter continues to grow and learn every day - gotta try not to miss too much of that!! Hope things quiet down after this race and I can chat more with y'all during the day. GLTA today and have a great weekend... I hope you tell the athletes NOT to piss in their shorts during the competition Mike...bad form you know...very bad form. LOL!!! G'mornin' Mike, Rog & Gang!!! Gonna be another hot one in No. VA (but not quite as hot as Oakland...) Morning Jack! At least I am not Sweating to Death in a Van on Alabama Ave S.E. LOL back for open
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Post by jack on Jul 9, 2010 7:31:20 GMT -5
;D Hey Jack! Yeah its a sprint triathlon (0.5m swim, 16.4m bike, 3.1m run) so hopefully everyone will keep their bodily functions in check. I did an Ironman down in Cozumel last November though (2.4m swim, 112m bike, 26.2m run), and that is another story entirely! At one point I was riding my bike about 100 feet behind a woman and suddenly felt what I thought was rain hitting my leg...until I realized it was coming from below, not above...she just let it rip right off the bike and it was bouncing off the road onto me!! Mike, That's what they call the "yellow rain" phenomenon, right? lmao!!! Have fun...last time I did a 5K I was delirious by the end of it. You gotta be in great shape! Don't stop...the bod turns to jelly when you do. Best to you and the fam. ;D
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Post by jack on Jul 9, 2010 7:33:34 GMT -5
I hope you tell the athletes NOT to piss in their shorts during the competition Mike...bad form you know...very bad form. LOL!!! G'mornin' Mike, Rog & Gang!!! Gonna be another hot one in No. VA (but not quite as hot as Oakland...) Morning Jack! At least I am not Sweating to Death in a Van on Alabama Ave S.E. LOL back for open I got an '84 Chevy van whose A/C system gave up the ghost a long time ago in case you ever want to re-live that experience! LOL!
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Post by Rich on Jul 9, 2010 7:47:01 GMT -5
I've felt the jelly phenomena.... bad, very bad
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Post by ukarlewitz on Jul 9, 2010 8:03:52 GMT -5
Carl - Today's range estimate is again 1055-1075. A new upward leg in the bull market has started from the 1003 low. Initial target is 1100 or so.
Oscar - OMNI says to buy the ESU10 in the low 1060.00(s) thru high 1050.00(s). OMNI profit objective = the low to mid to high 1070.00(s). Resistance is expected in the low 1070.00(s) on the way up.
Murphy - A falling wedge defines the overall downtrend with a resistance zone around 110-113 from the June highs. Even though this week’s surge looks strong, it is still contained within the falling wedge and SPY remains well below its prior high. RSI is nearing its resistance zone in the 50-60 area. This zone acts as resistance during a downtrend.
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Post by ask2lern on Jul 9, 2010 8:07:56 GMT -5
I was really thinking of buying GLD when PM opened.............shoulda coulda woulda..............looks like the 1185-90ish is a bounce area..................GLTA A.M. Kitco Metals Roundup: Comex Gold Firms on Short Covering, Bargain-Hunting Buying 9 July 2010, 8:31 a.m. By Jim Wyckoff Of Kitco News www.kitco.com Comex gold futures prices are trading modestly higher Friday morning in quieter dealings, after having been under mild selling pressure earlier in the day. Some short covering and limited bargain-hunting buying are featured in the early going. Buying interest in gold has been limited late this week as investor risk appetite has increased, evidenced by the rallying U.S. stock market and a decline in U.S. Treasury prices. August Comex gold last traded up $5.60 an ounce at $1,201.80. Spot gold was last quoted up $3.40 at $1,202.50. The U.S. stock indexes have put in a solid upside performance so far this week, having rallied strongly from the lows seen at the start of the trading week. Several analysts are now projecting the U.S. stock indexes have now put in market bottoms. The Euro currency also hit a fresh two-month high overnight on improving investor sentiment coming out of the European Union. The higher Euro and stock indexes have curtailed safe-haven buying interest in the precious yellow metal. A surprise interest rate hike by South Korea overnight was also deemed a bit bearish for gold. Gold is also seeing buying interest limited by news the International Monetary Fund has raised its world economic growth forecast to 4.6% in 2010. The London A.M. gold fix was $1,196.25 versus the previous P.M. fixing of $1,193.50. Technically, gold Comex gold futures have seen some near-term technical damage inflicted by recent selling pressure. A bearish double-top reversal pattern has formed on the daily bar chart for August gold futures. The recent pause in price action, as depicted on the daily bar chart, is also not a bullish clue for gold. For the gold market bulls to begin to regain some upside near-term technical momentum, they will have to push and close August futures prices back above solid chart resistance at $1,230.00 an ounce. The bears' next downside price objective is producing a close in August gold futures below strong chart support at $1,168.00. For August gold, shorter-term technical resistance is seen at Thursday's high of $1,208.20 and then at this week's high of $1,215.10. Buy stops likely reside just above those levels. Sell stops likely reside just below chart support at the overnight low of $1,194.60 and then at this week's low of $1,185.00. Today's key near-term Fibonacci pivot level for August gold: $1,215.00. Comex silver futures are trading modestly higher Friday morning. December silver last traded up 9.8 cents at $18.03 an ounce. Technical damage has also been inflicted after recent selling pressure. The next near-term upside price objective for the market bulls is to push and close December Comex futures prices above solid chart resistance at $18.50 an ounce. The next downside price objective for the silver bears is to push and close December silver prices below the June low of $17.335. December silver finds shorter-term technical resistance at this week's high of $18.255 and then at $18.50. Buy stops likely reside just above those levels. Shorter-term technical support for December silver is located at the overnight low of $17.93 and then at $17.795. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for December silver futures is located at $18.37.
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Post by ukarlewitz on Jul 9, 2010 8:20:46 GMT -5
GOOG is going to pop $12 at the open.
TNX is up 1% to 3.054%.
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Post by ccash04 on Jul 9, 2010 8:25:58 GMT -5
GOOG finally coming around! Time to get out of July calls and think about a call ratio spread for August. I would like to see TNX test 3.15-3.18 area.
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Post by abdogman on Jul 9, 2010 8:35:35 GMT -5
in the 4th min on the 1m for xlf ..4.1mil share grn candle stopped it from dropping thru PP
xlf on 1m now 14.28
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Post by ccash04 on Jul 9, 2010 8:37:42 GMT -5
Actually this might be a good time to think about shorting BIDU. This sparked their rally from 400 to 700 back in mid January. Might begin a rotation out of BIDU and back into GOOG.
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Post by abdogman on Jul 9, 2010 8:37:55 GMT -5
macd now pos for xlf fas on 1m xlf 14.32 on 1m
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Post by ukarlewitz on Jul 9, 2010 8:39:01 GMT -5
sweet head fake by jpm.
Lord Vix just dumped below 25.
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Post by jack on Jul 9, 2010 8:40:14 GMT -5
Actually this might be a good time to think about shorting BIDU. This sparked their rally from 400 to 700 back in mid January. Might begin a rotation out of BIDU and back into GOOG. GOOG "lost face" in China imo and gave BIDU a larger foothold...ya think the Chinese would prefer using a foreign company?
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Post by ccash04 on Jul 9, 2010 8:43:00 GMT -5
Actually this might be a good time to think about shorting BIDU. This sparked their rally from 400 to 700 back in mid January. Might begin a rotation out of BIDU and back into GOOG. GOOG "lost face" in China imo and gave BIDU a larger foothold...ya think the Chinese would prefer using a foreign company? From what I read, which could be way off, Google is a far superior product compared to BIDUs site as GOOG has kind of perfected search while BIDU is just beginning. Disclosure: I have only lost money shorting BIDU and tons of it the other way so my suggestion to short it should be taken with a grain of salt. ;D
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Post by ukarlewitz on Jul 9, 2010 8:47:40 GMT -5
Spy - 108 area will be tough R. 200hma is there, plus 20dma at 107.8 and then a prior S/R.
Vix definitely dumped and then bounced but is still in a weakening trend. Printed 24.4.
GLD hammer from yesterday playing out so far.
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Post by ccash04 on Jul 9, 2010 8:49:19 GMT -5
If we just hold gains, I consider that a victory today. Hopefully earnings season will be fruitful and spark another July to Nov. rally The MAs are a mess though.
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Post by abdogman on Jul 9, 2010 8:53:18 GMT -5
xlf 14.28 on 1m
macd neg on 1m xlf fas
BB's narrowing on Vix 1m
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