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world stock market, us stock market
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6/23/09 Investment House Alerts
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IH Alert Subscribers:
MARKET ALERTS:
Targets hit alerts: POT
Buy alerts: SY
Trailing stops: QCOM
Stop alerts: MBT
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VIDEO MARKET SUMMARY
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We are offering a video market summary featuring Jon Johnson talking about the market, the economy, and what is next for investors. We hope you enjoy this added feature to your subscription! We still include the normal Market Summary format so you have both a video to listen to while commuting or multitasking as well as the written report for review.
TO VIEW THE VIDEO MARKET SUMMARY CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/marketsummary.wmv
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SUMMARY:
- Weak bounce attempt leaves NASDAQ promising but SP500 still weak.
- Existing home sales rise but prices fall as distressed sales again top the bill.
- First Treasury auction of the week is a barnburner.
- FOMC, ORCL vie for the spotlight and control of SP500, NASDAQ
Modest rebound after Monday selling hot too promising.
The market tried to bounce Tuesday in response to Monday's tail-kicking. After a positive open, there just was not a whole lot in the tank. By the close, after the indices had turned positive during the day at various times, they simply could not hang onto the gains as the bell rang. It looked very much like a pause in the action from Monday. After a big move, you will often see the market stop and catch its breath - it can be a big move to the upside, or a big move to the downside. Tuesday, the market tried a little bounce, but traded sideways for the last 4 1/2 hours of the session, unable to advance the ball. It did not fall further, which was a positive in some books, but in the bigger picture when you have such a strong move and then one of these short stall days, it is often just a prelude to a further continuation of the move that started the prior session, and that was to the downside.
As for the news, there was not a whole lot, but there were some interesting stories. FDX was upgraded. The shippers have had pretty weak earnings numbers and earnings forecasts, but nonetheless, JPM said it was time to upgrade FDX - catching it, I suppose, at the bottom of the trough in its view. KR, the grocer, had good earnings. People still have to eat, and on a relative basis with prices moving higher KR was able to make a little bit extra on the margin even with inflation, which is showing up in its bottom line.
The dollar was weaker. It closed at 1.4076 Euros, down from 1.3858 Euros on Monday. There are huge moves once more in the dollar. It is still flirting with that 80 level on the dollar index. It looked like it made a solid hold and was ready to bounce up and continue its rally, but not so fast. It is being knocked back and it looks as if the dollar inflation trade may resume. We will have to stay tuned to this because the story is not over yet.
Oil rebounded thanks to the weaker dollar, rising to $69.18, up $1.68 on the session. An interesting aspect was commodity trade. As the dollar has strengthened, commodities have weakened. They are tied to the dollar as well as the inflation trade. What happened to steel was very interesting. The day after the World Bank revised its world economic outgrowth to a -2.9% thus taking it another percentage point lower, X said it saw an improving steel market. MT said that it saw "green shoots" - that seems to be an overused phrase right now, but more companies are saying that. Steel prices are firming. There has been a lot of capacity taken out of the system, and that helped prices maintain themselves or actually firm, which is what the steel industry needed given that even though China looks strong, the rest of the world is still struggling in a fairly serious recession.
The bigger news for the market was a second consecutive 2.4% gain in the existing home sales market. Not great, but not bad. Also and very importantly, was a very well received two-year Treasury auction. As you know, the US has had to sell a lot of treasuries in order to fund its deficit spending. There has been some tepid response to auctions in recent history which forces interest rates to move higher as foreign buyers require more return to compensate them for what they perceive as a greater risk in buying US Treasuries (as our debt grows more and more versus our liquidation value). The nice two-year Treasury auction today helped bond yields, as well as helping bonds and the market somewhat.
TECHNICAL
INTRADAY.
The market popped nicely in the pre-market trade. Often there is a response to a strong selloff or a strong gain the other direction - kind of a pause. The market was up in the pre-market, but had trouble holding the gains and was only modestly higher at the open. It gave back those gains through the mid-morning. How many times have we seen that? An early start higher, an early start lower, works its way back and reverses mid-morning. That is what happened. The market sold back the gains, turned negative, then for the remainder of the session it improved slightly. It picked up off the mid-morning low and moved into the close higher. The problem was it traded in a 4 1/2 hour trading range that kept it right around the flatline; it did not go much of anywhere. Right before the close, all of the indices were trading higher, then in the last ten minutes they all fell off the map leaving only SP500 with a very modest gain. Most were down, but just fractionally so, while SP posted a fractional gain. There was no big change, just a flatline pause session.
INTERNALS.
The internals were pretty lethargic, as you would expect on a day where everything was flat. One thing that was interesting on the advance/decline line is that the NASDAQ was a bit more negative than its flat or -0.0 7% loss could indicate. The decliners led -1.4 6:1. NYSE was basically flat which matches the trade. There is erosion in NASDAQ even though it held up pretty well.
Volume continued to slide on the NASDAQ and NYSE, coming in only 2.1B on the NASDAQ. That is well below average again after the Friday surge on expiration that saw both NASDAQ and NYSE move well above average for the first time in quite awhile. What we had Tuesday, on a day that tried to move higher, was lower volume. If there were any buyers out there, they were eventually overrun somewhat by the sellers, and the volume was not there to support any good move - at least not as strong as the downside move on Monday. The volume on Monday was not any great shakes either. There were not a huge number of sellers overrunning the market, though they were on par with the buying that we saw on NASDAQ at the start of January. The sellers stepped back into the market and showed some force, although they are not the overwhelming force that would totally break down the indices and send them careening lower back to the old lows in March (at least not at this juncture). What we are looking at now is more of a test of the recent support levels in this trading range.
CHARTS.
NASDAQ showed some promise. It tapped down toward its 50 day EMA and was able to rebound and hold right at the May peaks. It gave up its breakout over the November high on Monday, but it did a credible job Tuesday in testing lower toward some support and then rebounding - the May highs are not at a bad level to hold that either. We talked about a range of support from the November high to the May peaks on NASDAQ, that there was a range of support there. Thus far, it is still holding that range of support, and moreover, after it was sold down early it snapped back up to hold that level. That shows that there are buyers in technology at that level. Even though AAPL had a pretty bad day, we did see the buyers come back in and - as we saw after hours - ORCL announced earnings that topped expectations and its guidance was solid as well. ORCL was surging higher and it could very well help carry NASDAQ higher with it, or at least support it at this critical level while SP500 tries to finish up its test.
As for SP500 - this is the rub, as Shakespeare would say. There is a big 8-week broad top that has formed. Take a look at the chart in the report and you will see over the past 8 weeks it rallied up and made that flat top, that was kind of a little double top in early June, and it could not make the breakout and has rolled back down. It sold down on one leg, it bounced, and then on Monday it started a sharp leg lower. It is trying to hold up, but it looks like for all intents and purposes it is going to go back down to the bottom of the range at 875. There is no trouble with it going down there because once it cracks into the range, it can go back down, test, set back up and then make the break higher. As for the action on Tuesday, however, SP500 was below the 50 day EMA. It showed a doji on the candlestick chart below that, and after a big blow-down day on Monday, a doji below a resistance level often the just a continuation doji. In other words, that means it is just a pause before the move that started on the prior session continues. Thus, we think we will see more downside going into Wednesday and Thursday as SP500 tests down toward 875. There are some other things going on, like the FOMC meeting and the announcement tomorrow afternoon as well as ORCL which could also impact SP500. Even with those, it is pretty much dyed in the wool now that SP500 is going to go down and test the bottom of this range or get pretty darn close to it.
SP600, the small caps, lost 0.8 6%, and they show very much is same type of action as on SP500. The SOX was down 0.3 7% on Tuesday, and it could try to help the NASDAQ because it reached down to some solid support as 250 and rebounded nicely to close, as did NASDAQ. Techs are trying to show a little pop, and if they can rebuild some of their patterns, or hold some support and regroup, they could provide the bounce higher after SP500 tests at the 875 level.
LEADERSHIP.
The financials and commodities in energy and agriculture all rebounded Tuesday after getting their butts kicked on Monday. Excuse my language, by that is the way it was. They were kicked around and, as with SP500, they had a little bit of a relief bounce on Tuesday. Some had better than others, some may recover, but a lot of them look like just a relief bounce after a pretty severe tail kicking.
The techs are in a good place to bounce, and with ORCL that could really help them out if they can find the support and fend off SP500. What we would like to see from the techs right now is that the leaders in that group hold the line while SP500 tests and be ready to make the break higher off of support after SP500 tests the bottom of its range. That would be one of those perfect scenarios that we would like to see, but that rarely come about. It does not mean it will not come about, but they never happen exactly like you might want them to or would plan for them to. The market has a great sense of figuring out what people want or really expect to have happen, and then it likes to trip them up along the way. Overall, the big picture can still be the same, it just will not happen at the precise time or in exactly the same way as the majority of investors anticipate that it would.
With this selling, there have been leaders that broke down. A lot of the energy companies and commodities really got thrashed. Their near-term patterns were broken up, so what they need to do is reform, and they can do that as SP500 continues the test. There are some that held their ground and did not break apart - we see some of those in energy, technologies, and commodities that are still in position where they did not destroy their patterns and can rebound off of support. If the dollar continues to weaken and SP500 holds at 875, they could be the next leaders out. We will have to see how they set up over the next few sessions because what we have now is leadership, just as the indices, are in a transition phase. Some have broken down, others are trying to step up (such as in the health care sector that we have been looking at lately). No one has taken the lead though - no one has stepped forward and said they will be the next one to lead the market higher. We will have to see because we are in transition. Right now let us look for the good stocks that have pulled back to support, did not blow apart their patterns, and are holding at support and can bounce up from there. We can get some really good buys off of that support and get a running start into a new move.
THE ECONOMY
Existing home sales put together back to back gains on lower prices, distressed sales.
There was not huge news out there, but there was some important news. The existing home sales rose for the second month. Two consecutive months at + 2.4%. That is a nice, solid gain - a little bit lower than expected, but still with back-to-back gains, that is nice to see. Down 3.6% year-over-year, so there is no huge surge, but again you have to start with month-on-month gains before you start taking out the year-over-year gains. No one is ever happy until we start topping year-over-year gains, but you have to crawl before you walk and before you run. You have to start beating the prior month before you can take on the prior year, so do not get too depressed about that.
One thing you CAN get depressed about is that the median home price fell 3.8% year-over-year to $173K. Prices were falling despite more home sales, and the reason is the vast majority of the sales are distress sales and foreclosure sales. We are still in the situation where the only way you are coaxing buyers into market is to get really cheap prices through foreclosures and distress sales - people who have lost their homes or are in the situation where they are about to lose their homes and are trying to get out before they are foreclosed upon. That left inventories down 3.5% to 3.8M units. That is still a 9.6 month supply. Well down - it was up near 11 months, so it has come down off of that nicely as the foreclosures and distress sales are helping remove homes from the market; there are still way too many out there. During the "good times" or when things were more normalized, a two-to-three month inventory is typical. We are still at 3 times or more the typical inventory level, and that will eventually have to be worked off before things get back to normal. As stated, you have to crawl before you walk, and we are starting to see these whittled away. That is the way it always happens - a slow, grinding process of working off that inventory and getting the housing market back to where there is a demand.
Two-year Treasury auction brings in heavy participation.
The treasury auction on Tuesday was the first of three on the week, and it was a real barn burner. It had many people worried, including us, because it was a two-year Treasury auction - the short term paper that has the most command from our foreign creditors. We were hoping to see that it would still be strong because a lot of the recent sales have seen interest rates rise in order to get sufficient takers. In other words, we had to offer more money in interest payments in order to get things sold. This one turned into a real door-buster: $40B worth were sold and the bid to cover was $3.19 - that means for every dollar of treasuries that were auctioned, there were $3.19 on average bid for that dollar of treasuries. Very high demand because usually a good auction is considered in the $2.50 range on the bid to cover. Why was it so strong? Timing was very important. Just the other day we had the World Bank lower its outlook for the world economic growth, and there is also some concern of a double-dip recession for the world - maybe outside of China, maybe not . It has investors worried and they have lately been moving into the dollar, it strengthened, and they have been moving into treasuries. Treasury yields, after spiking up to 4% on the 10 year, have come down significantly. Tuesday they did fall further with the 10 year falling to 3.64% - not bad at all because it was 3.72% going into the session. That is also down from that 4% earlier. What we see is there has been a move back into US Treasuries because there is a little bit of perceived concern with respect to what is going to happen with the world economy. It is kind of ironic because, over the past two weeks, the G8 leaders have been talking about removing stimulus because of the recovering world economy. Then the World Bank comes out to say it is lowering its forecast for the world economic growth for the year and all of a sudden there is a run for cover. Oil sells off, the dollar strengthens, and our bonds strengthen as people rush to the safety of US paper - safety even with all of our massive debts and massive spending.
THE MARKET
MARKET SENTIMENT
VIX: 30.58; -0.59
VXN: 30.69; -0.72
VXO: 29.32; -0.69
Put/Call Ratio (CBOE): 1; +0.07. Ratio hits the 1.0 level as worries of more downside spur put buying for protection and downside speculation. Good to see the ratio back at a higher level showing the level of anxiety or at least fear of more downside is moving back up. One result is insufficient, but it indicates this selling is starting to show the kind of concern that eventually helps turn selling.
Bulls versus Bears:
This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market doesn't have the cash to drive it higher.
Bulls: 44.8%. Fading from 47.7%. The pullback has culled the herd a bit after the rally spiked the reading from 42.5%. Broke free from the 40.9% where it hung around for three weeks. Steady rise from 36.0% just 6 weeks back. Has passed 43.2% hit mid-April before anticipation of stress tests. Over the 35% threshold, below which is considered bullish, but this is not a bearish indication yet. Has to get up to the 60% to 65% level to be bearish. Dramatic rise from 21.3% in November 2008, the bottom on this leg. This last leg down showed us the largest single week drop we have ever seen, falling from 33.7% to 25.3%. Hit 40.7% on the high during the rally off the July 2008 lows. 30.9% was the March low. In March the indicator did its job with the dive below 35% and the crossover with the bears. A move into the lower 40's is a decline of significance. A move to 35% is a bullish indicator. This is smashing that. For reference it bottomed in the summer 2006, the last major round of selling ahead of this 2007 top, near 36%, and 35% is considered bullish.
Bears: 26.4%. Bears growled a bit more, up from 23.3%. Still well off the 37.2% and the 37.1% in mid-April as the rally continued higher. As with bulls, below the 35% threshold considered bullish and starting to approach bearish levels (for the overall market). Now far from off the high on this run at 47.2%. For reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.
NASDAQ
Stats: -1.27 points (-0.07%) to close at 1764.92
Volume: 2.114B (-6.33%)
Up Volume: 1.065B (+816.608M)
Down Volume: 1.027B (-1.04B)
A/D and Hi/Lo: Decliners led 1.46 to 1
Previous Session: Decliners led 5.14 to 1
New Highs: 13 (-3)
New Lows: 18 (+3)
NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg
NASDAQ 100 CHART: http://investmenthouse.com/ihmedia/NASDAQ100.jpeg
SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg
SP500/NYSE
Stats: +2.06 points (+0.23%) to close at 895.1
NYSE Volume: 1.21B (-13.74%)
Up Volume: 715.317M (+622M)
Down Volume: 479.455M (-826.548M)
A/D and Hi/Lo: Decliners led 1.06 to 1
Previous Session: Decliners led 6.22 to 1
New Highs: 9 (-9)
New Lows: 45 (+1)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Stats: -16.1 points (-0.19%) to close at 8322.91
Volume: 237M shares Tuesday versus 291M shares Monday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
WEDNESDAY
We have durable goods orders, new home sales (following the existing home sales), crude inventories, the FOMC rate decision at 2:15 Eastern time, and ORCL's earnings. As for rates, there is a lot of speculation about what the FOMC is going to do at this meeting. The G8 has been calling for some removal of the stimulus,whether it be fiscal or monetary, so what the central banks are trying to figure out is how they will extricate themselves from the massive money-printing Ponzi scheme that has been engaged in all around the world every since September 2008 when Lehman collapsed. That is part of the worry going into this week, with respect to what they are going to say and how that is going to impact the market. The market never likes it when the Federal Reserve or world central banks in unison go on a rate-hiking campaign. We all know it has to happen because some of the stimulus has to be removed, but the old harsh reality still slaps you in the face when it actually starts to occur. There is a lot of speculation as to what they will say in the statement, but I seriously doubt they will say anything in the statement that will indicate they will hike rates any time soon. The market simply is not prepared for such a statement. The Fed likes to have many weeks of preparing everybody when it is going to make a move. It usually does not make the initial stab at it in the statement. What it usually does is it gets the Fed Chairman's henchmen out on the stump to start talking about it, and then we see it in the FOMC minutes. We very well could see the change in the minutes of this meeting instead of at the statement that is going to be released tomorrow. This does not mean the Fed will not say something about inflation - it could change a word or two with respect to inflation, indicating it is going to focus more on it. Recall that it did this several months ago; it said it would have to look more at controlling inflation but then all heck broke loose and it actually had to worry about saving the country and the economy from going into a total credit freeze and default before it worried about inflation. We could see a word or two that changes, and if it does, that could have a rather significant impact on the market. We do not think it will happen tomorrow with the statement, as that is just not the Federal Reserve's typical M.O.
The market ahead of the FOMC announcements tends to flatten as it did on Tuesday, and then on the day-of, it rises somewhat into the announcement. That is the typical pattern and that is what we would expect to happen again, but for we have the ORCL news. The earnings were very strong and they had techs excited after-hours. The question is: Is this strong enough news to overcome the sluggishness in SP500 that wants to go back down and test 875, versus ORCL and techs popping NASDAQ higher off of its test and off of the May peaks? Frankly, I think that the SP500 is going to have to test 875. It is not going to get out of this just because ORCL announced some pretty good earnings. It may get a little pop early, but then it will probably come back - I just do not think that ORCL earnings are going to sway SP500 significantly. NASDAQ may hold up nicely as I alluded to earlier and manage to keep its breakout relatively intact. Then once SP500 completes its test, move back on up. That would be the best of all scenarios for the bulls, but we will see how it plays out. I still think the SP500 pattern very much suggests that it is going to make that test. That is the initial point where it is going to make its serious determination as to what it does. It is either going to hold 875 and bounce significantly, or hold 875 and bounce modestly and roll back threw there. It is a process after you have such large gains off the March low of coming back and testing that level and seeing in it is in fact going to hold. Remember, the Fibonacci levels for SP500 are down at the 825 level. That is the retracement of this move and that puts it back to the 38% level, which is the first Fibonacci level of retracement and a level that - if it holds and bounces - is a very strong indication. SP500 is still way above that level and still what you would consider a very strong move. This is a relatively minor test given the size of the move off of the March low.
As for the plays, we have downside positions and, as SP500 is anticipated to sag, we will still let those run. There are some others being looked at that we could possibly get a good entry point on if the market bounces higher on some of that ORCL news and moves up ahead of the FOMC announcement. We may get some entry points that we missed out on when the market gapped lower on Monday. If we get that opportunity, we are going to be looking at potential plays such as GLD or SDS that recover up ahead of FOMC but then stall out and continue lower as SP500 continues its test lower. We are going to let the ones we have run and look for more opportunity if we get a little bump up that helps fill those gaps but then stalls out. As for the upside plays, we already see some stocks that got shredded, but they did not blow apart - they just sold down in their pattern and are at or near support. They are approaching that level and, if they can hold and bounce, then they will be in great position to move higher. It does not matter if they are in energy or commodities or where they are. We see PBR holding near its trendline. It is in the energy industry, but it is holding its up trendline and is in a good position to take another look at if it can hold the move higher. That is what you look for with these stocks that pull back - you do not give up on them if they do not blow apart, and if they hold prior support, you can get a great entry point on a new rally. Right now, the market is still in transition, so you just have to watch and see if they hold support. If SP500 makes its test and holds and puts in a good bounce. What you do is you let them test - if they undercut it and bounce right back, that shows that buyers are still there. Then you wait for it to put in an upside day and hold that move into the close and you can buy in with some positions. You do not load the boat - you buy in with some positions and see if it can continue the move. You have a great risk/reward position because you are right above support. If support blows up, you are out and done - it was not time. If it holds, the stock continues higher and you got a great initial buy on it. Then when it makes the first test and that holds, you can add to some positions on that. Even though the market is coming back, even though leaders are in transition, you cull through what is there, you see what is holding up, you see what great stocks are holding support, and if they show the right attributes and they are worth putting some money in when the market makes its bounce, then that is what you do.
We are going to let our downside run and look at some new downside, but at the same time we will continue to look for upside because if this selloff to 875 happens, it could happen relatively quickly. We could be in for a nice bounce off of that level because that is the next key support point for SP500 and right now, like it or not, SP500 with its financial components are driving the market. NASDAQ looks good, but I do not think it is going to be able to overcome SP500 and its need to test all by itself. We are going to ride through this transition looking for good plays both ways and taking what the market gives us. It is hot out there, so try to stay cool and we will see you tomorrow - good investing to you.
Support and Resistance
NASDAQ: Closed at 1764.92
Resistance:
1770 is the mid-October interim peak
1773 is the May intraday peak
1780 is the November 2008 closing peak
1786 is the November intraday high
The 18 day EMA at 1800
1880 is the June peak
1897 is the October post gap intraday high.
1947 is the October gap down point
1984 from late September
2099 is the mid-September low
2169 is the March 2008 double bottom low
Support:
The 50 day EMA at 1740
1716 is the May closing high
1673 is the prior April peak
1666 is the intraday January 2009 peak
1664 is the May 2008 low
1661 is the April 2009 prior peak
The 200 day SMA at 1651
The January closing peak at 1653 (intraday)
1623 is the early April peak
1620 from the early 2001 low
1603 is the December peak
1598 is the February 2009 peak, the last peak NASDAQ made
1587 is the March 2009 high is getting put to bed again
1569 is the late January 2009 peak
1542 is the early October 2008 low
1536 is the late November 2008 peak
1521 is the late 2002 peak following the bounce off the bear market low
1505 is the late October 2008 closing low.
1493 is the October 2008 low & late December 2008 consolidation low
S&P 500: Closed at 895.10
Resistance:
896 is the late November 2008 peak
The 50 day EMA at 897
899 is the early October closing low
The 200 day SMA at 899
919 is the early December peak is bending
The 10 day EMA at 915
930 is the May peak
935 is the January closing high
944 is the January 2009 high
1000
1050
Support:
888.70 is the April intraday high.
882 is the early May low
878 is the late January 2009 peak
The prior April peak at 876
866 is the second October 2008 low
857 is the December consolidation low; cracking but not broken
853 is the July 2002 low
848 is the October 2008 closing low
846 is the April peak
842 is the early April peak
839 is the early October 2008 low
833 is the March 2009 peak
818 is the early November 2008 low
815 is the early December 2008 low
805 is the low on the January 2009 selloff. KEY Level
800 is the March 2003 post bottom low
Dow: Closed at 8322.91
Resistance:
8375 is the late January 2009 interim peak
The 50 day EMA at 8379
8419 is the late December closing low in that consolidation
8451 is the early October closing low
The 10 day EMA at 8512
8521 is an interim high in March 2003 after the March 2003 low
8588 is the May high
8626 from December 2002
8829 is the late November 2008 peak
8934 is the December closing high
8985 is the closing low in the mid-2003 consolidation
9088 is the January 2009 peak
9387 is the mid-October peak
9625 is the October closing high
Support:
8315 is the February 2009 peak
8307 is the April 2009 intraday high
8221 is the May 2008 low
8197 was the second October 2008 low
8191 is the prior April peak
8175 is the October 2008 closing low. Key level to watch.
8141 is the early December low
The early April intraday peak at 8113
The early April peak at 8076
7965 is the mid-November 2008 interim intraday low.
7932 is the March 2009 peak
7909 is the early January low
7882 is the early October 2008 intraday low. Key level to watch.
7867 is the early February low
7702 is the July 2002 low
7694 is the February intraday low
7552 is the November closing low. KEY Level.
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
Jun 23 - Tuesday
Existing Home Sales, May (10:00): 4.77M actual versus 4.82M expected, 4.66M prior (revised from 4.68M)
Jun 24 - Wednesday
Durable Orders, May (08:30): -0.9% expected, 1.9% prior
Durable Orders, Ex-T, May (08:30): -0.5% expected, 0.8% prior
New Home Sales, May (10:00): 360K expected, 352K prior
Crude Inventories, 06/19 (10:30): -3.87M prior
FOMC Rate Decision, (2:15)
Jun 25 - Thursday
Initial Claims, 06/20 (08:30): 608K expected, 608K prior
Q1 GDP - Final, Q1 (08:30): -5.7% expected, -5.7% prior
Jun 26 - Friday
Personal Income, May (08:30): 0.2% expected, 0.5% prior
Personal Spending, May (08:30): 0.4% expected, -0.1% prior
PCE Core, May (08:30): 0.2% expected, 0.3% prior
Michigan Sentiment-Rev, June (09:55): 69.0 expected, 69.0 prior
End part 1 of 3
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world stock market
us stock market
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