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world stock market, us stock market
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2/02/10 Stock Split Report
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Stock Split Report Subscribers:
MARKET ALERTS:
Targets hit alerts: SLH
Buy alerts: GMCR; ISRG; NKTR; SOA; TEVA; WBSN
Trailing stops: None issued
Stop alerts: None issued
The market alert service is a premium level service where we issue intraday alerts relating to the general market conditions, when stocks hit action points (buy, stop, target, etc.), and when we see other information impacting the market or our stocks. To subscribe to the SSR alert service you can sign up at the following link:
http://www.investmenthouse.com/alertssr.html
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We have DIVIDED the video into component parts: Market Overview, Technical Summary, Economy, and the Next Session. This allows you to choose the segments you are interested in without having to find the spot in a longer video. Click on the link to the portion you wish to view.
MARKET OVERVIEW
TO VIEW THE MARKET OVERVIEW CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/MarketOverview.wmv
TO VIEW THE TECHNICAL SUMMARY VIDEO CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/TechnicalSummary.wmv
TO VIEW THE ECONOMY VIDEO CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/Economy.wmv
TO VIEW THE NEXT SESSION VIDEO CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/NextSession.wmv
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SUMMARY:
- Weaker dollar, solid earnings give market cover for a second day of upside.
- Indices are up but volume remains lighter than the downside as they head up to next resistance on their third day.
- December pending home sales post a gain versus prior sharp losses.
- Two days to the upside as the indices and prior leaders try to recover from some hefty blows.
Market buys another upside session with a weaker dollar.
The dollar was off for its second session of the week. Since there has only been two days in the week, that makes it a clean sweep thus far. As the dollar weakens, the stock market and other markets rise. The SP futures were up ahead of the open. As things opened, they did not hold all of the gains, but then there was a solid move higher as the December pending home sales came in line. Stocks rallied up through the close, posting their second gain for the week. Some good earnings were well received for a change. WHR came out with strong results, and it gapped higher over its 50 day EMA. ANN reported good results and had very good guidance. It gapped sharply higher on volume as well. CMI has reported great earnings, and it gapped higher. I would have loved to see it move through the October peak and hold it on the close. It did not, but we will see what is left in the tank.
Not everything was received well. UPS had a good quarter and gapped higher, but it gave away most of the gain. It was interesting because the CEO said it looks as if the recession is finally over. The question is whether it is over in the USA because its results tripled, but volumes of freight in the US declined. WHR noted that sales in the US were higher. Even on some of the earnings that were not treated well, there were positives in the numbers that caused some enthusiasm in the market. The dollar was lower for a second day, and it is what helped start things once more to the upside. The dollar is not in trouble at all. It is just taking a breather after a torrid four-day move higher up to a resistance point. That could soon turn and, with that, the fortunes of the market over the past couple of days. The dollar did not get help from Australia when it did not move interest rates. It was widely anticipated that Australia was going to move its interest rates higher because its economy is expanding more rapidly than ours. Its central bank did not do that, and although the Australian dollar was up, the US dollar could not capitalize on it. That shows it had a strong two-week run and needed a bit of a pullback.
All in all, it was a solid day for stocks, and they posted the second upside gain for the week. They are solid gains in the 1%+ range. There was more volume on the upside, which was a good thing to see after the higher-volume selling that brought the market down to this level. It is hardly out of the woods, but they did make a bounce at one of the points where they had to, and they are showing some strength to the upside with the stronger volume. We will see how much stronger when the dollar starts to rebound from this two-day pullback.
OTHER MARKETS
Dollar.
The dollar had its second day of backpedaling after bumping into resistance just over 79. This is a resistance point from other highs and lows from the past in 2009 (indeed, earlier than that from way back in 2008). It bumped into a key resistance level. It retreated, as often happens when a stock or market runs well into a resistance level, but it is still showing strength. This is hardly a weak pattern after it reversed off the longer downtrend. The dollar may pull back a bit more and touch the peaks from mid-January. It could even touch the late-December peak that is roughly coincident with the 200 day EMA before it moves higher. At that point, you would expect it to find its legs again and resume the move higher. That is how it has been proceeding after this initial longer-term correction from the bounce off the low that reversed the trend. It is making shorter corrections as it moves higher, and that is what you would expect in a relatively strong upside move.
Oil.
Oil was higher again, breaking through its 50 day EMA after it was able to make a higher low at the August and September peaks from 2009. It is still inside of its range, but it did not come back all the way to the bottom of its range. That would be around the $65 level, and one could conceivably say down to $60. $65-68 was more the bottom of the range, and it did not come down. It has turned and bounced and is running higher, gaining over $2.00 on the session, and it closed near the session high as well. That is an indication of strength. There is a lot of resistance from $77.50 up to $82.50, so we will see what kind of power it has as it churns back to the upside. Some technical analysts were saying that after this two-day bounce, it would be running out of rope given the strong resistance level at $78 from the October and November consolidation. This range is very congested over a six-week period. That is a lot of overhead ice it has to break through in order to move back to the prior high near $83.
Gold.
Gold had another upside day. It gapped higher and gained 9 points. It was trading up over 10 points after-hours, closing at $1,114.30. Gold is trying to put in the double bottom over the October peak, and it surged higher Monday and gapped higher on Tuesday. We were not able to get a good trade on the GLD play because of the gap higher, so we decided to wait and if it tried to fill the gap before moving back up. If it does, that gives a better entry point. Gold found support on Monday when the budget came out and there were fears that inflation would show up. When you have those kinds of shockingly high deficits for such a long period, naturally that sparks inflation worry. Thus, gold is enjoying a nice two-day run to the upside, although the lion's share of the gain was made on Monday when the budget news was released.
Bonds.
Bonds were up overall on the session. The 10 year bond on Monday closed at 3.66%. On Tuesday, the yields were down to 3.63%. That means bonds were rallying. Rallying bonds push yields lower. Investors were buying bonds because they were worried about something outside of bonds that was not right. It could have been as simple as Australia not raising its rates when everyone thought it would. The bonds players may have started to over think the situation, wondering if Australia sees something the rest of the world does not and therefore not raising its rates. Whatever the case is, bonds rallied some on the day when stocks were up. It was a bit of an incongruity there, but it was not that big of a move to spend too much time on.
TECHNICAL
INTERNALS
Breadth on NASDAQ was very poor at 1.3:1. On a day that posted better than 1% gains on many of the indices, a 1.3:1 breadth showing is quite weak. The NYSE was much better at 3.3:1, advancers over decliners, and that was on top of a 3.6:1 showing on Monday. This tells us that the "over there" sectors commodities, energy, and industrials were performing well. That is where the money was going. It was not going into techs, even though they can be used over there as well. It is just not as neat and simple of a play than big machinery, energy, steel, and other commodities that have to be used. Those things will be bought by other countries. They need computers and other technology to actually design all of the buildings, bridges, and reservoirs that they plan to build, but that seems to get lost in the look at the general industrialization overseas play. That is why there was the big breadth advantage on the NYSE while NASDAQ lagged.
Volume was up nicely, rising by 13% on NASDAQ. It was up above the solid trade it posted on Monday. It was not higher trade, but it was solid trade though well off the Friday levels that saw massive downside volume. Volume was up 13% on the NYSE as well as volume continued to recover after falling below average on Monday. Monday's move did not have a lot of force behind it. It was a brought move as the AD was 3.3:1, but it did not have anything pushing behind it. That changed somewhat on Tuesday as the NYSE indices picked up more speed to the upside.
NASDAQ volume was up as well, holding above average. It is very solid volume, but not nearly the level of the selling volume. There are big spikes in the Thursday and Friday of the two prior weeks. The upside volume has been increasing, but it is at a lower level than the overall selling. That shows that the sellers still have the upper hand overall, but the buyers are not wallflowers. They are out trying to buy when they have opportunity, but they are not in absolute control of the market.
CHARTS
NASDAQ bounced off the September peak where it closed Friday, spending Monday and Tuesday bouncing higher. It managed to move up to the October peak and put itself back in the November and December lateral trading range. It still has up to 2205-2210 to get to the top of that range. Since it closed at 2190, it has another 15-20 points before it bumps there then we will see what this move is made out of. A serious decline undercut prior peaks. There is a bounce that is on lower volume. This will be a very important test up to 2210-2215 and the 50 day EMA. That will be the next key area. Stocks and indices, after they move sharply in one direction, tend to recover on lower volume and usually put in a 1-2-3 pattern if it will be another sharp leg lower. Look what happened after the initial selling round there are three days of trying to recover and then a sharp selloff. We are into day two of this rebound after two more sharp downside days on tremendous volume, and that will show just how strong this bounce is. Will the dollar continue to favor stocks, will earnings continue to give a reason to buy? Or will it just be a relief bounce that fizzles?
SP500 has the same pattern. There are big down sessions on the Thursday and Friday two weeks back, then two more downside sessions last week that posted SP500 at the September peak. It has bounced where it needed to, and it has moved past the October peak back in the November and December range. That has peaks up around 1120, and the index closed at about 1103, so it has room to move and try that out. It also has the 50 day EMA it has to handle and to go through the meat of this stacked up consolidation. Something to note was that after it broke out of this consolidation, it very easily broke down through it. Now it is trying to move up. As with the NASDAQ, we will see just how strong the move is with the 1-2-3 pullback after the crash lower. We will find out what kind of teeth are in this move, and they will have to show they have something because this was such a serious downfall after working for almost a month to break out and move higher up to 1150. There are important moves coming up for NASDAQ and the SP500.
The SP600 had similar action. It also bounced. They fell below the September and October peaks in their selling, but they did hold at the November peak, which was a trading range for the small caps. Remember, the large caps had their trading range above the September and October peaks. The small caps had a come-from-behind move in December through January because they did lag out of that period. Now they are trying to take a point of lead as they hold and bounce higher. This is the same story: a move up to the 50 day EMA, and there is still serious resistance up at 330. They closed at almost 327. This will be the third day heading up at 330, and that is going to be an important point in a 1-2-3 pullback.
The semiconductors were leaders off the low, and they were the leaders when the selling started. They have bounced as well, but notice how they have undercut more than the other indices. They are already well below the September and October lows. They did manage a bounce off moderate levels of support (they did not even get down to the August peak, which is more of a support level), and they have bounced up. They are not showing a lot of life in MACD or any other indicators, and they could very well get up over 330-335 and stall out big time at the 50 day EMA. There is a lot of resistance there, and they are not showing a lot of strength on the bounce. We will see how their 1-2-3 pullback plays out. The most disconcerting thing is SOX posting up a lackluster rebound after leading the way lower in front of the other indices.
LEADERSHIP
Drugs/Healthcare. PFE is moving in a nice uptrend, bouncing off the 50 day EMA with regularity and nice volume. The problem is that PFE does not make you a lot of money because it moves rather slowly. You can put money in there and sit and let it run if you like, but it is not one we play too often. NKTR had a nice breakout and test, and there is good volume on the break back upside. That is good leadership action. CELG held the 50 day EMA and is bouncing higher as well. There is some life in healthcare.
Retail. ANN had a great move higher as it gapped on strong guidance. It had good coattails because other sectors also did well. BBBY started to break higher on rising average volume. That may turn into a buy. ARO does not have a great pattern, but it has a strong move higher. This is different from some of the other patterns that have fallen like bricks and are just making modest bounces. Here it rolled and it is moving back through the 50 day EMA. I am not saying ARO is a good play, but it is showing that there is more life in retail patterns than in others sectors. It has already sold off, come up, and consolidated laterally for a month. It is trying to move higher. That is totally different from many other stocks that have tumbled down and done this kind of damage to their pattern. They have to go through more of this type of consolidation before they are ready to make the break higher. PNRA is holding up well. It gapped higher and tested, and it is still holding its gains. As a matter of fact, it closed at a high on this rally (although it was not much of a gain on the session). Nonetheless, it has a sharply different pattern than the other former leaders such as BUCY.
Industrials. BUCY is not out of the picture by any means, it just had a sharp pullback and has not had a real consolidation period. Maybe the liquidity will turn around and blow it back up. It has done that before, but it will have to prove it at this point because it is coming back on lower volume to test a key resistance level. You see a similar picture with DE. It has rebounded on low, below-average volume, back up toward the 50 day EMA and serious resistance. That is a problem for it. CMI posted great earnings and gapped higher, but even though it was a good day for the stock, it could not clear the October peak on the close. That is going to be an important move. It held at that level on the way down. If it can break through, then that is great. If not, it may not make it back up to the upside. Good news is at least being rewarded with some buying even in this area that has been beaten up over the last three weeks.
Technology. AAPL shows a similar pattern. There was a sharp selloff and a lower-volume bounce Monday and Tuesday; indeed, it showed a doji on the candlestick chart on Tuesday. There is support at 190, and it did close at almost 196. We have positions we bought way down at the $110-130 level. We could sell out if it breaks below this level. We could also sell some $195 calls and see if it falls to $190, if it holds again, or if it breaks on through. If it does, it is going down to $180. That is something to consider on these positions you have held for a long time. We do not have many of these shares left because we have taken a lot off the table on the way up. MSFT is showing the same action as AAPL. There is a lower high in mid-January, a selloff, a bounce up to resistance near 30, and then a sharp selloff Friday. That was followed by a Monday and Tuesday lower-volume bounce that has hardly put any upside movement back in the stock. It is still under significant pressure. SNDK gapped and made us money on our downside play, and now it is rebounding on the same low volume. If it does not fill this gap or if it stalls at the bottom of the gap from late January we can look at another downside play down to the next support level at 23. Even technology is not lustrous right now in the eyes of investors. They are moving their money to other areas such as healthcare and retail that are showing buying and more upside as the money flows their way.
Energy. APA did not make a lower low. It is rebounding and it still has resistance to deal with, but it is not in terrible shape. It is not in a position to buy, however. HAL has been struggling at the 50 day EMA. It tried to move through it on Tuesday with the good news in the energy sector, but it was unable to do so. It was pushed back and closed below that level showing a doji on the candlestick chart. It is still struggling at a very important resistance level. The longer it struggles, the less likely it will be to break through. APC is below resistance at 67.50-68, but it is moving laterally for the fifth week. It is showing nice support at the 50 day EMA. It is above its 50 day EMA and trying to consolidate and break higher, unlike many other stocks which are below their 50 day EMAs, consolidating, and threatening to break lower.
Leadership is definitely bifurcated now. Recent leaders in industrials, energy, and metals are struggling. They are rebounding over the past couple of sessions, but it has not been a very reassuring bounce higher. At the same time, retail and healthcare stocks are still getting money put their way as evidenced by their strong patterns and continue moves higher. In some cases, there are very strong moves higher as volume moves in. That shows the money and the big buyers are stepping up to place bets on them versus the "over there" trade that has enjoyed a rebound the last couple of days (however, it has JUST been a rebound at this point).
THE MARKET
MARKET SENTIMENT
The VIX shot higher just over two weeks ago on the Thursday and Friday selloff. Then it bounced higher to end January on a Thursday and Friday selloff. This week, as the market has moved back up, volatility is moving lower. Note the lower low followed by the lower high that shows the volatility is trending lower and may suggest that the market is going to move back up. There is no reason for it to sell. The patterns in the technical position are not that strong, but then again, there is the liquidity factor underlying the market. Australia did not raise its rates, so it is still out there in the rest of the world, too.
VIX: 21.48; -1.11
VXN: 23.01; -1.32
VXO: 20.18; -1.13
Put/Call Ratio (CBOE): 0.87; +0.12
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: 40.0%. After peaking at 53 on this move the bulls are running again . . . to the downside for now. This is a low since July 2009. Once again bulls peaked out near the 50% level. Bulls have bumped at 50ish since late August 2009, falling to 45ish and then rebounding. Still well over the 35% level that is the threshold for what is considered a bullish climate. It does not mean things are necessarily bearish; that takes a reading in the 60% range. Hit a high of 47.7% mid-June on the run from the March lows. Again, to be seriously bearish it needs to get up to the 60% to 65% level. 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.
Bears: 23.3%. Rising as briskly as bulls are falling, up from 16%ish on the lows this leg where it held for several weeks. Peaked near 28% in November, falling short of the 35.6% hit in July 2009. For reference, cracking above the 35% threshold considered bullish. Hit a 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: +18.86 points (+0.87%) to close at 2190.06
Volume: 2.431B (+13.25%)
Up Volume: 1.806B (+11.032M)
Down Volume: 671.961M (+230.123M)
A/D and Hi/Lo: Advancers led 1.29 to 1
Previous Session: Advancers led 1.73 to 1
New Highs: 50 (+14)
New Lows: 18 (-2)
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: +14.14 points (+1.3%) to close at 1103.32
NYSE Volume: 1.18B (+13.55%)
Up Volume: 979.055M (+59.394M)
Down Volume: 193.208M (+81.279M)
A/D and Hi/Lo: Advancers led 3.35 to 1
Previous Session: Advancers led 3.58 to 1
New Highs: 107 (+26)
New Lows: 37 (0)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Stats: +111.32 points (+1.09%) to close at 10296.85
Volume DJ30: 237M shares Tuesday versus 198M shares Monday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
WEDNESDAY
Before the open on Wednesday, Challenger Gray will come out with the job cuts for January and ADP will come out with its January employment survey. On Thursday, there will be initial and continuing claims as well as productivity for Q4. That leads up to Friday and the January jobs report. Non-farm payrolls are expected to rise by 13K, and the unemployment rate is expected to hold at 10%. There are not many jobs, so if people feel better about the economy and swarm the market, the unemployment rate will jump dramatically. The unemployed and underemployed are at 17% and closing in on 20%. All eyes will turn toward the jobs report. With the indices moving up to resistance, it could start to pause on this run, particularly with the November and December peak on both NASDAQ and SP500. There may be another day of upside, and then things may cool a bit just to see how the jobs report comes out. If the jobs report comes in better than 13K and the unemployment rate stays at 10%, there could be a further pop. If not, the market has had a relatively weak rebound thus far and could sell off again in another leg lower. There has been a lot of damage done to many of the leaders of the "over there" stocks, and they need to do some basing before they are ready to move higher. Another pullback after this 1-2-3 bounce higher would give them a chance to do that. It is possible they find support along the September and October lows and bounce laterally for a few weeks, and then be set for a new move higher.
We have been taking upside positions into this report because there have been great stocks that you want to buy into even though the market may just be in a relief bounce. If a great stock in good position shows it is ready to bounce and move higher, you go what the market tells you and step into it. If it does not pan out, you get out. We are in decent risk/reward position with the stocks we have moved into. You should move in with a good buy point and a clear exit point as with WBSN, for example. The October peak and consolidation is a very clear point of demarcation with respect to support and resistance. ISRG has a gap up point that held on Monday when it reversed off that doji on the candlestick chart. You move into them when they start moving up, but you also should realize that the indices are just bouncing back from some sharp selling and could run into resistance of their own. They could start to fade back and even pull these leaders back with them, but note that these leaders did not roll over and die during the recent selling. That is what makes them leaders. They may have pulled back and tested in earlier moves, but they did not break down their patterns.
We have taken decent upside positions over the past couple of sessions and will look for downside plays to be ready if things do not work out. BUCY has moved up to some serious resistance at 55. It could turn back over and fall to 50 or even 45. That is the kind of thing we will be looking for. You look for the stocks that have sold off sharply, make a weak recovery, and still have room to the downside after they fail at resistance. That gives plenty to look at, and we can play the downside if the market needs to pull back again. It has not been a serious decline to this point. You can maybe call this two legs lower with the three-day lateral move last week, but that is a stretch. It is really more of a one leg lower, and there could be significant downside. NASDAQ could easily fall to the next support range at 2,050 or even 2K near the 200 day EMA (and a lot of support from the summer). There is a lot of damage done. Jobs are coming up on Friday and could be a swing piece of data that could either continue a stock move higher or stall a rally. We just have to realize where we are and that trading is a bit more difficult right now. Even though there are great patterns upside and downside, the market is still subject to outside influence from the political and economic spheres. Even though the economy is improving, there is a lot of worry about how strong it will be and whether this is a sustainable recovery. 5.7% in the Q4 had a lot to do with inventory liquidation. That does not necessarily mean selling inventory it could mean writing it off the books and getting rid of it. There are still headwinds to deal with, but a nice bounce has been underway. We have good upside positions, and we will let them run if it continues. If not, we will exercise our stops at logical points of support and then look for downside if that is what the market gives. Have a great evening.
Support and Resistance
NASDAQ: Closed at 2190.06
Resistance:
2191 is the October 2009 peak
2205 is the November 2009 peak
2210 (from September 2008) to 2212 (the July 2009 closing low)
2218 is the August 2005 peak
The 50 day EMA at 2220
2245 from July 2008 through 2260 from late 2005.
2275 - 2278 from the February 2008 and April 2008 lows
2292 is a low from January 2008
2319 from the September 2008 peak
2326.28 is the January high
2324-2370 is a range of resistance from early 2008
2382-2395 from 2008
2412-2415 represents a series of peaks and lows in 2007, 2008
2453 is the August 2008 peak
Support:
2177 is a low from March 2008
2169 is the March 2008 closing low (double bottom)
2168 is the September 2009, intraday peak
2167 from the July 2008 intraday low
2155 is the March 2008 intraday low
2143 is the October 2009 range low
2099 is the mid-September 2008 closing low
2070 is the September 2008 intraday low
2060 is the August peak
2048 is the early October 2009 closing low
S&P 500: Closed at 1103.32
Resistance:
1106 is the September 2008 low
The 50 day EMA at 1107
1114 is the November 2009 peak
1119 is the early December intraday high
1133 from a September 2008 intraday low
1150 is the January 2010 peak
1156 is the Sept 2008 low
1185 from late September 2008
1200 from the July 2008 low
Support:
1101 is the October 2009 high
1084 to 1080 (September 2009 peak)
1078 is the October range low
1070 is the late September 2009 peak
1044 is the October 2008 intraday high
The August peak at 1040
The early October 2009 closing low at 1025
The early August intraday peak at 1018
The 200 day SMA at 1015
The November 2008 peak at 1006 closing 1007.53 intraday
992 is the August 2009 consolidation low
Dow: Closed at 10,296.85
Resistance:
The 50 day EMA at 10,343
10,365 is the late September 2008 low
10,496 is the November 2009 high
10,609 from the Mid-September 2008 interim low
10,963 is the July 2008 low
Support:
10,285 is the late December consolidation peak
10,120 is the October 2009 peak
9918 is the September 2008 peak
9855 is the early September peak in its lateral range
9835 is the late September 2009 peak
9654 is the November 2008 high
9625 is the October 2008 closing high
9620 is the August 2009 peak
The 200 day SMA at 9448
9430 is the early October low
9387 is the mid-October peak
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
February 01 - Monday
Personal Income, December (08:30): 0.4% actual versus 0.3% expected, 0.5% prior (revised from 0.4%)
Personal Spending, December (08:30): 0.2% actual versus 0.3% expected, 0.7% prior (revised from 0.5%)
Construction Spending, December (10:00): -1.2% actual versus -0.5% expected, -1.2% prior (revised from -0.6%)
ISM Index, January (10:00): 58.4 actual versus 55.5 expected, 54.9 prior
February 02 - Tuesday
Pending Home Sales, December (10:00): 1.0% actual versus 1.0% expected, -16.4% prior (revised from -16.0%)
Auto Sales, January (14:00): 4.14M prior
Truck Sales, January (14:00): 4.49M prior
February 03 - Wednesday
Challenger Job Cuts, January (07:30): -72.9% prior
ADP Employment Change, January (08:15): -40K expected, -84K prior
ISM Services, January (10:00): 50.9 expected, 50.1 prior
Crude Inventories, 1/29 (10:30): -3.89M prior
February 04 - Thursday
Initial Claims, 01/30 (08:30): 454K expected, 470K prior
Continuing Claims, 01/30 (08:30): 4600K expected, 4602K prior
Productivity-Prel, Q4 (08:30): 6.0% expected, 8.1% prior
Unit Labor Costs - P, Q4 (08:30): -2.5% expected, -2.5% prior
Factory Orders, December (10:00): 0.6% expected, 1.1% prior
February 05 - Friday
Nonfarm Payrolls, January (08:30): 13K expected, -85K prior
Unemployment Rate, January (08:30): 10.0% expected, 10.0% prior
Average Workweek, January (08:30): 33.2 expected, 33.2 prior
Hourly Earnings, January (08:30): 0.2% expected, 0.2% prior
Consumer Credit, December (15:00): -$9.5B expected, -$17.5B prior
End part 1 of 3
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world stock market
us stock market
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