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world stock market, us stock market
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7/08/10 Investment House Alerts
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MARKET ALERTS:
Targets hit alerts: PCLN; VIT
Buy alerts: LZ; UA
Trailing stops: None issued
Stop alerts: ARO; NTRI
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The Market Video is DIVIDED 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 segment 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:
- Rally continues, but it takes a late move to push NASDAQ back to positive.
- Indices hit their first test of this oversold bounce.
- Jobless claims 'improve' to 454K.
- Same Store sales are mixed to better.
- ECB says rates are fine as too much debt will impede EU economic growth.
- Consumer credit plummets for another month, falling well, well below expectations.
- Earnings season's approach helps fuel the oversold bounce.
- Fitful move with starts and stops, but still looking for a continued upside advance.
Rally moves on but faces its first test.
Stocks were able to build on the strong Wednesday price gains, gapping higher at the open and moving up to close near session highs. It was not necessarily an easy session for stocks. Looking at the intraday chart, they did gap to the upside. They tested intraday, moving down and trading laterally for practically the rest of the session. It was not until the last 40 minutes of trade that stocks caught a bid and moved back up; it was likely a bit of short covering ahead of Friday and the weekend. It is earnings season, and there will be more warnings out and then actual earnings next week. Typically there is a rally into earnings season, particularly with the type of selloff the market suffered since the late-April peak.
There was some news driving the good cheer. Jobless claims were better than expected. Same store sales were mixed but a little better overall. That was the domestic news, and that tends to help futures. Overseas there was also good news. The IMF raised its 2010 economic growth projections for the aggregate of the world economies to 4.6% from 4.2%. It scolded the US, saying that it had to bring its deficits under control -- of course the one way it sees to do that is through hiking taxes. It did say we had to cut spending, but we all know that the IMF will not want the US to cut spending in terms of healthcare and the other programs that make it more socialist. It primarily focused on redistribution by raising taxes. I know I am getting on the soapbox, but I am seeing more and more of that lately, and it is extremely disturbing to see more and more talk about redistribution of wealth. What we need to do is make everyone richer and not try to take away from those who have made money to give to people who have not. We need to realize the benefits of education, make it available, and then provide incentives for people to take risks. One way to do that is to let them keep the money they make. What a novel concept. It is what made us the greatest country the earth has ever seen, but it is something we seem to forget. But I digress.
The ECB had some words of wisdom with respect to its economies. It said its interest rates were at an appropriate rate it, and any further rate cuts would create too much debt. There is already too much debt in the EU that would impinge upon growth. The ECB recognizes that you can have too much debt, and that is something the US needs recognize as well. Mr. Trichet also said that the spring quarter was much stronger than originally anticipated. It was definitely more than the stock and bonds markets around the world give credit to with respect to the EU.
That was enough to keep the indices positive, although NASDAQ had to fight from a deficit to regain positive territory within the last 40 minutes of trade. NASDAQ closed +0.75%, up almost 16 points. The Dow was up +1.2%, SP500 just under +1%, and the SOX closed flat. It was a big leader in the Wednesday move but could not find its legs on Thursday. Small caps led the move up with a +1.5% gain. That was nice to see since small caps were relatively lagging on this move. The NASDAQ 100 managed to recover to positive as well with a +0.5% gain.
OTHER MARKETS.
Dollar. The dollar continues to work down against the Euro and other currencies (1.2703 Euro versus 1.2680 Wednesday). It was not long ago that the dollar was trading at 1.21 Euros. With the issues regarding the US economy and some views that the EU economies were not as bad as originally contemplated during the first quarter, the Euro has recovered and the dollar has weakened. The dollar has broken below the 50 day EMA, though it is also still above a trendline that has formed off some of its early 2007 levels. It is still above that trendline and still has room to give before it hits that and its prior high in March. That would be quite a giveback. The head and shoulders has formed, and there is the breakdown from that head and shoulders from the past few days. It has come down, and now the key test will be the rising trendline as well as the March peak. No doubt the dollar is in trouble as the US bonds market rallied higher and the EU was perceived as improving. There is less need to put money into the safety of the greenback.
http://investmenthouse.com/ihmedia/dxy0.jpeg
Bonds. Bonds sold back as well after the huge rally on the US 10 year Note (3.02% versus 2.98% Wednesday). It was not long ago that it was trading well below those levels. That is okay. It needs its rest, and if you anticipate improvement you would expect the US bond to sell back. Also the US bond was acting as a safe haven for European money. If the EU seems more stable at this point, you would expect some of that money to come out of US bonds. This is a very normal test, coming back and showing a doji at the 18 day EMA. There is nothing to suggest that bonds are about to roll over. There is a very strong trendline in place off the late March and April low, and that is still very much intact. There a double layer of support where this crosses with a gap point on the bond as well. Therefore, I do not think the bond is ready to break. That indicates there is still something amiss either with the US economy, foreign economies, or both.
http://investmenthouse.com/ihmedia/tlt.jpeg
Gold. Gold struggled a bit as well. It has been struggling the past two weeks, and the ECB comments from Trichet did not help gold. If Europe will not print more money, then there is less pressure for inflation to surge after the drop in the economies hits bottom and they start to gain traction. That is when you would expect inflation to surge because all we have is demand now. There has not been a lot of investment on the supply side. Demand would outstrip supply and inflation would surge. With the ECB trying to hold the line, that mitigates the inflation perception, and thus gold lost some ground ($1,199.20, +0.30). It closed basically flat, unable to make the move higher; technically that is important. It broke this trendline coming off the March lows. It kissed at it, it has tried to move up, and now it is working laterally and slightly lower. It could easily break here and run back down to the prior peaks. The January 2010 and April and late March 2010 peaks would be the logical point to test. That would bring gold down near $1,165 after closing just below $1,200.
http://investmenthouse.com/ihmedia/xgld.jpeg
Oil. Oil is making a comeback from its recent dive lower. It broke its short-term trendline and is back kissing that level after two solid upside days. There was a large decline in oil inventories, and they fell more than expected at 4.6M barrels. That boosted the price of oil ($75.90, +1.83). It was a strong move by oil back up in its range, but it is at this trendline. It is also at the lows where it bounced to the upside on its last move. The entire area up to the bottom of the March consolidation is going to be a very choppy level for oil to try to break through. There is plenty of resistance there, and we will see what happens. It is kissing the trendline now, and if it breaks through it has a chance to run back up to the March lows. Right now oil is finding some traction thanks to comments out of the ECB and the perception that Europe is not as weak as it was. That is helping it, but it is not enough thus far to break it into the upper third or quarter of its trading range.
http://investmenthouse.com/ihmedia/xoil.jpeg
TECHNICAL PICTURE
INTERNALS
Volume. Volume was down, dropping 4.5% on NASDAQ to 2B shares. It was also down on the NYSE, dropping 13% to 1.1B shares. That puts volume even further below average and showing that this move had no real punch behind it. Not surprising. You would not expect an oversold bounce to have a lot of momentum, and thus I am not counting the individual trades. I would like to see more upside thrust to give the move more strength. The indices are at their first threshold on this bounce, and a little volume would have helped. It is not there, so we cannot worry about that; it will not change anything. We just have to take the appropriate action if necessary.
Breadth. The advance/decline line was a decent 2.3:1 on NASDAQ and a rather decent 3:1 on the NYSE. I say "decent" simply because when the indices have moved definitively up or down, they have tended to move with very lopsided breadth. It was somewhat lopsided, but rather calm overall. Looking at the intraday action, the market started higher, traded laterally, and then had to rally late to notch gains on the NASDAQ. You can understand why breadth was not running away to the upside.
CHARTS
SP500. Another day to the upside with a gap. Again it traded higher, came back, and then moved higher once more to close near the session high and making it look like a strong session overall. Lighter volume belies some of the price action, but again this is an oversold bounce off an undercut of support. It has recaptured the 2010 lows, so we are now watching to see how far the bounce can travel. It has reached its first test on the move after breaking through those 2010 lows, coming up to prior resistance points including the May 6th flash crash low. There are several points on this line where it has bumped resistance. As little as two weeks ago, it tried to hold before it fell through. It bounced off this level in May and back in late January of 2010 on its way down to the February low. The first test may have a bit of trouble moving through here initially. This bounce will not be a straight shot; it will probably be in fits and starts. It will run and stall and it will frustrate investors as it tries to make its way back toward the June peak. That is what I am looking for out of this move at first. It could stall right here and roll over. If it did that, it would make the false breakdown more of a reality breakdown I suppose. I think there are plenty of oversold conditions still to push it higher. Pessimism among investors remains very strong even with the bounce higher.
NASDAQ. The NASDAQ is also at its first threshold level after recovering the 2010 lows. Maybe it was a false breakdown as well, as the Wednesday surge took it back through those levels and it gapped higher on Thursday. It sold off intraday to negative but managed to rebound. That leaves it at the June gapdown point. There is a gap here, and it will bump into it and there will be resistance. This also is a gap point from February where NASDAQ gapped to the upside. There is definite resistance here and, lo and behold, this is where it flash crashed on May 6th. It was the intraday low where it tapped and reversed, and there is plenty of resistance here as well. That makes it the first real tough test for NASDAQ on this move, and it comes only two days into the move. Will it go higher? It remains to be seen, but there is plenty of pessimism to drive it up and at least fill the gap. Frankly, I am looking for it to do more than that -- I want it to come up into this range of peaks from late May and early June. That would coincide with the January 2010 peak.
SP600. The SP600 was the best mover on the session with a 1.46% gain. It gapped higher as well, and it actually made a relatively important move on Thursday after being unable to make the same kind of move the large cap indices made on Wednesday. It broke through the June low, one of the May lows, and the February lateral consolidation. Its resistance will be at the January peak and up into the June peak. I am looking at that as the point where all of the indices will run into a bit of trouble. They have to move through this next resistance level they are butting up against to prove they have a bit more juice than just this modest bounce. If they fail here, that is a negative indication for the market and it is a vote of no confidence for the economy moving into late summer and early fall.
SOX. The SOX closed modestly lower on the session. It was a leader on Wednesday and is in no real trouble. It moved over the 200 day EMA, and it is right in the middle of its trading range after bouncing off these lows for the fourth time. I am not going to say too much about the SOX. It did what I thought it would do, and I think it still has more upside to take it higher.
LEADERSHIP
Financial. JPM was up sharply on Wednesday. It gapped higher on Thursday, though it had a difficult time holding the move -- indeed, it gave it all back by close. It did manage to rally up off the low. It has recovered an important level. It could be a false breakdown, and we will see if it can continue to move to the upside. As with the indices, it is at an important level of prior resistance ranges, but it can still make the move higher. GS was higher Wednesday, gapped higher Thursday, and came back to flat. It is still in a good position to move higher ahead of its earnings report that is out next week.
Technology. FFIV was very strong on Wednesday. It was up on Thursday, but it was a modest gain. That is totally expected after such a strong move the prior session. It is a bit of softness that frustrates the buyers. They were looking for a follow through of the Wednesday action. After you have such a huge rush to the upside, the buyers will have trouble keeping the momentum going because is there so much indecision. I expect this move to frustrate a lot of investors. It bursts higher, and then it looks like it will stall. When it is about to turn back over, then it moves back up. FFIV is not in any trouble. I am not worried about it because it is doing exactly what I expect it to do. AKAM is the same type of situation. Big move on Wednesday, moving on Thursday, but it could not hold the move. It will frustrate investors, but I still think it will move higher toward the June peaks.
Industrial. CAT was up again on Thursday, but not as big as it was on Wednesday. A gap over the 50 day EMA that tested it intraday, filled that gap, and moved back up. CAT is looking solid, and I am happy to be in that position.
Retail. Retail had a very mixed day. NFLX had a big day on Wednesday and was soft on Thursday. That is normal. We may get a pullback to the 10 day EMA and 18 day EMA around 114. That gives an opportunity to step in when it bounces up off of that level. PCLN had a big day; it gapped higher and moved up to the top of its range. It even tried to break through the top of its range. It is right at the 50 day EMA, and we will see if it can continue to the upside. Not all the retailers had such great days. Same store sales for TJX were not as great as people thought they would be. They were not bad and it actually upped its guidance, but it just did not up them that much. People were somewhat disappointed. We will see if it recovers and if it can give a bounce back up above its support level after one day outside of it. Other good stocks had trouble. ARO sold off hard on its same store sales, but not all were negative. TSCO upped its guidance big from 1.71 up to 2.03. Strong move, but it did have trouble holding onto all of it. JCP used to be a darling in retail and was a big leader, but it suffered a downtrend since mid Q1. It reported much better than expected results and gapped to the upside. There is some positive movement, but you would not exactly jump into JCP simply because it was up. It did not break its downtrend, and there are better fish to fry in the market right now. Retail had a strong run, it sold off, and now we will see if it can finish the base and continue to move higher.
THE ECONOMY
Jobless claims fall to 454K but auto plants are the likely reason.
Same Store Sales mixed but show a slight improvement.
Consumer Credit falls off a cliff at -$9.1B.
TO VIEW THE ECONOMY VIDEO CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/Economy.wmv
THE MARKET
MARKET SENTIMENT
VIX. There has been a change in sentiment to the negative. The AAII is a private investment group in the US of individual investors, and it is at one of the most bearish levels it has ever been. 57% are bearish, while 21% are bullish. Looking at the VIX, the fear level is not high. It does not reflect all of the bearishness, but it reflected it back in the prior spike. Now as the market sold off to new lows, the volatility didn't reach new highs and is now fading back as the market rallies. There is a support level. It bounced out of the 200 day EMA before, and we could see the market stall here. Remember, I said this would frustrate investors. They are very bearish. There is not much more negative attitude that can permeate the market, but we could see them get frustrated and watch volatility spike a bit. I expect it to stop that spike relatively quickly as the market continues upside because there are so many bears versus bulls. That is usually a good indication for a short-term rally at least. We have the start of that, and I don't think it will be just a two-day blip. I think it will be about a week to the upside.
VIX: 25.71; -1.13
VXN: 27.05; -1.01
VXO: 24.76; -1.57
Put/Call Ratio (CBOE): 0.81; -0.06
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: 41.1% for the second straight week as bulls became pensive. They rise as the market peaked on this last selloff and held steady as the selloff raged. Talk about an inverse relationship. Fell from 43.8%, 47.2%, and 56.0% before that. This move started at a low of 35.6% in February, the lowest it has been since July 2009. 35% is the threshold level suggesting bullishness. After peaking at 53 on this move the bulls lost some nerve, falling to a new low post- 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. 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.
Bears: 33.3%. Unlike bulls, bears rose as some investors became more bearish during the market selling. Makes sense and now it is approaching the 35% level that is considered market bullish. Solid rise from the mid to upper 20's. Fell to 18.7% on the low. Hit a high of 27.8% level on the prior leg in February. Over 35% is considered bullish for the market; definitely at the lower end of the scale. 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: +15.93 points (+0.74%) to close at 2175.4
Volume: 2.003B (-4.51%)
Up Volume: 1.429B (-523.58M)
Down Volume: 572.169M (+347.715M)
A/D and Hi/Lo: Advancers led 2.32 to 1
Previous Session: Advancers led 3.44 to 1
New Highs: 19 (+3)
New Lows: 45 (-86)
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: +9.98 points (+0.94%) to close at 1070.25
NYSE Volume: 1.167B (-12.81%)
Up Volume: 942.216M (-332.667M)
Down Volume: 214.6M (+154.238M)
A/D and Hi/Lo: Advancers led 3.1 to 1
Previous Session: Advancers led 5.3 to 1
New Highs: 126 (+24)
New Lows: 40 (-45)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Stats: +120.71 points (+1.2%) to close at 10138.99
Volume DJ30: 192M shares Thursday versus 220M shares Wednesday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
FRIDAY
Friday there is not a lot of scheduled economic activity. The wholesale inventories report is out, and that will give insight as to whether inventories are building up. Mr. Fisher said on Tuesday that the inventory rebuild is over and now the economy is looking for other areas to take it higher. That is why we are seeing the soft patch with respect to economic data, and it makes some sense. A Fed official making sense? Write that one down.
There are other important aspects ongoing that are leading to this relief bounce we are riding higher. Number one, it is earnings season. Next week we start with AA and the usual group of early suspects as they announce their earnings. The market has sold off a big chunk since April and again since mid June. Given that selloff with earnings coming, it is typical to see a pre-earnings rally. We could even see stocks continue higher with the first round of earnings given that the market has been so roughed up moving into those numbers. Thus, while we may see near term struggles with the market to move higher given the strong two-day surge, after a day or two sideways I anticipate a further move up into earnings. That tips the hand with what I am expecting on Friday: more of a blah, nondescript session where the market does not make too much upside. It may still post upside gains because the market has sold off so hard, and there is a weekend coming. There will be some shorts that want to button up positions ahead of two days without the ability to trade.
I still do not expect too much of a move to the upside given that this is the first real challenge for this oversold bounce, with other points on SP500 and that gap on NASDAQ it has to deal with on the next move. I think it will be able to handle that, but it may need to slide sideways and slightly lower before it punches up through the gapdown point and rallies back up to (or toward) the June peak. Certainly that negative sentiment that a lot of the individual investors are showing will not hurt. Then again, a lot of individual investors are not in the market right now. It is amazing how many people have given up on the market and forsaken gains we saw off the March 2009 lows. They think they cannot win after getting burned again, and they are out of the action. It is too bad because stocks still set up the same way and still make the same moves they have always made. No matter if you have the computers doing the trading or individuals doing it -- all computer programs are written by humans, and they all react the way humans would react. They just do it a bit quicker. We can take advantage of that and have been doing so.
What I am looking for now is a continued move to the upside. We took a lot of good positions on the initial hold and bounce, and now what we would look for is a pullback in some of those that got away from us. Maybe NFLX that surged higher and is now making a test; that is one that can come back and give us the buy point I was talking about in the leadership section. We look for pullbacks from strong stocks at this point that have made a good initial surge and are taking a breather. We can ride those as vehicles higher and make money off of them as the rally continues.
While we will not chase many new positions, there are key stocks that I would like to get some more of. If they give the opportunity to move in, I want to take advantage of that. The point is not to get frustrated. A lot of people will get frustrated with this rally. I think it is going to bump its head into resistance and stall. It might go up a bit on Friday, but I think it will stall in the next two to three sessions. People will think the rally has failed. That is when I anticipate getting the follow through move back up to fill this gap and punch higher toward the 200 day EMA (and even up toward the June peak). The market is tremendously oversold, and there is a lot of negative sentiment that can drive it to that point.
After that, does it go any higher? I will hazard a guess and say I do not think there is enough in it right now to do that. I think there has to be a lot more basing. That doesn't mean we cannot take advantage of it, ride the move to the upside, and make some gain. We already took some on Thursday, and we will be taking more if it gets up to the 200 day EMA or up to that January peak. That would be a quite sizable oversold bounce to take advantage of. We are doing that, and when we get there we will definitely bank a lot of gain. If the market continues higher from there, we will still have some in our back pocket to the upside that will make us some money. If it doesn't, we will close it out, play what we can on the downside, and move from there. If it rolls over from there, we will be closing positions and looking to play the downside. We still have some of those in our hip pocket ready to move in if the market stalls out. Have an excellent evening.
Support and Resistance
NASDAQ: Closed at 2175.40
Resistance:
2177 is a low from March 2008
2184 is the June gap bottom side.
2185 to 2195 represent support points for years: December 2004 peak, July to October 2005 consolidation, January, March and July 2008 lows, and October 2009 peak.
2205 is the November 2009 peak 2210 (from September 2008) to 2212 (the July 2009 closing low)
2221 is the gap down up side point from June.
2245 from July 2008 through 2260 from late 2005.
The 200 day SMA at 2253
The 50 day EMA at 2253
2275 - 2278 from the February 2008 and April 2008 lows
2273 to 2282 marks bottom of January 2010 lateral peak
2292 is a low from January 2008
2319 from the September 2008 peak
2320 to 2326.28 is the January 2010 high
2324-2370 is a range of resistance from early 2008
2382-2395 from 2008
Support:
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
2100 is the February 2010 low
2024 from November 2009
2020 to 2005 from the Q4 2009 peaks
S&P 500: Closed at 1070.25
Resistance:
1070 is the late September 2009 peak as well as several other peaks and valleys even in 2010
1078 is the October range low
1084 to 1080 (September 2009 peak)
The 50 day EMA at 1095
1101 is the October 2009 high and the recent May and June 2010 interim peaks
1106 is the September 2008 low
The 200 day SMA at 1112
1114 is the November 2009 peak
1119 is the early December intraday high
Bottom of the January 2010 consolidation 1131 to 1136
1133 from a September 2008 intraday low
1151 is the January 2010 peak
1156 is the Sept 2008 low
1170 is the prior March 2010 high
1174 is the May 2010 high
1181 is the April selloff low
1185 from late September 2008
Support:
1044 is the October 2008 intraday high AND the February 2010 low
1040 is the May 2010 low
1020 is the bottom of the late summer 2009 consolidation
946 from June 2009
Dow: Closed at 10,138.99
Resistance:
10,260 from the May and June 2010 interim peaks
The 50 day EMA at 10,263
10,285 is the late December consolidation peak
The 200 day SMA at 10,363
10,365 is the late September 2008 low
10,496 is the November 2009 high
10,594 is the June 2010 peak
10,609 from the Mid-September 2008 interim low
10,730 is the January 2010 peak
10,920 is the recent May high
10,963 is the July 2008 low
11,100 from the 7-08 low
11,205 is the April closing high
11,734 from 11-98 peak
Support:
10,120 is the October 2009 peak
9829 is the September 2008 closing high
9918 is the September 2008 peak
9855 is the early September peak in its lateral range
9835 is the late September 2009 peak AND the February 2010 low
9774 is the May 2010 intraday low
9325 is a late 2008 interim peak
9034 from early 2009 peaks
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
July 06 - Tuesday
ISM Services, June (10:00): 53.8 actual versus 55.0 expected, 55.4 prior
July 07 - Wednesday
July 08 - Thursday
Continuing Claims, 06/26 (08:30): 4413K actual versus 4600K expected, 4637K prior (revised from 4616K)
Initial Claims, 07/03 (08:30): 454K actual versus 460K expected, 475K prior (revised from 472K)
Crude Inventories, 07/03 (11:00): -4.96M actual versus -2.01M prior
Consumer Credit, May (15:00): -$9.1B actual versus -$3.0B expected, -$14.9B prior (revised from $1.0B)
July 09 - Friday
Wholesale Inventories, May (10:00): 0.4% expected, 0.4% prior
End part 1 of 3
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