Sunday, July 10, 2011

Market Read 071111-071511

Bullish case:

- Still no real selling on Friday and volume wasn't OMG
- Buying at the close on Friday
- Indexes held the 5 EMA
- Dollar still weak being held below the 100 SMA
- VIX did not spike up on Friday but held 15.50
- Copper did not break down.
- Momo leaders like AAPL AMZN WYNN LVS POT CF had relatively strong Fridays

Bearish case:

- UST's (Long Bond) had a huge Friday
- Consumer Staples (XLP), Utilities (XLU) and Health Care (XLV) were the strongest sectors on Friday confirming risk aversion
- We're at the top end of the range indicative of a out of balance market profile unless buyers have enough force to break out
-Possible bear flags in SPY QQQ IWM

Weekend news

Debt deal breakdown

China import growth slows in June breaking trend

China inflation still surging

EU emergency meeting regarding Italy

This week's finviz calendar


2 minute


2 minute


2 minute

Dollar (USDX)

Copper (HG_F)

Long Bond (ZB_F)

Crude (XOIL)

Gold (XGLD)

Silver (XSLV)

Crude VIX


McClellan Oscillator


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