Monday, July 11, 2011

Market Recap 071111 "Summertime"

Gotta luv the summer one side intraday action. We're either gapping and then up trending or down trending reflecting a lack of balance between participants (bulls and bears) or "bipolar" tape.

Bullish case:

- Selling was still light the horizontal downtrend felt due mostly to lack of buying- Indexes held the 5 EMA
- Tech and small caps held up relatively strong with tech still managing to stay above it's 8 EMA
- Crude held 95
- Copper still flagging
- McClellan Oscillator moved out of overbot territory

Bearish case:

- UST's (Long Bond) continue to rip but approaching top of range (breakout)
- Dollar above 100 SMA but still under 77
- VIX above 18
- Consumer Staples, Utilities and Health Care were the strongest sectors today reflecting risk aversion
- ATR (SPY) is moving back up

This week's finviz calendar

Economic Calendar

Tue Jul 12ReleaseImpactForActualExpectedPrior
8:30 AMTrade BalanceMay--$44.0B-$43.7B
2:00 PMFOMC MinutesJun 22



Dollar (USDX)

Copper (HG_F)

Long Bond (ZB_F)

Crude (XOIL)



McClellan Oscillator


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