Tuesday, July 12, 2011

Market Recap 071211

Bullish case:

- We're still above 50% Fib
- Momo leaders holding up well (AAPL, AMZN, GOOG, NFLX, CMG, WYNN, FCX)
- Crude headed to 100/102
- Copper still flagging
- Ugly candle in the dollar (interesting divergence in dollar/equity correlation)

Bearish case:

- Ugly selling at the close with lots of stocks ending the day at the lows
- Ugly candles today lots of inverted hammers
- UST's (Long Bond) continue to rip but approaching top of range (breakout)
- Dollar above 100 SMA but still under 77
- VIX approaching 20 and SPY ATR holding higher *especially if you factor in the P/M action
- Utilities, Health Care and Consumer Staples were the strongest sectors today reflecting risk aversion

This week's finviz calendar

Economic Calendar

Wed Jul 13ReleaseImpactForActualExpectedPrior
7:00 AMMBA Mortgage Index07/09-NA-5.2%
8:30 AMExport Prices ex-ag.Jun-NA0.5%
8:30 AMImport Prices ex-oilJun-NA0.4%
10:30 AMCrude Inventories07/09-NA-0.889M
2:00 PMTreasury BudgetJun--$45.0B-$68.4B


2 minute



Dollar (USDX)

Copper (HG_F)

Long Bond (ZB_F)

Crude (XOIL)

Gold (XGLD)

Silver (XSLV)



McClellan Oscillator


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