Thursday, July 14, 2011

Market Recap 071411

Bullish case:

- We tagged 20 SMA on SPY and held while QQQ is still above it's 50 SMA and IWM is still above 20 & 50 SMA
- Unemployment initial claims were down (still above 400k)
- GOOG smashed earnings after the close so if it sticks we could see some Nasdaq strength
- Long bond 127 resistance held and is now backing off
- Copper still flagging
- Another ugly day for the dollar (still above 100 SMA)
- AAPL continues to show relative strength (above it's 5 EMA)
- Endless QE speculation

Bearish case:

- Still feels like a lack of buying rather than panic selling
- Unemployment revisions were ugly
- Dollar above 100 SMA but still under 77
- VIX above 20
- Utilities, Health Care and Consumer Staples were the strongest sectors today reflecting risk aversion
- Endless NO QE rumors

For Tomorrow we have:

- President Obama is having a press conference at 11 AM EST

- Citigroup earnings pre-market

This week's finviz calendar

Economic Calendar
Fri Jul 15ReleaseImpactForActualExpectedPrior
8:30 AMCPIJun--0.1%0.2%
8:30 AMCore CPIJun-0.2%0.3%
8:30 AMEmpire ManufacturingJul-1.0-7.8
9:15 AMIndustrial ProductionJun-0.2%0.1%
9:15 AMCapacity UtilizationJun-76.8%76.7%
9:55 AMMich SentimentJul-71.471.5




Dollar (USDX)

Copper (HG_F)

Long Bond (ZB_F)

Crude (XOIL)

Gold (XGLD)

Silver (XSLV)



McClellan Oscillator


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