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

http://finviz.com/calendar.ashx

Economic Calendar

Fri Jul 15		Release	Impact	For	Actual	Expected	Prior
8:30 AM		CPI		Jun	-	-0.1%	0.2%
8:30 AM		Core CPI		Jun	-	0.2%	0.3%
8:30 AM		Empire Manufacturing		Jul	-	1.0	-7.8
9:15 AM		Industrial Production		Jun	-	0.2%	0.1%
9:15 AM		Capacity Utilization		Jun	-	76.8%	76.7%
9:55 AM		Mich Sentiment		Jul	-	71.4	71.5

SPY

QQQ

IWM

Dollar (USDX)

Copper (HG_F)

Long Bond (ZB_F)

Crude (XOIL)

Gold (XGLD)

Silver (XSLV)

VIX

ATR (SPY)

McClellan Oscillator

JNK v. LQD