Monday, July 18, 2011

Market Recap 071811

Bullish case:

- Tech relative strength (still above 20 & 50 SMA)
- Some bullish candles
- WYNN, IBM & MOS beat earnings
- Long bond 127 resistance held and is now backing off
- Copper still flagging
- Another dollar fade day (probably can't get up until a credible deficit plan is passed)
- AAPL breakout to all time highs (above it's 5 EMA)
- Energy was strong today
- JNK v. LQD is making a series of higher lows
- Gold and silver breakouts
- Endless QE speculation

Bearish case:

- IWM is lagging (below 20 & 50 SMA)
- EU mess
- 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:

- Bank earnings P/M (GS BAC WFC)

This week's finviz calendar

Economic Calendar

Tue Jul 19ReleaseImpactForActualExpectedPrior
8:30 AMHousing StartsJun-570K560K
8:30 AMBuilding PermitsJun-609K609K


30 minute


30 minute


30 minute

Dollar (DXY0)

Copper (HG_F)

Long Bond (ZB_F)

Crude (XOIL)

Gold (XGLD)

Silver (XSLV)


McClellan Oscillator


Shanghai Se Composite


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