Tuesday, July 19, 2011

Market Recap 071911

Bullish case:

- Tech leading relative strength (almost back to top of range)
- AAPL beat earnings
- Copper still flagging/dripping higher
- Dollar cannot break out of ascending triangle until US can get a credible debt deal done
- Homebuilders, Tech, Energy were the leading sectors (more risk)
- JNK v. LQD is making a series of higher lows
- VIX below 20
- Endless QE speculation

Bearish case:

- IWM is lagging (below 20 & 50 SMA)
- Long Bond back at top of range
- lower volume on today's move *but that doesn't mean we don't have chasers & enough short fuel to rocket higher
- EU mess
- Endless NO QE rumors

For Tomorrow we have:

Tomorrow's earnings schedule

This week's finviz calendar

Economic Calendar

Tue Jul 19ReleaseImpactForActualExpectedPrior
8:30 AMHousing StartsJun629K570K549K
8:30 AMBuilding PermitsJun624K609K609K

Wed Jul 20ReleaseImpactForActualExpectedPrior
7:00 AMMBA Mortgage Purchase Index07/16-NA-5.1%
10:00 AMExisting Home SalesJun-4.93M4.81M
10:30 AMCrude Inventories07/16-NA-3.124M



Dollar (USDX)

Copper (CL_F)

Long Bond (ZB_F)

Crude (XOIL)

Gold (XGLD)

Silver (XSLV)


McClellan Oscillator



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