Wednesday, July 20, 2011

Market Recap 072011

Bullish case:

- Tech leading relative strength (almost back to top of range)
- Copper still flagging/dripping higher
- Dollar cannot break out of ascending triangle until US can get a credible debt deal done (market should remain strong until dollar gets above 77 and runs.
- Financials were today's 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)
- Starting to see selling on news earnings color
- 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

Wed Jul 20ReleaseImpactForActualExpectedPrior
7:00 AMMBA Mortgage Index07/1615.5%NA-5.1%
10:00 AMExisting Home SalesJun4.77M4.93M4.81M
10:30 AMCrude Inventories07/16-3.727MNA-3.124M

Thu Jul 21ReleaseImpactForActualExpectedPrior
8:30 AMInitial Claims07/16-411K405K
8:30 AMContinuing Claims07/9-3700K3727K
10:00 AMPhiladelphia FedJul-0.0-7.70
10:00 AMLeading IndicatorsJun-0.3%0.8%
10:00 AMFHFA Housing Price IndexMay-NA0.8%

SPY



QQQ



IWM



Dollar


Copper (HG_F)


Long Bond (ZB_F)


Crude


Gold


Silver


VIX


McClellan Oscillator


JNK v. LQD


Shanghai 


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
SPY




QQQ



IWM



Dollar (USDX)


Copper (CL_F)


Long Bond (ZB_F)


Crude (XOIL)


Gold (XGLD)


Silver (XSLV)


VIX


McClellan Oscillator


JNK v. LQD


SSEC