Gotta luv the summer one side intraday action. We're either gapping and then up trending or down trending reflecting a lack of balance between participants (bulls and bears) or "bipolar" tape.
Bullish case:
- Selling was still light the horizontal downtrend felt due mostly to lack of buying- Indexes held the 5 EMA
- Tech and small caps held up relatively strong with tech still managing to stay above it's 8 EMA
- Crude held 95
- Copper still flagging
- McClellan Oscillator moved out of overbot territory
Bearish case:
- UST's (Long Bond) continue to rip but approaching top of range (breakout)
- Dollar above 100 SMA but still under 77
- VIX above 18
- Consumer Staples, Utilities and Health Care were the strongest sectors today reflecting risk aversion
- ATR (SPY) is moving back up
This week's finviz calendar
Economic Calendar
| Tue Jul 12 |  | Release | Impact | For | Actual | Expected | Prior | |
| 8:30 AM | | Trade Balance |  | May | - | -$44.0B | -$43.7B | |
| 2:00 PM | | FOMC Minutes |  | Jun 22 | |
SPY
QQQ
IWM
Dollar (USDX)
Copper (HG_F)
Long Bond (ZB_F)
Crude (XOIL)
VIX
ATR (SPY)
McClellan Oscillator
JNK v. LQD
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