Bullish case:
- We're still above 50% Fib
- Momo leaders holding up well (AAPL, AMZN, GOOG, NFLX, CMG, WYNN, FCX)
- Crude headed to 100/102
- Copper still flagging
- Ugly candle in the dollar (interesting divergence in dollar/equity correlation)
Bearish case:
- Ugly selling at the close with lots of stocks ending the day at the lows
- Ugly candles today lots of inverted hammers
- UST's (Long Bond) continue to rip but approaching top of range (breakout)
- Dollar above 100 SMA but still under 77
- VIX approaching 20 and SPY ATR holding higher *especially if you factor in the P/M action
- Utilities, Health Care and Consumer Staples were the strongest sectors today reflecting risk aversion
This week's finviz calendar
Economic Calendar
| Wed Jul 13 |  | Release | Impact | For | Actual | Expected | Prior | |
| 7:00 AM | | MBA Mortgage Index |  | 07/09 | - | NA | -5.2% | |
| 8:30 AM | | Export Prices ex-ag. |  | Jun | - | NA | 0.5% | |
| 8:30 AM | | Import Prices ex-oil | | Jun | - | NA | 0.4% | |
| 10:30 AM | | Crude Inventories | | 07/09 | - | NA | -0.889M | |
| 2:00 PM | | Treasury Budget | | Jun | - | -$45.0B | -$68.4B | |
SPY
2 minute
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
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