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

http://finviz.com/screener.ashx?v=161&f=earningsdate_tomorrow&o=-marketcap

This week's finviz calendar

http://finviz.com/calendar.ashx

Economic Calendar

Wed Jul 20		Release	Impact	For	Actual	Expected	Prior
7:00 AM		MBA Mortgage Index		07/16	15.5%	NA	-5.1%
10:00 AM		Existing Home Sales		Jun	4.77M	4.93M	4.81M
10:30 AM		Crude Inventories		07/16	-3.727M	NA	-3.124M

Thu Jul 21		Release	Impact	For	Actual	Expected	Prior
8:30 AM		Initial Claims		07/16	-	411K	405K
8:30 AM		Continuing Claims		07/9	-	3700K	3727K
10:00 AM		Philadelphia Fed		Jul	-	0.0	-7.70
10:00 AM		Leading Indicators		Jun	-	0.3%	0.8%
10:00 AM		FHFA Housing Price Index		May	-	NA	0.8%

SPY

QQQ

IWM

Dollar

Copper (HG_F)

Long Bond (ZB_F)

Crude

Gold

Silver

VIX

McClellan Oscillator

JNK v. LQD

Shanghai