Morning Update: 7/10/2012

The stock market indices started off on a weak note, and came straight off of an early little top to test the lows. They bounced again, and then backed off one more time, with the S&P 500 making lower lows, but the Nasdaq 100 not following through. That sparked a midafternoon rally, but then they rolled over hard in late afternoon, once again holding support, and bouncing back into the close.  The stock market indices had a very difficult session, especially at the get-go when foreign news caused the markets to…

Net of the day, the Dow was down 36.03 at 12,736.44, about 50 points off its low, the S&P 500 was down only 2.22 at 1352.46, only 6 points off its low, and the Nasdaq 100 which did not manage to get into the plus column, was down 1.98 at 2210.31, about 13 points off the low.

Advance-declines were about 340 issues lower on the New York Stock Exchange, much improved in the last hour, and about 14 to 10 negative on Nasdaq. Up/down volume was 2 to 1 negative on New York, with total volume of 600 million shares. Nasdaq traded 1.4 billion, and had about an 8 to 5 negative plurality.

Stepping back and reviewing the hourly chart patterns, the indices came down hard in the morning, held support, bounced three times, held support again, and then rally toward the end of the day, but closed negative on the session to start the week. However, the overall key support near 2598 – 2600 zone held on the NDX, and 1347-8 on the S&P 500 also held.

Those will be key areas to watch for tomorrow.

07:30 NFIB Small Business Optimism, est. 93.5, prior 94.4
10:00 IBD/TIPP Economic Optimism, est. 46.5, prior 46.7
10:00 JOLTS Job Openings, prior 3416
2:00 CNY Trade Balance, est. $21.50 B, prior $18.7 B
5:00 JPY Consumer Confidence, prior 40.7
8:30 GBP Industrial Production, est. -2.2%, prior -1.0%
14:00 GBP NIESR Gross Domestic Product Estimate, prior 0.1%

Shaw Group (SHAW) EPS 58, revs $1.49 B

No major events. 

There were no important economic releases on Monday and there will be none on Tuesday.


Instrument Strategy Market pos. Quantity Entry price Exit price Profit
CL 08-12 Custom Long 1 85.52 86.45 925.5



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