Top Day Market News
5.10.12
Cisco was a miss after the close yesterday and traded some 8% lower. An over-reaction. Made for a good teaching point: don’t sell into holes.
Overnight, BOE keeps rates unchanged and backs away from further quantitative easing citing inflationary pressures.
Initial claims out at 8:30 as is the Balance of Trade.
I like the chart below. It’s a spread between the NASDAQ and the es. Really bad news in the air but we are working on the fourth consecutive day of price rejections.
Week of May 07 - May 11
| Date | ET | Release | For | Actual | Briefing.com Briefing.com | Prior | Revised | |
| Forecast | Consensus | From | ||||||
| May | 15:00 | Consumer Credit | Mar | $10.0B | $11.0B | $8.7B | ||
| 07 | ||||||||
| May | 07:00 | MBA Mortgage Index | 05/05 | NA | NA | 0.9% | ||
| 09 | ||||||||
| May | 10:00 | Wholesale | Mar | 0.6% | 0.6% | 0.9% | ||
| 09 | Inventories | |||||||
| May | 10:30 | Crude Inventories | 05/05 | NA | NA | 2.840M | ||
| 09 | ||||||||
| May | 08:30 | Initial Claims | 05/05 | 365K | 365K | 365K | ||
| 10 | ||||||||
| May | 08:30 | Continuing Claims | 04/28 | 3300K | 3288K | 3276K | ||
| 10 | ||||||||
| May | 08:30 | Trade Balance | Mar | -$49.5B | -$49.9B | - | ||
| 10 | $46.0B | |||||||
| May | 08:30 | Export Prices ex-ag. | Apr | NA | NA | 0.5% | ||
| 10 | ||||||||
| May | 08:30 | Import Prices ex-oil | Apr | NA | NA | 0.5% | ||
| 10 | ||||||||
| May | 14:00 | Treasury Budget | Apr | NA | NA | - | ||
| 10 | $40.4B | |||||||
| May | 08:30 | PPI | Apr | 0.1% | 0.0% | 0.0% | ||
| 11 | ||||||||
| May | 08:30 | Core PPI | Apr | 0.2% | 0.2% | 0.3% | ||
| 11 | ||||||||
| May | 09:55 | Mich Sentiment | May | 75.0 | 76.2 | 76.4 | ||
| 11 | ||||||||
MARKET PLACE
Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.
Legend
U is Up
D is Down
PRD is Potential Reversal Day
S2 is Weekly strong support
S1 is Weekly good support
DS is Daily Support
DR is Daily Resistance
R1 is Weekly Good Resistance
R2 is Weekly Strong Resistance
Levels are for the most active futures contract
| Daily Support and Resistance | |||||||
| Trend | WS2 | WS1 | DS | DR | WR1 | WR2 | |
| June | D | 1328.50 | 1347.00 | 1339 | 1371 | 1395.0 | 1428.50 |
| ES | 0 | ||||||
| June | PRD(D) | 2540.50 | 2597.50 | 2591 | 2659 | 2710.0 | 2795.00 |
| Nasda | |||||||
| q | |||||||
| June | PRD(U) | 123.46 | 124.35 | 129.13 | 129.95 | 125.87 | 126.50 |
| Yen | |||||||
| June | D | 129.47 | 130.18 | 129.04 | 130.00 | 132.23 | 133.57 |
| EC | |||||||
| June | U | 131.17 | 132.03 | 132.18 | 133.05 | 132.03 | 133.07 |
| 10 | |||||||
| Year | |||||||
| June | U | 141.09 | 142.16 | 143.18 | 145.03 | 144.11 | 144.31 |
| 30 | |||||||
| Year | |||||||
| July | D | 14.28 | 14.53 | 14.15 | 14.56 | 15.07 | 15.37 |
| Soybea | |||||||
| ns | |||||||
| July | U | 5.88 | 6.04 | 5.94 | 6.18 | 6.35 | 6.50 |
| Corn | |||||||
| June | D | 1601.9 | 1622.5 | 1579.4 | 1607 | 1668.0 | 1692.9 |
| Gold | 0 | ||||||
| July | D | 28.85 | 29.58 | 28.73 | 30.03 | 31.25 | 32.18 |
| Silver | |||||||
| July | D | 360 | 366 | 361 | 373 | 382 | 392 |
| Coppe | |||||||
| r | |||||||
| July | D | 92.36 | 95.70 | 95.87 | 99.00 | 104.50 | 110.10 |
| Crude | |||||||
