Market Wrap – July 1, 2009
Thursday Schedule
7:45am ECB rate decision
8:30am June Nonfarm Payrolls (last -345K), Unemployment Rate (last 9.4%), Manufacturing Payrolls (last -156K), Average Hourly Earnings (last m/m 0.1%, y/y 3.1%), May Factory Orders (last 0.7%), Initial Jobless Claims (last 627K), Continuing Claims (last 6.738M)
10:00am May Factory Orders (last 0.7%)
10:30am Natural Gas Inventories
11:00am Treasury note announcements
Haven’t seen the video yet.
But I have covered my longs & built good short positions yesterday. Like I have posted in the past, I wanted to wait for a nice double top (not intraday, not intraweek). Added AAPL, GS, MOT. Not yet an aggressive bear. I would like to see the recent bottom to be broken (ex: 136 on AAPL) to add more shorts. All the entries have strict SLs of the highs made so far.
Still feel that we are in a sideways market for sometime. Good to play for small swings.
Correction – Still holding some longs like AIB.
Chuck:
There seems to be so many dynamics coming together in these different charts that you showed tonite(VIX,SLV,GLD,PHLX and the Dollar Index). I really appreciate you covering them all together! It is very interesting how Gold/Silver had been running in lock step with PHLX for quite awhile until early Feb. 09 whereas PHLX has gradually gapped above the metals and has widened to about 30% above lately, ever so slightly for these past five months.
From this, but not only this I would have to agree the semiconductors look like they are on the way down or are over-extended.
This might conflict with the idea of the dollar getting into the low 70,s. Don’t you think if the dollar gets down there the metals will go ballistic?
Glad you refreshed again about stops also, whipsawed will get one out of trades way too early.
Tonites video showed your on top of your game!
Thanks Chuck,
I Try (TripRockYeti)
I didnt know that unemployment figures are out today. Charts dont lie. I am thanking myself for building the shorts yesterday. If the markets don’t tank today – I think I will bury my new found bear hat for good.
Njoy.
Yooohooo…
Covered 50% of my shorts. Bought some more AIB @4.6. My 4.5 SL held
No more buys. Waiting for a bounce. Will reshort any bounce !!!!!!