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Daily Market Report:June 21st, 2010
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What a reversal today! The major indexes all reversed a huge gap open rally to actually close negative on the day. The major stock indexes all traded higher overnight after China announced that they would begin to remove the peg of the U.S. Dollar from the Yuan. Well, as I wrote early this morning why would this be bullish? It is only going to raise the prices of goods at Walmart, and Target. If fact, the U.S. does not make many much anymore and gets most of it's goods from China. Retail never caught a bid today and actually was weak from the open which is not a bullish sign. The NASDAQ also rolled over hard and this could be telling us further downside is in the cards for the rest of the month into early July. Just look at the reversals in AAPL, GOOG, and other leading tech names. 2010 remains a traders year and not a year to listen to the talking heads on the television. It is best to keep a short term outlook right now as the moves in the market remain volatile. However, a further downside bias must be had in the short term. Tomorrow the Federal Reserve Bank(U.S. central bank) begins a two day meeting and will make a policy statement on Wednesday June 23rd, at 2:15 pm EST. One can only wonder what they will say or do to try and keep the inflation rally intact. The master support levels for the SPX are 1103, 1084, 1070, 1052, 1038, 1020, 1006, 989, 974, and 957. The master resistance levels for the SPX are 1118, 1137, 1153, 1171, 1186, 1205, and 1220.
August crude finished the session higher by 0.35 to close at $78.61 a barrel. The master resistance levels for crude are 79.00, 84.00, 89.00, 95.00, and 100.00. The master support levels for oil are 74.00, 71.00, 67.00, 63.00, 59.00, 54.00, and 51.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
August gold finished the session lower by 17.60 to close at $1240.70 an ounce. The master support levels for gold are 1236, 1218, 1202, 1182, 1167, 1148, 1134, 1114, 1100, 1087, 1067, 1035, 1016, 1003, 984, and 971. The master resistance levels for gold are 1251, 1272, 1287, and 1308.
The 10 year bond yield finished the session higher by 0.02 to close at 3.243%. The resistance levels for the yield are 3.31%, 3.39%, 3.49%, 3.57%, 3.68%, 3.77%, 3.88%, 3.96%, 4.08%, 4.16%, 4.28%, and 4.36%. The support levels for the yield are 3.21%, 3.13%, 3.03%, 2.95%, 2.85%, 2.78%, and 2.69%.
In summary, the market staged a huge reversal today after a massive gap higher. This is definitely a bearish move to start the week. As we all know Monday's are no longer a buying spree. They have become a day selling. The outlook is for a down market into July. However, it is best to remain short term at this time ahead of the Federal Reserve Bank meeting.
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Market Breadth
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NYSE |
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NASDAQ |
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| Advancing Issues |
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1,686 |
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892 |
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| Declining Issues |
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2,182 |
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1,804 |
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| Unchanged Issues |
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111 |
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91 |
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| Total Issues |
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3,979 |
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2,787 |
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| New Highs |
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148 |
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81 |
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| New Lows |
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30 |
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47 |
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| Up Volume |
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2,504,210,251 |
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473,269,717 |
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| Down Volume |
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2,623,737,543 |
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1,308,944,621 |
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| Unchanged Volume |
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25,907,817 |
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35,430,240 |
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| Total Volume |
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4,951,389,401 |
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1,817,644,578 |
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Most Actives
| Symbol |
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Closing Price |
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Change |
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Volume |
| C |
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4.02 |
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+0.01 |
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567,635,591 |
| SPY |
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111.41 |
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-0.32 |
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211,961,338 |
| BAC |
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15.79 |
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-0.03 |
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108,050,220 |
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Biggest Gainers
| Symbol |
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Closing Price |
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Change |
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Volume |
| C |
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4.02 |
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+0.01 |
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567,635,591 |
| SPY |
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111.41 |
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-0.32 |
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211,961,338 |
| BAC |
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15.79 |
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-0.03 |
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108,050,220 |
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Biggest Losers
| Symbol |
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Closing Price |
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Change |
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Volume |
| CYPB |
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2.70 |
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-1.64 (37.79%) |
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12,028,873 |
| AFFY |
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7.18 |
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-15.83 (68.80%) |
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16,819,166 |
| ZIOP |
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3.42 |
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-1.43 (29.48%) |
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2,833,448 |
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