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Daily Market Report:June 22nd, 2010
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Continued Selling
Today was another sharp sell-off day with the volume picking up late in the trading session. So far the market has reversed a gap higher open yesterday and continued it's decline from the options expiration rally week. At this time we would expect the major indexes to be under pressure into early July. However, tomorrow is the highly anticipated FOMC announcement at 2:15 pm EST. While we are not expecting the Federal Reserve Bank to change it's policy statement or even raise interest rates the market seems to bounce when this meeting takes place. Therefore, tomorrow is a wild card on the direction of the market. Once the announcement is made and we can see the reaction from the institutional money we will have a better handle on the rest of the week. As of this time the bias is down until early July. It is still best to remain a short term trader in this environment as moves in both directions have been robust. As we have said for a long time now 2010 is a traders year. The years that end is zero have been bearish years throughout history. There have been only three positive years ending in a zero for the Dow Jones Industrial Average in the past 100 years. So the odds favor the downside, however, after a rally like we had in 2009 sharp bounces will occur. The master support levels for the SPX are 1084, 1070, 1052, 1038, 1020, 1006, 989, 974, and 957. The master resistance levels for the SPX are 1103, 1118, 1137, 1153, 1171, 1186, 1205, and 1220.
August crude finished the session lower by 0.76 to close at $77.85 a barrel. The master support levels for oil are 74.00, 71.00, 67.00, 63.00, 59.00, 54.00, and 51.00. The master resistance levels for crude are 79.00, 84.00, 89.00, 95.00, and 100.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
August gold finished the session higher by 0.10 to close at $1240.80 an ounce. The master resistance levels for gold are 1251, 1272, 1287, and 1308. 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 10 year bond yield finished the session lower by 0.077 to close at 3.166%. The support levels for the yield are 3.13%, 3.03%, 2.95%, 2.85%, 2.78%, and 2.69%. The resistance levels for the yield are 3.21%, 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%.
In summary, the market indexes continued to be under pressure. Tomorrow is the Federal Reserve Bank announcement at 2:15 pm EST. We are not expecting the Fed to say anything negative and will probably only talk about things getting better in the economy, therefore, anything can happen an tomorrow is a wild card day. As we know if things were really getting better the fed funds rate would not be at zero percent since December 2008. Remain a short term trader at this time.
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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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883 |
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584 |
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| Declining Issues |
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2,993 |
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2,080 |
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| Unchanged Issues |
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91 |
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112 |
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| Total Issues |
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3,967 |
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2,776 |
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| New Highs |
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76 |
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31 |
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| New Lows |
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38 |
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57 |
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| Up Volume |
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631,589,683 |
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218,879,914 |
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| Down Volume |
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236,845,339 |
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1,660,218,617 |
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| Unchanged Volume |
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42,106,604 |
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15,946,763 |
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| Total Volume |
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910,541,626 |
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1,895,045,294 |
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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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3.94 |
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-0.08 |
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486,191,919 |
| SPY |
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109.57 |
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-1.84 |
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238,297,295 |
| BAC |
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15.58 |
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-0.21 |
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108,031,154 |
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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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3.94 |
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-0.08 |
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486,191,919 |
| SPY |
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109.57 |
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-1.84 |
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238,297,295 |
| BAC |
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15.58 |
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-0.21 |
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108,031,154 |
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Biggest Losers
| Symbol |
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Closing Price |
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Change |
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Volume |
| GKK |
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1.65 |
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-0.21 (11.29%) |
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847,162 |
| PCX |
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13.48 |
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-2.72 (16.79%) |
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17,431,261 |
| JSDA |
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1.39 |
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-0.21 (13.13%) |
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1,640,355 |
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