Inthemoneystocks Blog

Midday Market Update

'Friday Effect' Engaged

Many traders and investors may have realized by now that the major stock market indexes often get supported or defended into the weekend. We call this phenomenon the 'Friday effect'. If you have looked at a chart over the last two years most Friday's before a weekend are basically a flat to slightly positive trading day. There have been a few rare times when the major indexes have sold off sharply on a Friday, however, the key word is rare. Today the SPDR Dow Jones Industrial Average ETF (NYSE:DIA), and the Powershares QQQ Trust (NASDAQ:QQQQ) both started the session sharply lower and are now trading slightly positive on the session.

Today the stock market started the session sharply lower after a weaker than expected GDP report was released by the Commerce Department. However, after the morning gap lower open the market has surged higher. It is also important to note that the U.S. Dollar Index has also declines sharply from the opening bell at the New York Stock Exchange. When the dollar declines the major stock indexes will usually inflate higher.

Please remember that the volume is usually very light on a Friday. Therefore, after the first couple hours the volume will usually get very light and the market often goes into a sideways float throughout the rest of the day. Many professional traders and investors will generally leave early on a Friday to get a head start on the weekend in the summertime. Therefore, it is prudent to expect less volatility throughout the rest of the session. In any case it looks as if the 'Friday effect' has played out again as the market are now flat to slightly higher on the session.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

FDX Is Popping Off the Lows

FDX has surged higher with the stock indexes from the open this morning. This is a leading transportation stock and followed by many investors. FDX will have short term intraday resistance around the $82.55 - $82.60 level.

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COP Flexing Some Early Muscle

Conocophillips(COP) has surged higher from a gap lower open at $54.00. The stock is now trading higher by 0.28 cents on the day to $54.85. COP will have intra-day resistance around the $55.10 - $55.20 area.

Where Do We Go From Here?

This morning the second quarter Gross Domestic Product(GDP) results were released by the Commerce Department. The second quarter Gross Domestic Product reported was 2.4%. This is sharply lower from the revised first quarter number of 3.7%. Economists had expected the second quarter number to be 2.5%. Therefore, today's number was not a big surprise. What does this all mean for the market?

Well, today the market is starting out under pressure with the SPDR S&P 500 ETF (NYSE:SPY) trading lower by 1.06 to $109.20. Most commodity stocks are under pressure this morning and this is a sign of deflation. Leading commodity stocks such as Cliffs Natural Resources Inc (NYSE:CLF), and Southern Copper Corp (NYSE:SCCO) are trading lower and remain under pressure. Remember when the U.S. Dollar Index is trading higher on the trading session this will often push the commodity stocks lower. Therefore, always keep a dollar chart open as most professional traders will key off this chart. Remember when the dollar is higher the stock market indexes will deflate. Should the dollar decline or sell off the market will inflate higher.

Since the July lows the markets have surged higher climbing about 10.0 percent from that level. However, since July 16th, the major indexes have been very choppy and volatile. This type of volatile action could be expected going forward. Please remember to keep an eye on the U.S. Dollar Index as that chart will generally give traders a good indication of where the stock indexes are trading. This morning the U.S. Dollar Index is trading higher by 0.15 cents to $81.79 and the market is obviously trading lower.

Nicholas Santiago
Chief market Strategist
www.intheMoneyStocks.com

U Michigan Sentiment Higher

U Michigan Sentiment: July = 67.8.
Ananlysts expected 67.5.
Prior number: 66.5

Chicago PMI Higher

Chicago PMI for July comes in at 62.3. Analysts expected a range from 58.5- 56.3. July is up from the prior month of 59.1.

BP News, Market Reacts

BP established a 100 million unemployment worker fund. The stock is currently trading down $0.20.

Merck Reports, Revenue Miss

Merck
Q2 EPS 24 cents vs 74 cents
Q2 adjusted EPS 86 cents
Sees 2010 adj EPS of $3.29 to $3.39
2010 EPS of 82c to $1.16
Trading down almost a dolllar Pre-market

Chevron Reports Q2 Earnings

Chevron Reports Second Quarter Net Income of $5.4 Billion, up from $1.7 Billion in Second Quarter 2009

GDP in the Second Quarter Comes in at 2.4%

GDP for the 2nd quarter is 2.4% which is lower than the 3.4% in the 1st quarter. Futures are trading lower on the major stock indexes after the announcement. The spin masters now have an entire weekend to look for the bright spots in the report.

Roller Coaster Thursday - Ride To Profits

Today the market was filled with volatility. Often volatility will be translated into opportunity for the intra-day scalp trader. This is a style of trading that requires fast execution and precise entries. Scalp traders look to take bite size chunks out of the market and profit throughout the course of the trading day. This type of trading rarely requires holding over night and is considered the shortest form of trading around. Today the InTheMoneyStocks.com traders took advantage of numerous opportunities that the market presented. The beauty of being a scalp trader is that you do not have a bias in the market. Therefore, traders will trade both the long and short side of the market regardless of their personal feelings of the economy, and earn very large profits. Below take note of some of the money making action subscribers benefited from today alone.

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Currency Action

The euro regains the $1.30 plus mark, doubts continue about the U.S. credit rating. Japan's yen built on a move higher against the greenback as well. The euro touched $1.3106 on an intraday basis, eclipsing the high of $1.3094 on May 10.

FDX Flying Off Intra-day Lows

FDX is still trading down on the trading session by 0.41 cents to $82.41. However, the stock has rallied higher off the lows of the day at $81.15 which was made around 12:40 pm EST. FDX will have strong intra-day resistance around the $82.75 area.

The Reason For the Market Comeback

This morning the major indexes all reversed lower from a gap higher open. However, one stock was strong during the morning selling assault and it was Goldman Sachs Group Inc(NYSE:GS). Goldman Sachs is now trading higher on the session by over 4.00 points to $151.57. When Goldman trades higher many traders and investors feel confident that this stock knows something that nobody else does. Therefore, others traders and investors will buy other stocks and often cause a rally.

Since Goldman Sachs Group settled with the SEC over fraud charges the stock has rallied sharply higher. In early July Goldman Sachs Group Inc was trading as low as $130.00 a share. The stock will have intra-day resistance around the $152.00 - $152.50 levels.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

Market Technical Analysis - Market Whips As Dollar Hits Key Support

InTheMoneyStocks.com breaks out the key technical analysis techniques they have become famous for. They analyze the charts on the market to showcase their technical trend line analysis, price, pattern and time values. By utilizing these methods and not using the common technical tools which almost never work anymore, they are able to call every major and minor market move avoiding Wall Street hype. InTheMoneyStocks.com looks at major support and resistance levels on the charts telling their viewers where the market will rise and fall. They talk about major rules that must be learned. Enjoy and come get their premium daily, month, weekly and intra day expert guidance on the markets, gold, oil, us$ and stocks in their premium nightly videos, daily market reports, pro trader watch list, hidden gems and technical tactics. All included in the Research Center for just $49.99/month.

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Gold & Oil Close Higher

Gold closes 0.7% higher, at $1,168.40 an ounce
Oil closes 1.8% higher at $78.36 a barrel

Global Market Update

Chevron Slams Into The Daily 200 Moving Average

Chevron Corporation (NYSE:CVX) has had a meteoric rise in the last month, jumping from $67.00 to the high today of $76.37. While it has been a great run, the stock has also run into major resistance at the 200 moving average on the daily chart. This may be a pull back level. While most likely a great short term shorting opportunity, caution must be used as earnings will be reported tomorrow morning before the market opens. Chevron is expected to report earnings of $2.43 to $2.50 per share.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

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Trend Line Analysis At Its Best

This is why trend line analysis gets me excited! Take a look at the break down yesterday on the SPDR S&P 500 ETF (NYSE:SPY) through the green trend line and the move lower. Then note in the chart below how the markets gapped higher into that same break down trend line. At that exact price point, the markets fell and have now turned into a major down day in the markets. Understand the levels and profit. It is that simple. Join the Research Center and Intra Day Stock Chat!

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

Markets Drop Sharply As Dollar Bounces Off Support

The markets dropped sharply in the late morning session as the dollar bounced off the 200 moving average and started to move back up. To understand this movement, it is important to grasp the inverse relationship between the markets and the dollar. During market hours, when the dollar falls, the markets move higher. Inversely, when the dollar rises during trading hours, the markets sell off. Just knowing this, helps explain the wild movements in the market today. View the PowerShares DB US Dollar Index Bullish (NYSE:UUP) chart below. This is the ETF that tracks the dollar.

The dollar gapped sharply lower today and inched towards the 200 moving average. This level has been discussed as being the key support line for the dollar and an inevitable target to hit prior to a major bounce. That hit has occurred today. No sooner did the dollar kiss the 200 moving average, it started to get a bid. Immediately, the markets began to roll over. As the UUP or dollar inched higher, the markets sold more and more, coming to a key support line of $109.85 on the SPDR S&P 500 ETF (NYSE:SPY). A small bounce has started at this level on the markets. However, the dollar as started to down tick as well.

The markets have held up nicely of late with earnings that came in generally good and a mix of positive signs out of Europe along with lighter summer volume. Volume today is not heavy by any stretch, but it has picked up on the selling pressure.

Exxon Mobil Corporation (NYSE:XOM) reported earnings that beat analysts estimates by $0.14 today. The stock initially traded higher but has since succumbed to the drop in the markets, turning negative as well. Chevron Corporation (NYSE:CVX) reports earnings tomorrow morning.

GDP will be reported tomorrow, that will be a major point of interest for the markets and should be watched closely. Estimates have dropped recently from four percent to around two percent.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

Colgate Forgot To Floss

Colgate shares sell off. Low sales, volume growth and missed expectations.

Cisco Trading Halted Briefly

Cisco trading halted briefly after jump to $26.
Shares resume trading, up 0.4% at $23.49

JCP Dropping. Watch This Support Area.

JCP has sold off from the morning high. The stock is trading basically flat on the session. The stock will have short term intra-day support around the $24.74 - $24.70 area.

FCX Is Another Fader. Watch This Support Area.

FCX gapped higher at the open and traded as high as $72.50 this morning on the back of the weak U.S. Dollar. FCX has now began to decline as the dollar stabilized. FCX will have very strong support intra-day around the $70.40 - $70.10 level. This could be a short term bounce area for the stock.

WFC Fading From the Open

WFC has faded lower from the open this morning. The stock is now trading lower by 0.04 cents to $$28.03. WFC will have short term intra-day support around the 27.80 area.

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Inflation Rally, This is how it Works.

This morning the S&P 500 e-mini futures are trading higher by 8.00 points to $1110.00. As we all know by now when the U.S. Dollar drops the stock market indexes inflate and trade higher. In early July when the major stock indexes found a low the U.S. Dollar Index was trading just above the $86.00 level. Today the dollar is trading as low as $81.59 this morning fulfilling the completion of a major daily chart head and shoulders pattern(bearish pattern). When it comes to the U.S. Dollar Index a $4.41 decline from that bearish daily chart pattern is a lot of meat and potatoes. At this stage the dollar should have strong support around the $80.64 area which is the daily chart 200 moving average.

Corporate earnings have been coming in droves. Some are well received by the street and some have been crushed lower. In any case the market does not really care about that stuff. The market cares about where the dollar is trading and if the markets can keep up the inflation rally. Stay tuned as the U.S. Dollar Index will come into important support levels shortly.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

Exxon Mobile Reports Earnings in 2nd Quarter

Exxon Mobil Corp. reported second quarter income of $7.56 billion as oil prices inched higher from last year. They reported earnings of $1.60 per share. Analysts had expected $1.46 per share. The stock is trading slightly higher pre market.

Jobless Claims Fall

Jobless Claims fell 11,000 to 457,000 this week. Continuing Claims rose to 4.565 million vs 4.484 million last week. The rise in continuing claims should not be a surprise after the government renewed benefits last week after they had expired.

Trade Lesson: Act Like A Lion When Trading

Many times day traders are very anxious and want to be involved in a trade all day. The market only gives a few good opportunities a day and that is when traders should react and take what the market is offering. During the InTheMoneyStocks.com Chat Room I see many traders wanting and pulling the trigger when the market is not giving the correct setup or signal to do so.

Trading is very similar to the lion in the jungle. The lion stalks his pray in the brush and he does not pick on the strongest animal in the pack. He looks for the one that is wounded or the animal that is not paying attention. Therefore, as a trader we must do the same thing. This afternoon the lunch hour trading was very slow as the volume was extremely light. However, our traders were alerted to the 110.50 support level for a bounce trade on the SPY. At 3:15 pm EST the SPY traded down into that 110.50 level and our traders bought the SPY. This was a very good support area on the chart as it was the first tag of the 200 moving average. Often the first move into the 200 moving average is a buy after an extension in price.

Patience is what pays. Patience is what gives the lion a full belly when he has not eaten all day. Take a page from nature and only take the best chart setups at the most opportune times. As a trader we cannot impose our will on the market we can only take what the market gives us.

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After Market Earnings Reports

Visa shares up 1.8% after Q3 results
Q3 operating rev $2.03 bln vs $1.65 bln
Q3 net income 97c per Class A share vs 96c

DryShips Inc. Reports Profit
Q2 of 2010, the Company reported net income of $8.7 million, or $0.02 earnings per share.

Akamai Technologies, Inc.
Revenue of $245.3 million, up 20 percent year-over-year
GAAP net income of $38.1 million, or $0.20 per share, up 6 percent year-over-year
Net income of $65.0 million, or $0.34 per diluted share, up 18 percent year-over-year

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Here Is Why the Market Is Under pressure Today

Today the market is pulling back a little and has really been under pressure since the open. Many traders and investors are under the impression that the market weakness is because of the weak stocks such as Google Inc(NASDAQ:GOOG), and Amazon Com Inc (NASDAQ:AMZN), and Baidu Inc (NASDAQ:BIDU). However, it appears there is something bigger and more important at work today and it is the U.S. Dollar Index.

Today the U.S. Dollar index has rallied throughout the trading day. At 10:00 am EST the dollar traded as low as $81.95 and now it is trading at $$82.19. While this may not seem like a major move higher in the dollar it does carry a lot of weight in the currency world. Simply put when the dollar rallies the stock market indexes deflate. The opposite is true when the dollar declines the market indexes inflate. The U.S. Dollar is the real driving force behind every market move.

If you look at a weekly dollar chart you will see a major dollar decline in 2009 when the stock market rallied higher for most of the year. In 2010 the dollar has rallied higher into early June 2010. It is important to note that the major market indexes have been under pressure for most of the year. Sometimes the stock market does not react tick for tick inversely to the dollar, however, often it will.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

Market Technical Analysis - Key Master Trend Line Possible Breaks For Next Major Move - See Here!

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Gold Closes Higher

Gold closes 0.2% higher at $1,160.40 oz

Family Dollar Daily Double Top Resistance Nailed

Family Dollar Stores, Inc. (NYSE:FDO) gapped higher today on news that activist investor Nelson Peltz's Trian Fund Management purchased a large stake in the company. Technically speaking, the stock gapped higher and continued up, crossing the $42.00 level and hitting a perfect double top on the daily chart. Note the chart below. This double top is a major resistance area. The stock will have a tough time in the short run getting through this price level. Note on the chart below that after it crossed $42.00, hitting the major double top resistance, it pulled back and is hovering below.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

IBM Eyes The Double Bottom And 200 Moving Average Intra Day

International Business Machines Corp. (NYSE:IBM) is moving lower into a key support level. This key support level coincides with the double bottom from yesterday as well as the 200 moving average on the intra day chart. This is a scalping opportunity and should see a bounce if IBM hits it. Lock and load for profits. To get more info, join the Research Center and Intra Day Stock Chat.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

Las Vegas Sands Upgrade

S&P may upgrade Las Vegas Sands 'B-' rating. LVS is currently trading up over a dollar.

Market Analysis: Key Support And Resistance Points With Targets

Natural Gas Breakout Signals Next Energy Rush

Natural gas spiked higher today while the broader market and most commodities went lower. The United States Natural Gas Fund, LP (NYSE:UNG) rose into the mid day session by 0.31 (+3.96%) to $8.13. This is a significant move because oil is trading lower on the day as well as the markets. The United States Oil Fund LP (NYSE:USO) is lower by 0.27 (-0.84%) to $34.37.

As natural gas diverges to the upside against oil, it is important to recognize this as a sign of significant strength. In addition, the chart now signals a breakout to the upside with further appreciation to come. It is also highly likely that the new energy bill will boost natural gas consumption by increasing natural gas vehicles and fuel systems. Based on its cheap price, this is most likely the place to be.

Natural gas stocks should be on watch in the coming weeks. Stocks like Chesapeake Energy Corporation (NYSE:CHK) and small caps like Cheniere Energy, Inc. (AMEX:LNG) and NGAS Resources, Inc. (NASDAQ:NGAS) are all trading in the lower ranges of their respective charts. I personally picked up some NGAS today based on the natural gas breakout and the fact that NGAS is trading at the dead lows of the chart. Risk to reward here seems extremely attractive. To get more information, analysis, guidance and education, join the Research Center.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

Oil Slides Around

Oil prices slide lower today on the EIA reporting Oil inventories up by 7.3 mln barrels and news of the surprise supply build cause quick selling pressure. Crude-oil futures for September delivery lost 31 cents, or 0.4%, to $77.20 a barrel. If oil should close near current levels it would be the lowest in a week. The front-month contract on Wednesday ended at $77.50 a barrel, off $1.48.

Mixed Messages

This morning the major market indexes are trading slightly lower. The markets have bounced around 10.0 percent higher in the month of July. However, after such a rally a pause or pullback is common. Yesterday the markets basically finished the session flat and today it seems that we are seeing similar action.

The strength in today's market indexes are the large commodity related stocks. These leading stocks are holding up well today so far. Rarely will we see the market indexes decline sharply when these leading stocks are trading positive. Exxon Mobil Corp (NYSE:XOM) is one of those leading leading stocks that can carry the market on it's back. As we all know Exxon Mobil Corp has the largest market cap in the stock universe. Therefore, when this stock is positive it is likely that the market indexes are as well or at least just slightly negative to flat. Today this energy giant is trading higher by 0.35 cents to $61.17.

Freeport McMoRan Copper & Gold Inc (NYSE:FCX) is also trading higher by 1.16 to $70.93. When this stock trades higher is signals demand for copper which is the leading industrial metal in the market and a sign of economic growth. Therefore, rarely do the markets decline sharply with this stock trading higher.

Cliffs Natural Resources Inc (NYSE:CLF) is also trading higher today by 0.28 cents to $55.55. When this stock climbs higher it shows that the market is inflating. This stock will generally trade up when the U.S. Dollar trades down and that is the case today.

The major market indexes are all basically flat today behaving very similar to yesterday's action. When the leading commodity names are trading higher it is difficult to see a sharp decline in the market. However, should the leading commodity stocks decline and sell off the markets would likely drop sharply. Watch the leaders and today they are holding up well so far.

Nicholas Santiago
Chief Market Strategist
www.IntheMoneyStocks.com

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Homebuilder Stocks are still a Weak Link

The homebuilder stocks have lead the markets lower since August 2005 when they all seemed to peak. Since that time the world has experienced a global housing bubble and still feels the aftershocks from that collapse. Many economists are now saying that the homebuilders have bottomed and now is the time to be involved with these stocks. While this may or may not be true the fact remains that the homebuilder stocks still remain off the low in 2008. However, while many of these leading homebuilder stocks are above the 2008 lows many of them are not far from that low. These stocks also face many headwinds such as high unemployment, high foreclosures, and massive inventory. Lets look at the short term picture in some of the leading homebuilder stocks.

Toll Brothers Inc (NYSE:TOL) is a leading homebuilder that builds the high end luxury home. This daily chart still remains very weak. The stock has recently bounced off the $16.00 level which is good support. However, yesterday the stock made an outside day down which is a short term bearish pattern. This morning the stock is trading lower by 0.17 cents to $17.10. Should the stock decline sharply the $16.00 level will still be near term support. If Toll Brothers Inc somehow climbs higher the stock will have strong daily chart resistance around the $19.00 area.

Lennar Corp (NYSE:LEN) is another leading homebuilder stock that is trading slightly lower this morning trading down 0.19 cents to $14.83. This stock topped out in April at $21.79 and had has sold off sharply with the major stock indexes from that time. Yesterday the stock also made a sharp reversal bar on the charts which is short term bearish. The stock will have good support around the $13.00 level. Should the stock reverse and trade higher the $16.00 - $16.25 levels will be strong resistance.

D.R. Horton Inc (NYSE:DHI) is another leading homebuilder stock that is actually looking better than the rest on the daily chart. This stock has really just paused or consolidated over the past two trading sessions. D.R. Horton Inc has bounced sharply from early July with the rest of the major stock indexes. This stock will have daily chart resistance around the $11.85 - $12.00 area.

The homebuilder stocks remain off the recent lows and have traded higher with the major stock indexes. Many of these leading stocks reversed sharply lower yesterday and often these short term moves could lead to further downside. However, as long as the major market indexes hold up this downside could be limited.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

Gold Update

Gold attempts to tick higher this morning on the back of the durable-goods numbers.
Know your key levels and profit!

Durable Goods Orders In June Drop

Durable goods orders declined in June by 1.0%. The Commerce Department sited weaker demand for airplanes, electronics, and machinery, steel and other long-lasting manufactured products.

After Market Earnings

Valero earned $583 million, ($1.03 a share) compared to a loss of $254 million, (48 cents a share) in the year-earlier Q2.
Quarterly revenue increased to $21.77 billion, up from the prior year's $17.38 billion.
Analysts, had been looking for Valero to earn around 65 cents a share on revenue of $21.55 billion.

Broadcom Corp. reported a Q2 profit of $278.3 million, or 52 cents a share, vs. a profit of $13.4 million, or 3 cents a share, for the year-earlier period. Revenue was $1.6 billion, vs $1.04 billion. Adjusted income was 66 cents a share, according to a company spokesman. Analysts expected the communications chip company to report earnings of 63 cents a share, on revenue of $1.59 billion.

Today's Big Five

Today the major market indexes are trading flat on the session. This morning the futures were sharply higher after Du Pont & Co (NYSE:DD) reported positive earnings. Since when has Du Pont & Co become a major market mover? In any case these major market indexes have surged higher since early July and are really due for a pullback or at least consolidation soon. While the majority of the stocks in the NASDAQ and the New York Stock Exchange are trading lower today there are a handful of stocks that are keeping the major market averages trading around the flat line or unchanged level.

The first stock that is holding up well today is Exxon Mobil Corp (NYSE:XOM). This stock as you may know has the largest market capitalization in the stock market at $285 billion. Therefore, if you like it or not this stock carries a lot of weight. Rarely will the market indexes decline sharply when this stock is positive. Exxon Mobil is trading higher today by 0.35 cents to $60.74. Exxon Mobil Corp will have daily chart resistance around the $62.00 level. The company is scheduled to report earnings on Thursday July 29th, before the opening bell.

Hewlett Packard Co (NYSE:HPQ) is also another leading stock that is trading higher today by 1.14 to $47.71 a share. This stock has surged higher since early July when it was trading as low as $42.30. This stock will have daily chart resistance around the $48.00 - $48.50 area. However, today this stock is one of the few leading names that is holding up well in a pausing market.

Apple Inc (NASDAQ:AAPL) is by far the strong horse today trading higher by 4.87 to $264.09. Apple Inc has the second largest market capitalization in the stock market behind Exxon Mobil Corp at $241 billion. Therefore, when this stock rallies it can and will help lift the indexes. Apple Inc will have daily chart resistance around the $274.00 - $276.00 area. This stock has been very volatile and choppy throughout July and may remain that way into the end of the month and throughout early August.

Google Inc (NASDAQ:GOOG) is another leading stock that is also holding up the fort today. This stock is trading higher by 4.91 to $494.02. Google has recaptured all of it's gains that it lost when it reported earnings on July 15th. However, the stock still faces important daily resistance around the psychological $500.00 level. The last three attempts the stock has made to cross above this area the stock has failed. We shall keep it on the radar.

There you have it. These are the five most significant stocks that are keeping the market in one piece today. It is very difficult to see the major market indexes drop much when these stock giants are all trading higher on the session.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

Market Technical Analysis - 200ma Continues To Be Key Level As Spec Money Starts Playing

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Oil Closes at $77.54

Oil closes lower at $77.54

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Gold Closes at $1,164/oz

Gold closes 1.97% down at $1,164/oz

Spec Money Rushes Back Into Small Caps

Speculative money has started to flow back into the market. After months of the small caps being dead and money flowing out of them, they have started to turn the corner higher. Most small cap and micro cap stocks have declined over 50% off their highs, finding their ways to lows. Finally, over the last few days, small caps are starting to roar. Keep an eye on stocks like Encorium Group Inc. (ENCO), Conolog Corporation (CNLG) and any others on the dead lows of the chart that have been past monster runners.

The key to finding the next big runner is to look for past runners in the last few months. In addition, find a stock that is on or pennies away from the dead lows. Watch for any sort of volume to start and look for a major run. Keep your eyes peeled, the next 25% runner is just around the corner.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

Market Struggling Around The Daily 200 Moving Average After Gap Up

The SPDR S&P 500 ETF (NYSE:SPY) ran into the key 200 moving average level yesterday as the market closed. We discussed this in depth, talking about how in the short term, it would be solid resistance. This morning, the markets gapped higher above it, but quickly came back and have stalled just below this level. In the short term, this should continue to work as resistance for the market. Look for a market in the short run that make have trouble moving higher. Commodities are sharply lower today with gold and oil leading the charge.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

Treasury Sells 2-year Bonds

Treasury sells $38 billion in 2-yr debt at 0.665%

Gold Continues To Turn To Dust For Retail Longs

The collapse of gold continues as the SPDR Gold Trust (NYSE:GLD) is trading at $113.64, down -1.88 (-1.63%). Stocks like Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Randgold Resources Ltd. (ADR) (NASDAQ:GOLD) and Agnico-Eagle Mines Limited (USA) (NYSE:AEM) are all getting hammered. Gold has dropped off a cliff over the last month for many reasons, both technical and psychological. Technically, the simple answer is gold was extended on the daily and weekly charts, pushing to new all time highs almost daily. The more interesting side of the analysis is the psychological aspects. First, to fully understand this, one must understand the contrarian perspective and how big institutions will purposely push a commodity, stock or market in one direction to the max, in order to get the small, retail investor and mutual fund in that direction. It makes perfect sense if you think about it. Institutions buy a massive amount of a position. The only way they can unload that size is if they get everyone else to buy that position as they sell it. Simply put, the gold trade was a perfect example of driving gold up, creating fear and panic to get the retail investor and mutual fund to load up on gold and sell right into them. Once the retail investor, mutual fund are long at the top, there are no other buyers to continue to push it higher and it will collapse. Just think of the buying hysteria that engulfed gold in the past six months. Truly a top.

When is the time to buy gold? Long term I have little issue with the fact that gold will rise higher. Five-thousand an ounce is not out of the realm in five years. However, the time to buy is when the retail investor and mutual fund are pushed to the limit and dump their positions. When everyone else hates gold, buy. Institutions will be.

In the short term, the major target for the GLD is the daily 200 moving average. This is at $112.00. To get more info, analysis, guidance and swing trades, join the Research Center.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

Fannie and Freddie Rally

Gold Miners Near Attractive Levels

The Market Vectors Gold Miners ETF (NYSE:GDX) have topped out on June 28th around the $54.00 level. Since that time this basket of gold mining stocks has declined sharply and is now trading around the $47.67 area. On July 19th the GDX found support and bounced at $46.99. This area still looks to be an important support area for this highly popular ETF.

Newmont Mining Corp (NYSE:NEM) is a leading mining stock that has sold off sharply over the past few weeks. This stock is now trading at support and could be do for a bounce soon. Newmont Mining Corp should have support at the $55.75 level. Should this level fail to hold up as support the $54.00 area would be the next important support level.

Randgold Resources LTD (NYSE:GOLD) has also sold off sharply since late June when it traded as high as $99.67. This stock is now trading down at $89.15. Should this leading gold miner trade down to the $88.00 - $87.50 area it would look attractive as this is an important support area. The stock will also have a lot of support around the $85.00 level which is another possible bounce area.

When everyone loves a stock or sector that is when the professional trader wants to give them what they want. When everyone hates or strongly dislikes a sector or stock that is when it becomes interesting for a potential buy. The gold mining stocks are now nearing those attractive levels.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

Consumer Confidence Released, Markets Pop

U.S. July Consumer Confidence 50.4 vs. 54.3 June, below consensus of 52. Markets push higher initially on the report.

Oh, Now You Want to Buy Stocks

Since the early July stock market low the sentiment has completely changed. In late June and early July every business talk show in the media was mentioning a stock market death cross (50 moving average crossing over to the downside the 200 moving average) and a massive head and shoulders top pattern (symmetrical bearish pattern that can often predict the target) in the S&P 500 Index and the Dow Jones Industrial Average. It seemed that Armageddon was upon us. However, as we all know when everyone is looking at the same thing the market rarely does the market allows that to happen. As you all know by now the market has only rallied from early July and has now traded higher by over 10.0 percent.

Now the business shows in the media are feeling good again. Investors are once again getting bullish looking for new highs. It still amazes me that people hated the market around 1011.00 on the S&P 500, however, they love it at 1118.00 when it is higher by more than 10.0 percent. Traders and investors in the media are now telling traders to buy stocks when we are nearing major important resistance levels. Are you telling me you want to buy Freeport McMoRan Copper & Gold Inc (NYSE:FCX) now at $71.50 when you could have owned it in early July at $57.00? What about Cliffs Natural Resources Inc (NYSE:CLF)? These people want you to own it now at $56.00 when they could have owned it at $45.00 in early July. People, this is when the professional trader is selling it to the public. Remember the public is always late to the party.

When everyone loves the market, that is the time to get out. When everyone hates the market that is the time to get in. The talking heads in the media always tell people to chase stock moves higher. It is the same as when a major brokerage firm upgrades a stock at a high. Just look at what happened to Jetblue Airways Corp (NASDAQ:JBLU) on June 14th when it was upgraded $6.80. Ironically, there were not any upgrades to mention on July 2nd when the stock was trading down to $5.25 a share. Simply put just learn to read the charts and forget the news.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

U.S Steel Sales Increase

U.S. Steel reported Q2 loss of $25 million, or 17 cents a share, compared to a loss of $392 million, or $2.92 a share in the year prior. They also reported that sales rose to $4.68 billion from $2.13 billion.

BP Earnings Down

BP Earnings Down 17.2 billion for the second quarter, following a profit of $4.39 billion in the year-earlier period. Also reported $32.2 billion in charges linked to the oil spill in the Gulf.

Lockheed Martin Spike On Earnings

Lockheed Martin Corp jumped higher pre market after reporting diluted earnings per share of $2.22.
compared with $1.88 in the year-ago period when Lockheed earned $734 million.

Revenue jumped 3 percent to $11.4 billion.also raised forecasts going forward

Case-Shiller Home Price Index Rises 1.3%

The Case-Shiller Home Price Index reported home prices rose 1.3% in May from April. This data still includes the government housing tax credit.

DuPont Earnings Beat

DuPont reported net income jumped to $1.16 billion, or $1.26 per share. Excluding a gain from a tax settlement, DuPont earned $1.17 per share.

Analysts had expected earnings of $0.93 per share.

In addition DuPont raised its earnings estimates for the rest of 2010. DuPont forcasts a profit of $2.90 to $3.05 per share this year, up from its former estimates of $2.50 to $2.70 per share.

The stock is trading up almost 5%.

Asian Markets Update

► Hong Kong shares move higher for sixth straight session. Hang Seng Index gains 0.3% in opening minutes.

► Mainland Chinese shares slid lower, pushing the Shanghai Composite down 0.6% to 2,572.89 after it rose in the previous six sessions.

► Japan's Topix climbs 0.2% in morning trading.

► Japan's Nikkei ends morning session up 0.1%.

Tomorrow's News Today!

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⇒ Big Energy Helps Lift the Markets Higher
The major stock market indexes are advancing higher again today in a light volume Monday trading session. There are few notable catalysts for today's sharp advance... continue reading here

⇒ Retail Stock Watch
Most retail stocks have bounced higher since the July lows. Some stocks have had much better bounces than others. However, the entire sector is... click here to continue reading

⇒ Market Technical Analysis - Markets Inch Into Master 200MA, China Stocks Hot!
watch the expert analysis video here

⇒ Another Biotech Winner: NYMX Continues To Soar
NYMX was highlighted over the last couple weeks at a price under $3.00 per share. It was discussed in...
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⇒ Possible Genzyme Buyout Could Spike Small Cap Bio
Rumors are swirling around a possible buyout of Genzyme Corporation (NASDAQ:GENZ) by Sanofi-Aventis SA (NYSE:SNY). Since Friday, Genzyme has jumped... click here to read more

⇒ Markets Higher After Home Data Headed For 200 Moving Average
The SPDR S&P 500 ETF (NYSE:SPY) is trading higher on the back of June Home Sales which jumped 23.6% to a seasonally adjusted...
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⇒ Are the Maritime Shippers Running Out of Steam?
Today the transportation index has soared higher after FedEx Corp raised guidance today. Last week the Dow Jones Transportation Index broke out and is now reaching... read more here

⇒ The Decision Maker
The major market indexes all rallied last week into Friday's close. The SPDR Dow Jones Industrial Average closed just above the July 13th pivot high which was an... continue reading here

Big Energy Helps Lift the Markets Higher

The major stock market indexes are advancing higher again today in a light volume Monday trading session. There are few notable catalysts for today's sharp advance. The first catalyst for the move higher today is the FedEx Corp guidance announcement. FedEx Corp raised estimates this morning and that is certainly helping to lift the entire Dow Jones Transportation Index higher. The other sector that is catching a bid higher is the entire energy sector.

Today two leading Dow Jones Industrial Average components that are helping the market rally are Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX). Both of these stocks are continuing to move higher today. When these two integrated oil giants rise or trade higher rarely will the markets sell off or decline. These stocks will both have good resistance levels coming up on the daily chart around 2.00 points higher from the current levels. Exxon Mobil Corp should have strong daily chart resistance around the $62.00 level. Meanwhile, Chevron Corp should have daily chart resistance around the $75.75 - $76.00 level.

In any case when these leading stocks trade higher together the major stock indexes will trade higher together. The same can be said when these two stocks trade lower, the stock market will usually trade lower as well. These two major energy stocks will have resistance soon and are likely to pullback from those levels. Learn to read the charts like the Pros and Profit like them for life!

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

Retail Stock Watch

Most retail stocks have bounced higher since the July lows. Some stocks have had much better bounces than others. However, the entire sector is lagging the market at this time and a few leading retail stocks should be watched closely.

Best Buy Inc (NYSE:BBY) has bounced higher since it made a daily chart low on July 6th at $32.81 a share. Today the stock is rallying higher by 0.85 cents to $36.63. Best Buy Inc will have daily chart resistance around the $37.70 level which is the daily chart 50 moving average. Should the stock clear this level then the $39.00 level will be next important resistance area on the daily chart.

Bed Bath & Beyond Inc (NASDAQ:BBBY) is trading higher today by 0.53 cents to $39.25. This stock had a rough time in June when it traded as low as $35.73 a share. Bed Bath & Beyond Inc will have strong daily chart resistance around the $41.00 level. Should the stock trade above that area the next important resistance level would around the $42.00 - $42.50 area. Currently the stock looks to have found good support around the $36.00 level.

J.C. Penney Inc (NYSE;JCP) is trading higher today by 0.53 to $25.59. This stock found a low in early July and has been off to the races ever since. J.C. Penney Inc has now traded over the daily 20 and 50 moving averages which is normally a bullish sign. However, the stock is getting short term extended and should meet good resistance around the $26.00 - $26.50 area. Once the stock pulls back or consolidates it can be watched for possibly more upside.

The retail stocks continue to trade higher with the overall stock market indexes. However, this sector is no longer leading the market higher as it did throughout most of 2009. Many of these leading stocks are coming into important resistance levels and this is certainly worth noting.

Nicholas Santiago
Chief market Strategist
www.InTheMoneyStocks.com

Market Technical Analysis - Markets Inch Into Master 200MA, China Stocks Hot!

Best value and guidance on Wall Street by those that avoid the Wall Street hype!

Oil Closes Flat

Gold Closes Slightly Lower

Gold closes slightly lower, at $1,183.10/oz