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Wednesday, May 18, 2011

Custer has circled the Wagons!

The Bulls are making a stand at 1320-133 level in the SPY  ...I could see it in the series of failed auctions in the 30 minute and in the hourly.  After opening weak, the Dow is now up 0.14% and the SPX is up 0.41%.  The only major index not trading higher at this hour is the financials, with the XLF off 0.06%.

My commodity screen is all green, with Oil at 99.64, up 1.67% Brent trading 111.83, up 1.67%, Gold higher at 1498.20 up 1.23% and Silver trading 35.24, up 5.24%.  The rest of the complex is all green.

The Euro higher at 1.4242 while the Dollar, after being higher over night and at the open has traded lower and is now off 1 tick.  The 10 Year Note has temporarily abandoned its trek to sub 3%, trading down a little on the day at 3.15% up 3/8 and the long Bond is also lower, trading at 4.26%, down nearly 3/4 on the day.

Not much news on the Econ today.  Zerohedge has 2 interesting (ok, most of their stuff is interesting, but these 2 are really interesting) stories this morning.  This one reviews the long term history of a Worlds Reserve Currency and the other reviews the likely end to the Dollar as the Worlds Reserve Currency.

No change in the Momentum Change indicators as listed to the right.

Best To Your Trading!

Bill

2 comments:

  1. Topping process can be tedious.

    http://www.marketwatch.com/story/leading-indicators-of-stock-market-top-2011-05-18?link=home_carousel

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  2. Good afternoon SC

    Yep'r!

    Sentiment Trader also has a new sell signal out. Let's see if this rally can make a higher high on the 3 month charts... .. Meantime, this rally is still in the down trending channel.

    Take a look at my Wed afternoon post. it is the Russell 2000 history....something is going to give soon.

    Bill

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