Ashraf''s appearance earlier on Fox Business News discussing the potential for a recurring NEGATIVE TRIFECTA http://bit.ly/abbiTU WORLDCUP WATCH: EVALUATING HOLLANDs STRENGTH via its impressiveness is irrelevant in this World Cup because Germany looked anything but impressive against Serbia and Ghana, while Spain was far from it against Switzerland, Chile and Paraguay. Lets not forget that Holland has yet to lose a game in this World Cup and of course readers of this website know that Holland has not lost since September, 6, 2008 (defeat against Australia). Now on to Germany whose performance against Argentina and England was as efficient as it was entertaining. But praising German strength must not be confused with Englands cluelessness and Argentinas midfieldlessness and coachlessness. Both ENG and ARG had serious deficiencies especially Argentina, which managed to impress the inexperienced footballing audience despite erroneous and illegal goals vs. Mexico. SPAIN has beaten GERMANY in two crucial matches (1-0 in Euro 2008 and 2-0 in Euro 1984 semi finals). Without Muller in the front, Germany will still have its fitness, creativity and total football, but Spain is tipped to edge ahead tonight. Spain supporters ought to wish for no grave errors from Casillas.
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GLOBAL EQUITIES STRUGGLING again after the 1.7% intraday gains in Wall Street were halved by end of session, translating into lower sessions in Asia. This propped USD and JPY back up against most currencies, but continued to weigh on USDJPY, which I continue to project below 85 in late Q4. USDCAD stabilized above the 1.0470 support before regaining 1.06, but a return to that 1.0680 double top is unlikely to emerge today, barring any intensification of selling. Here is a REPLAY OF MY INTERVIEW about JAPAN's choice to opt for the low-interest rate/deflationary spiral and the implications for the JPY, conducted for Singapores FUNDSUPERMART.com http://bit.ly/cvvcqERead more…
By InTheMoneyStocks.com on July 6th, 2010 4:12pm Eastern Time
What a trading day! This market started the session sharply higher on the back of Asian optimism. After the major indexes made a 1st hour high the rollover began. The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) was trading as high as 9858.00 at 10:00 pm EST. Currently at this moment the DJIA is trading at 9710.00 which is showing that all of the earlier gains have been erased. The major indexes have all bounced back into positive territory ahead of the close. However, it is important to note that the markets are still very weak as every rally seems to be sold over the past two weeks.
Learn your key levels, learn what moves the markets and profit for life. Join the Pros now get in-depth analysis, along with exact entries/exits, swing trades, and scalp trades, join our Research Center or Intra Day Stock Chat NOW and enter the ranks of the Pros!
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By Nicholas Santiago on July 6th, 2010 11:35am Eastern Time
As we all know the major market indexes have been crushed as of late. This recent move lower in the stock market has been the sharpest of the corrections since the March 2009 low. Today the major indexes are all trading sharply higher as relief from the Asian markets last night is helping as a catalyst. The point is that these markets are oversold across the world. A bounce from these levels on the major index charts is certainly possible. The SPDR S&P 500 ETF (NYSE:SPY), and the Powershares QQQ Trust (NASDAQ:QQQQ) are both trading higher by more than 1.5 percent.
Often when markets or stocks have been beaten down for several weeks and gap higher the next trading day that move higher is likely to be a real advance. The key is to see if the low can hold for a few days. Should the low hold the market is likely to chop higher and form a short term relief rally. This may certainly sound like a tall order with all the negative news that is surrounding the markets these days. Should a short squeeze come into this market a much further advance is possible.
Today the leading stocks that are trading higher are United States Steel Corp (NYSE:X), Freeport McMoRan Copper & Gold (NYSE:FCX), and Exxon Mobil Corp (NYSE:XOM). When these stocks move in tandem together the market will usually trade with them. Should these commodity leaders fail to hold up then the markets could decline.
Often when the markets gap higher after a major multi-week decline then a gap higher open has a fair chance of holding up for a while. The market is still facing major headwinds and that should not be overlooked. The key is to watch the close of the session and to see where the markets finish when the closing bell rings. A strong close could lead to more upside in the near term. At this point traders and investors must take it one day at a time.
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By Gareth Soloway on July 6th, 2010 12:33pm Eastern Time
The markets surged higher as an oversold bounce took place. China jumped higher by 2% over night and the Nikkei rallied as well. The Dow Jones Industrial Average had been down seven straight days and due for a bounce. The SPDR S&P 500 ETF (NYSE:SPY) rallied higher by $1.70 to $103.90. That is a gain of 1.66%. Technically speaking, the markets have moved right back into a major resistance level at $104.00 - $104.50 on the SPY. Not only is this a master level of resistance, but it is also the 200 moving average on the 10 minute chart. All these added together are making this market falter and start to pull back.
Gold is again getting pounded. The SPDR Gold Trust (ETF) (NYSE:GLD) is down another 1.35% and has found itself trading at $116.89. This is after it hit a new all time high of $123.50 just a week ago. This fall in gold is due to two reasons. The first is the threat of a global double dip recession is pushing the idea of deflation again. If deflation comes, all commodities will drop in value. The second reason only applies to today. With fear subsiding and the markets rallying, gold is being dumped in favor of bottom fishing equities.
Oil is getting a small bounce today as the United States Oil Fund LP (ETF) (NYSE:USO) is up 1.53%. Oil has been punished lately as fear of a double dip global recession has caused many to fear a drop in demand for oil.
Gareth Soloway
Chief Market Strategist
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By Gareth Soloway on July 6th, 2010 1:18pm Eastern Time
Will it hold? The markets sold into a great support level at $103.00. Earlier, the SPDR S&P 500 ETF (NYSE:SPY) hit the key $104.00 to $104.50 level which was a major resistance level. It worked perfectly, pulling the markets back. If $103.00 breaks to the downside, look for the SPY to hit gap fill at $102.20 to $102.00. This will be a big level of support.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.comRead more…
