Sunday, July 12, 2009

Evening Briefing for July 12th

* MARKET THEMES FOR FRIDAY: Market holds above Wednesday's lows, but cannot challenge Thursday's highs, setting up a multi-day range. I will be watching to see how the indicators behave at range extremes to gauge likelihood of breakout vs. moves back within range. Oil continued weak, dollar backed off early strength. Indicators continue short/intermediate bearish readings, with new 20/65 day lows topping highs, though there was a notable non-confirmation in the Adjusted Cumulative TICK. Starting the week with a little stock strength in Japan and weakness in yen, dollar.

* OVERSEAS/OVERNIGHT NUMBERS: 11:30 PM CT - Japan, industrial production; 12 M CT - Japan, consumer confidence.


-- Excellent review of the market week;

-- Here's another excellent review of the week's economic reports and market action;

-- Great post on lessons learned by traders in first half of 2009;

-- Expectations for economic expansion in U.S.;

-- Nice overview of sentiment indicators.