Sunday, September 13, 2009

Evening Briefing for September 13th

* MARKET THEMES FROM FRIDAY: We made new bull highs early on Friday only to fall back into the previous day's range, setting us up for a possible range consolidation of the recent rally. Oil led the pullback during the day, but gold closed near its day's highs and the dollar was range bound. Yields on the 10-year Treasury note fell in early action, but rebounded during the afternoon. All in all, it looks as if the risk rally was ready for profit taking and consolidation. As I write this, stocks are pulling back further on strengthening in the U.S. dollar; that could set us up for a multi-day trading range. Support can be found at the 9/9 and 9/10 lows.

* OVERSEAS/OVERNIGHT NUMBERS: 4:00 AM CT - EU, industrial production. Earnings scheduled for Monday can be found here.


-- What happens when the S&P 500 Index rises on lower volume;

-- Testing a smoothed stochastic indicator on this site;

-- Interesting pairs trades examined on this site;

-- Deep look at how we trade after making six consecutive price highs;

-- What happens after a clean gap to the upside.