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Monday, July 26, 2010 - Weekly e-Newsletter & Commentary - Issue
No. 417
| Economic Calendar |
| Date |
ET |
Release |
For |
Consensus |
Prior |
| Jul 26 |
10:00 |
New Home Sales |
Jun |
338K |
300K |
| Jul 27 |
09:00 |
Case-Shiller 20-city Index |
May |
NA |
3.81% |
| Jul 27 |
10:00 |
Consumer Confidence |
Jul |
51.5 |
52.9 |
| Jul 28 |
08:30 |
Durable Orders |
Jun |
1.25% |
-0.6% |
| Jul 28 |
08:30 |
Durable Orders ex Transporation |
Jun |
NA |
1.6% |
| Jul 28 |
10:30 |
Crude Inventories |
07/24 |
NA |
0.360M |
| Jul 28 |
14:00 |
Fed's Beige Book |
Jul |
|
|
| Jul 29 |
08:30 |
Initial Claims |
07/24 |
NA |
464K |
| Jul 29 |
08:30 |
Continuing Claims |
07/17 |
NA |
4487K |
| Jul 30 |
08:30 |
GDP-Adv. |
Q2 |
NA |
2.7% |
| Jul 30 |
08:30 |
Chain Deflator-Adv. |
Q2 |
NA |
1.1% |
| Jul 30 |
08:30 |
Employment Cost Index |
Q2 |
NA |
0.6% |
| Jul 30 |
09:45 |
Chicago PMI |
Jul |
NA |
59.1 |
| Jul 30 |
09:55 |
U Michigan Sentiment - Final |
Jul |
NA |
66.5 |
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| View Our Complete Economic Calendar |
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| Range Expansion expected for Mini Russell 2000 |
| Jack F. Cahn, CMT |
 The Mini Russell 2000 on Friday broke out of a base pattern – sometimes called a bullish flag. The move on Friday also put prices above the adaptive moving average. During the last 45 days “long volatility systems” went into drawdown. Any box shaped pattern is difficult to trade for the break out trader or trend followers. The weekly chart has market tension indicators at high levels that have normally precede trending moves and conditions that favor carry over.
In terms of direction, after the 13 month advance prices found support at a typical .382 retracement. From a technical point of view the price action appears “corrective or counter trend” from the April highs due to the overlapping of highs and lows among other features. So after 13 months of advance the recent decline appears to be a consolidation of profits and not the beginning of anything larger.
Click here to read more. |
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| Gold Futures Commentary |
| Trenton Kimminau, Margins
Analyst/Futures Broker |
 Gold prices ended mostly unchanged this week. On Friday, gold futures for August delivery were down $7.80, or 0.7%, to $1,187.80 an ounce upon settling on the Comex division of the New York Mercantile Exchange. For the week, gold ended down less than 0.1%, after bouncing between gains and losses for most of the week.
Gold opened higher Friday, but traders took profits as soon as the metal crossed the $1,200-an-ounce level. Gold also fell slightly deeper into negative territory after the European bank-test results started to be reported.
Click here to read more. |
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| Currency Futures Overview |
| Andrey Korchnoy, CTA, Sr. Systems Analyst |
Please check back next week for more currency commentary.
Click here to read more. |
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| Crude Oil Commentary |
| Devin Brady, Sr. Market
Strategist/Futures Broker |
 Please check back next week for more crude oil commentary.
Click here to read more.
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| Forex Commentary |
| Josh Lampel,
Futures/Forex Broker |
In the past week, the dollar has carved out a relatively volatile path; but the single currency has made no headway in extending a two-month bear trend or exerting the necessary effort to establish a much needed reversal. The burden over the greenback wasn’t a lack of fundamental guidance; but rather an abundance of it. A disappointing round of economic data, questionable second quarter earnings figures, the emergence of new risk factors in the global economy and of course the anchor that was the EU Stress Tests all worked to force the currency into its unusual position. Looking to the week ahead, we have many of the same circumstances; however, this time around, we may find enough agreement on growth and risk trends to finally recover a trend – for better or worse.
Click here to read more. |
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| Weekly T-bond Commentary |
| -Brian Heyliger, Professional Trader/Instructor |
 Fake out or break out… It was question we were asking ourselves just a few weeks ago… today we have the answer. Two weeks ago, the 30-year long bonds was either at the verge of breakout – leading to higher highs in the days and weeks ahead… or… a fake out – a move that would leave the bulls without a chair the music stopped. Last week the music stopped…
Click here to read more. |
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