Market Update

DJ-30

• Mid-line Is Holding Support
• Close Below 11,900 Would Suggest 11,000 Would Be Next Target

SP-500

• Close Below 1260 Would Show Bears Are In Control
• Next Target 1150 If Mid-line Breaks
• Much Is Up To The Fed And Greece This Week

Side Note: Will Be Gone Tell Mid July, Unless Greece Defaults and No QE 3, Market Will Move Side Ways To Down.  If Greece Defaults = Market Will Move Fast To The Down Side.  QE 3 = RISK BACK ON, and A Run To The Highs. 

AAPL Breaking Down?

AAPL

• 295 Will Act As Support
• Break Above 320 Would Show Signs of Life
• AAPL Has Lead The Market

SP-500 And USO

SP-500

• 1275 Acting As Strong Support
• Break Above 1330 Would Be Bullish
• Close Below 1260 Would Show Bear Fork Still In Play And 1180 Would Be Next Support, With A Stop At 1250

USO

• Oil Is In The Bear House
• Stuck In a Strong Bear Fork
• $31 Is The Next Support Line
• More Stimulus Would Turn Bullish On Oil

Weekend Up Date: UUP, GLD, EEM, And ECRI

UUP

• Can The Dollar Break Out?
• Close Above 21.43 Would Turn Bullish
• UUP Goes Up = Stocks Go Down
• QE3 Would Send The Dollar Lower

GLD

• Gold Still In Strong Bull Fork
• Break Below 146.00 Would Start To Be Bearish
• If the UUP Moves Up = Gold Will Move Down

EEM

• Battle Taking Place On The EEM
• Close Below $46.30, Bear Fork Would Start To Be In Play
• Who Wins Here Will Lead U.S. Markets

ECRI

Chart From Dshort.com

• ECRI Telling Us "Not A Soft Patch"
• Something To Watch

Bounce On Support And New Stimulus Talks

SP-500

• Hit Support, Should Have a Bounce Up
• Break Above 1320 Would Be Bullish
• Break Below 1260 Would Be Bearish - Here Is Where I Sit
• New Stimulus Talks Are On The Table - Giving Bulls Fuel 
• If We Get Another Stimulus
• $130 Oil
• $1800 Gold 
• $60 Sliver
• Could Get A Short Term Bounce In Market Up to 1400+ In The S&P
• How Long Do You Think Our Economy Will Last At $130 Oil
• Already Seeing The Cracks At $100 Oil

Where Did All The Bulls Go?

SP-500

• Market Should See A Bounce On The Mid-line @ 1275
• If There Is No Bounce, Market Could Go In Free Fall Mode
• Fed Talks Tomorrow, Could Give The Bulls Some Fuel

XLF

• Bulls Need The Banks To Turn Around
• XLF Has Broken All MDA Support
• Banks Will Lead The Market

Margin Debt

Chart From Dshort.com

• Need To See A Turn Around SOON In The Market
• Could Get UGLY!
• QE3 Maybe?

Market Update

Ugly Ugly Jobs Report!

• Came In At 54k New Jobs
• My Guess Was 50k, Not Bad
• Keep In Mind Those 54K New Jobs HAD QE2
• What Will Happen When That Drys Up At The End of June??
• Dow Now Has Now Joined The S&P In Breaking Their Bull Forks
• A Large Amount Of Bad Data Has Hit The Market And Markets Have Been Down The Past 5 Weeks
• QE3 Would Turn This Market Around, IN THE SHORT TERM
• QE2 Only Helped A Few Months, Not Worth The 600 Billion if You Ask Me
• Sitting On The Side Lines Next Few Week

Broke and Breaking

SP-500 (Weekly)

• Broke Support That Goes All The Way To 2009 Lows
• Next Target Is 1300
• Should See A Bounce Here
• Top Could Be In, However QE3 Would Change That

DJ-30 (Weekly)

• Dow Starting To Breakdown As Did The SP-500
• 12,200 Is Major Support, Could Get A Bounce
• Comes Down To Jobs Report Tomorrow
• I Am Betting Somewhere 50k New Jobs

Update On SP-500, and XLF

SP - 500 - Weekly 

• Got Our Bounce Yesterday
• Good Amount Of Poor Data Out There
• Could Force The Fed To Do QE3 - IT WONT MATTER IN THE LONG RUN
• Bearish If We Break The 1320 - Could Start To Free Fall
• Bullish If We Break The 1347 - Get One Last Pop To 1400

XLF - Weekly 

• XLF Is What To Watch ATM
• Banks Are Getting Hit Hard With Lower House Prices
• If The Banks Start Falling, Look Back In Your 2008 Fall Play Book