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Stock Rebound Straddles This Week’s Pivots and Risky Levels

May 11, 2011 7:08 AM ET
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The Dow Industrial Average remains shy of its weekly risky level at 12,794. The same is true for the Russell 2000 with its weekly risky level at 868.01 and the SOX versus its weekly risky level at 448.29. Meanwhile the S&P 500, NASDAQ and Dow Transports traded above their weekly pivots at 1352.3, 2856 and 5517 respectively. The yield on the 10-Year note up-ticked a few basis points after the $32 billion in 3-Year notes were auctioned at 1.0% with a 3,29 bid to cover. Gold continued to rebound and returned to my quarterly pivot at $1523.7 this morning. Crude oil held my zone of my annual pivots at $99.91 and $101.92 and rebounded above $104. The euro held its 50-day simple moving average at 1.4291 for the second day in a row on Tuesday.
10-Year Note – (3.204) Still trading between my weekly value level is 3.304 and today’s risky level at 3.116, and the 200-day simple moving average at 3.069.
Courtesy of Thomson / Reuters
Comex Gold – ($1515.6) The consolidation of last week’s decline continues. My semiannual value level is $1452.6 with my quarterly pivot at $1523.7and weekly risky level at $1536.8.
Courtesy of Thomson / Reuters
Nymex Crude Oil ($103.46) The consolidation of last week’s decline continues under the influence of my annual pivots at $99.91 and $101.92 with my semiannual risky level at $107.14.
Courtesy of Thomson / Reuters
The Euro – (1.4403) My quarterly pivot is 1.4308 with a daily pivot at 1.4370, and semiannual risky level at 1.4624. The 50-day simple moving average at 1.4291 held on Monday and Tuesday.
Courtesy of Thomson / Reuters
Daily Dow: (12,760) The five-week modified moving average is 12,427 with a daily pivot at 12,698, and weekly risky level at 12,794. My annual value level lags at 11,491.
Courtesy of Thomson / Reuters
S&P 500 (1357.2) YTD high – 1370.58 on 5/2. Weekly and daily value levels are 1352.3 and 1342.8 with the October 2007 high at 1576.06.
NASDAQ (2872) Multi-year high – 2887.75 on 5/2. Weekly and daily value levels are 2856 and 2825 with the May 2nd high at 2887.75.   
NASDAQ 100 (NDX) (2411) Multi-year high – 2417.83 on 5/2. Daily and weekly value levels are 2381 and 2380 with the May 2nd high at 2417.83.     
Dow Transports (5528) All time high – 5565.78 on 5/2. My annual value level is 5179 with daily and weekly pivots at 5455 and 5517 with the May 2nd high at 5565.78.  
Russell 2000 (855.91) All time high – 868.57 on 5/2. Daily and annual value levels are 830.44 and 784.16 with weekly and quarterly risky levels at 868.01 and 949.02.
The SOX– (444.59) My daily value level is 438.97 with weekly and quarterly risky levels at 448.29 and 498.75. The SOX is well below its July 2007 high at 549.39.
Richard Suttmeier Speaking Event – The Executive Forum at the National Arts Club in NYC
I will be discussing why “The Great Credit Crunch” continues. The event is on Tuesday, May 17th at The National Arts Club, 15 Gramercy Park South (E. 20th St.) Cocktails 5:45 PM, Dinner 6:30 PM, Presentation 7:30 PM. Use this link to register - http://www.execforumnyu.org/events.html
Definition of MOJO – This is my term for technical momentum. I use what’s called “12x3x3 slow stochastic readings” from daily, weekly and monthly charts. The scale is zero to 10.0 where above 8.0 is overbought and below 2.0 is oversold.
Richard Suttmeier
Chief Market Strategist
(800) 381-5576
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As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.com. I have daily, weekly, monthly, and quarterly newsletters available that track a variety of equity and other data parameters as well as my most up-to-date analysis of world markets. My newest products include a weekly ETF newsletter as well as the ValuTrader Model Portfolio newsletter. You can go to http://www.valuengine.com/nl/mainnl to review sample issues and find out more about my research.
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