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A Close Today Above My Annual Pivot At 1363.20 On The S&P 500 Keeps The Bulls In Play.

|Includes: DIA, GLD, QQQ, SPY, iShares 20+ Year Treasury Bond ETF (TLT), XLE
We need a weekly close above my annual pivot at 1363.2 SPX to keep the major averages on the positive side of my overall neutral zone with upside to quarterly / annual risky levels at 5448 Dow Transports and 836.15 Russell 2000. The upside for the Dow Industrials, S&P 500 and NASDAQ is to weekly risky levels at 13,274, 1405.4 and 3102. This upside should not be a breakout as the 2011 all time highs are 5627.85 Transports set on July 7th and 868.57 small caps set on May 2nd. A weekly close below 1363.2 SPX indicates risk to quarterly value levels at 12,478 Dow Industrials, 1305.4 SPX and 2777 NASDAQ. The yield on the 10-Year Treasury has been stuck in a 30 basis point range Year to date between 2.094 and 1.790. Gold held its 200-day simple moving averages at $1675.6. Crude oil remains shy of its May 2nd high at $114.83. The euro versus the dollar held its 50-day SMA at 1.3089 on Wednesday.

10-Year Note - (2.021) My annual value is 2.502 with daily and weekly pivots at 2.054 and 1.956 and annual, weekly and quarterly risky levels at 1.903, 1.874 and 1.687.

Courtesy of Thomson / Reuters

Comex Gold - ($1701.2) Daily, semiannual, annual and weekly value levels are $1649.8, $1659.5, $1635.8, $1575.8, $1593.9 with quarterly, weekly and monthly risky levels at $1740.9, $1808.4 and $1888.4.

Courtesy of Thomson / Reuters

Nymex Crude Oil - ($106.71) Daily, semiannual, annual, weekly, quarterly, monthly and semiannual value levels are $105.72, $104.84, $103.58, $102.74, $99.87, $97.96 and $79.83 with my annual risky level at $117.00.

Courtesy of Thomson / Reuters

The Euro - (1.3267) Daily, semiannual, monthly, and quarterly value levels are 1.3115, 1.2980, 1.2622, and 1.2499 with weekly, annual and semiannual risky levels at 1.3534, 1.4239 and 1.4405.

Courtesy of Thomson / Reuters

Daily Dow: (12,908) Quarterly, annual, monthly and semiannual value levels are 12,478, 12,312, 11,903, 8,425 and 8,336 with a daily pivot at 12,861, and weekly and annual risky levels at 13,274 and 14,032.

Courtesy of Thomson / Reuters

S&P 500 - (1365.9) Quarterly, monthly and semiannual value levels are 1305.4, 1222.5, 841.7 and 829.9 with daily and annual pivots at 1359.9 and 1363.2, and weekly and annual risky levels at 1405.4 and 1562.9. A key negative would be a weekly close below my annual pivot at 1363.2.

NASDAQ - (2970) Quarterly, annual, monthly and semiannual value levels are 2777, 2698, 2651, 2012 and 1952 with a daily pivot at 2957, and weekly and annual risky levels at 3102 and 3232.

NASDAQ 100 (NDX) - (2637) Monthly, quarterly, annual and semiannual value levels are 2428, 2422, 2300, 1851 and 1743 with annual and daily pivots at 2603 and 2655, and weekly risky level at 2715.

Dow Transports - (5146) Monthly and semiannual value levels are 4470, 4407 and 3778 with a daily pivot at 5102, and weekly, quarterly, and annual risky levels at 5403, 5448, 5861 and 6111. The all time high was set at 5627.85 on July 11, 2011.

Russell 2000 - (806.32) Daily, monthly and semiannual value levels are 784.86, 684.13, 572.90 and 510.81 with quarterly pivots at 824.46 and 829.03, and annual and weekly risky levels at 836.15 and 861.98. The all time high was set at 868.57 on May 2, 2011.

The SOX- (418.36) Quarterly, monthly, annual and semiannual value levels are 390.17, 323.52, 269.80, 277.90 and 194.47 with a daily pivot at 412.39, and weekly and annual risky levels at 459.41 and 520.61. The 2011 high is 474.33 set on February 18, 2011.

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Buy and Trade Strategies for Short Positions
 

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