0-Year Note - (1.510) My monthly pivot is 1.568 as the continued "flight to quality" has the 10-Year yield near its all time low set on June 1st at 1.439. My semiannual risky level is 1.389.
Comex Gold - ($1576.6) My annual pivot at $1575.8 continues to be the line in the sand between those betting that the gold bubble will re-inflate and those that expect weakness to my annual value level at $1388.4. My semiannual and quarterly risky levels are $1643.3, $1702.5 and $1805.8.
Nymex Crude Oil - ($86.15) Economic weakness favors lower crude oil prices while potential supply disruptions from Iran or a hurricane in the Gulf of Mexico builds a floor. Oil is balanced between its 200-week simple moving average at $80.35 and the 50-day simple moving average at $88.26.
The Euro - (1.2239) The euro is under pressure due to the European debt crisis. My monthly value level is 1.2168 with my semiannual risky level 1.2917.
The major equity averages straddle their 50-day simple moving averages at 12,654 Dow Industrials, 1335.8 S&P 500, 2884 NASDAQ, 5100 Dow Transports and 777.17 Russell 2000. Closes below all 50-day SMAs is a downside warning. Stocks are stuck between 12,312 Dow Industrials and 1363.2 S&P 500. My annual value level is 2698 NASDAQ with annual pivots at 12,312 Dow Industrials and 1363.2 S&P 500 and annual risky level at 836.15 Russell 2000. My semiannual value levels are: 10,738 Dow Industrials, 1059.7 SPX, 2527 NASDAQ, 4449, 4129 Dow Transports and 686.25 Russell 2000. My monthly risky levels are; 13,471 Dow Industrials, 1418.6 SPX, 3059 NASDAQ, 5422 Dow Transports and 834.07 Russell 2000.
Daily Dow:(12,605) Annual and semiannual value levels are 12,312 and 10,738 with monthly, annual and quarterly risky levels at 13,473, 14,032 and 14,493.
S&P 500 - (1341.5) My semiannual value level is 1059.7 with my annual pivot at 1363.2, and monthly, quarterly and annual risky levels at 1418.6, 1539.8 and 1562.9.
NASDAQ - (2888) Annual and semiannual value levels are 2698 and 2527 with monthly, annual and quarterly risky levels at 3058, 3232 and 3348.
Dow Transports - (5104) Semiannual value levels are 4449 and 4129 with monthly, annual and quarterly risky levels at 5422, 5861, 6111 and 6044. The all time high is 5627.85 set on July 11, 2011.
Russell 2000 - (792.26) My semiannual value level is 686.25 with monthly, annual and quarterly risky levels at 834.07, 836.15 and 933.42. The all time high is 868.57 set on May 2, 2011.
VE Morning Briefing - If you want expanded analysis of the US Capital Markets go to this link and sign up: http://www.valuengine.com/nl/mainnl?nl=D