Stock Martket View

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5/10/2010 Investment House Daily
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MARKET ALERTS:

Targets hit alerts: None issued
Buy alerts: APA; AKAM; FCX; IRBT; SSYS; THS
Trailing stops: VMW
Stop alerts: ARIA; MCHP

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SUMMARY:
- A new plan for Greece . . . and every other EU country facing "financial uncertainty" . . . using quantitative easing bounces world markets to a huge rally.
- $1T bailout plan reverses all the recent trades, but some more so than others, and surprisingly so.
- Indices clear the January peaks to close just below the 50 day EMA.
- Fed joins in the action to help Europe with its quantitative easing, and at the same time quietly plans 'tests' to exit the US quantitative easing game.
- Will quantitative easing work with Europe's debt issues as it did with the US' financial issues? Will throwing other people's money at a socialist country's problems solve the problem of running out of other people's money?
- FRE was first and now FNM asks for more money from the bottomless trough.
- Impressive resumption of the rally or just a massive short covering, oversold bounce?

A new, massive bailout plan, and another, this time massive, upside rally.

It has been a running joke with the various 'new' plans for bailing out Greece, the subsequent market rally on the day of the announcement, and then the selloff the next session. The joke may just be a private one, but it has had the same punch line, that harsh selloff following. Monday brought, as we somewhat expected, an ECB move to quantitative easing, but the sheer size and scope of the new bailout trumped anything placed on the table before. 500B euro from the EU, 250B from the IMF totaling $962B for any EU country facing 'financial uncertainty.' Nothing like going all in. The ECB even got the US Fed involved as the Fed re-opened swap lines with Canadian, UK, and EU banks to facilitate the flow of funds. Recall that LIBOR jumped to 0.43 on Friday as banks were refusing to lend to one another again, fearing someone was going to blow up. Monday after the new bailout announcement LIBOR fell to 0.42; high praise indeed for the new European bailout plan as banks take a wait and see approach.

The 'all in' approach was certainly not meant as a joke and the world markets did not take it as such, at least on Monday. After all there were leading economists saying that this plan had to work. Why? Well, the main argument was that it showed the EU and ECB would do whatever it takes to solve the problem similar to the US Fed's actions in late 2008 on into 2009. As for me, well, it is simpler: it has to work because if it doesn't that means there is simply nothing the EU/ECB can do to stop the collapse. Don't want to get into trouble with the Administration given its statements Sunday about all of the information from the internet, etc. especially with the Fed now being involved in the European crisis solution, but frankly this looks like another famous battle Europe has experienced, i.e. the German last ditch winter offensive known as the Battle of the Bulge. Germany was losing the war and went against convention in launching a major winter offensive. It almost worked . . . but in the end it did not. Hopefully this gambit will have more success. In any event, regardless of any skeptics, the world markets preferred to look at the positive aspects with the US indices rallying 4.4% (SP500) to 4.8% (NASDAQ) to 5.2% (SP600).

OTHER MARKETS.

The fear trade controlling the markets last week reversed on Monday as shorts had to cover in what was a massive upside surge in the first 15 minutes. All of the index gains were logged in that short span as the indices spent the rest of the day in a narrow lateral range. As the stock markets surged, the other markets that surged last week on the European woes reversed, at least for the day. Even so, as stocks held near their highs on the session, the other markets came off their lows in a rather impressive manner. In short, they were down on the session but they were not buying the story that this trillion dollar bailout was the answer to all the troubles.

Dollar. Of course the dollar gapped lower against the euro, trading at 1.2900 pre-market versus the 1.2732 Friday close that was itself well off the sub-1.27 trades Thursday. By the close, however, the dollar recovered to 1.2800 euro. These big moves are becoming commonplace and that in itself shows the turmoil in the world markets. As for the dollar index, a tap at the 18 day EMA and then a reversal to close near the session high. Lower yes, but near the session high nonetheless.

investmenthouse.com/ihmedia/dxy0.jpeg

Gold. Gold closed lower (1206.60, -8.80), but well off the sub-1200 levels hit pre-market. Gold tapped its 10 day EMA on the low and reversed the majority of its losses. What does that mean? It means gold is in a great base, it tested its Thursday breakout over 1200, and it has held. The pattern tells the story of the strength: this is a 5 month base that has laid the foundation of a move higher. It is not easily trashed, and indeed with the huge stock moves on the supposed salvation of Europe, gold was rather nonchalant with a very normal test of a strong breakout.

investmenthouse.com/ihmedia/xgld.jpeg

Bonds. The US bond market was on a wild tear given Euruope's woes and the money hemorrhaging from its stock and bond markets. Monday the US bonds took their licks as Europe rebounded with the 10 year bond yield rising to 3.54% from 3.42% as the safety trade was not as large a factor Monday. Bonds recovered from their opening lows as well, however (3.58%), as bonds found some buyers even after the news out of Europe and the ECB. Not everyone was buying that the Europeans can solve their troubles by throwing cash at it, and thus bonds recovered off their lows.

investmenthouse.com/ihmedia/tip.jpeg

Oil. Oil found some life, at least a little life, after a week where it gushed losses similar to the BP well offshore gushing uncontrolled barrels. After breaking below its 200 day SMA Friday oil managed to fight back above that level (77.29, +2.18). Those gains, however, were well off the intraday highs and oil hardly looks as if it wants to surge back up at this point.

investmenthouse.com/ihmedia/xoil.jpeg

TECHNICAL PICTURE

INTERNALS

The internals posted strong upside gains Monday in contrast to sharp downside readings last week. Was this the response that ends the wild volatility in the numbers and sets the market on the path to gains again? Could be, but frankly, this kind of wild volatility in these numbers, in the market prices, and in the other markets outside stocks suggests this chapter is not closed.

Breadth. Big once more, this time in the other direction. NASDAQ breadth 7:1, NYSE 10:1. Upside. The bulls and the bears are still tilting at one another.

Volume. Volume was far from light, but compared to last week's downside trade volume was child's play, down 32% to 2.7B on NASDAQ and off 13% to 1.8B on NYSE. Both still easily above average and not paltry, just not the strength of the selling. That is not necessarily a negative: trade was so massive on the selling it simply could not possible keep up the pace even if Monday turned out negative. Of course that is not necessarily true: if the selling continued there might indeed be a massive high volume reversal. As it was, the ECB's and EU's actions pre-empted any further selling attempt and a possible 'real' bottom to the selling versus trying to forestall more downside.

CHARTS

SP500. Rallied back through the January peak close to the 50 day EMA, fading modestly to close below that level. The January peak was important given the ECB news trumped any further test down to the February low. For now the next serious test is upside as the index bumps the 50 day EMA and the mid-March consolidation with a peak at 1173 closing.

NASDAQ. NASDAQ gapped through its January peak, coming to rest below the 50 day EMA and its mid-March consolidation range (2417) as well. As with SP500, the European news jumped it off the 200 day SMA without a further test toward the February low. Not necessarily unexpected i.e. a bounce off the 200 day, but the strength was more than expected, aided by that positive news. Now the next test is the 50 day EMA (2400) and that mid-March peak to gauge what strength there is on this move.

SP600. The small caps held their January peak and moved through the mid-March consolidation range. Of course they were the leaders and thus were in better shape after the selling. Indeed a 5% gain was market leading outside SOX. While Europe was the focus and small caps are not necessarily responsive to foreign markets, the idea that Europe won't be dragging the US lower of course helped those stocks.

SOX. A big percentage gain for chips but they are still below the January peak. A solid bounce off the 200 day SMA for sure, but now a big test with that prior high.

LEADERSHIP

Stocks across the board snapped back from last week's selling. Recall that all were down uniformly (the almost identical 3.3% losses) and thus the rebounds were strong and across the board. There are stocks that are in good position to move higher as we see on the report, but there are not large swaths of stocks from a sector that are all ready to move upside together. The market has been sold and fragmented with leadership coming from various sectors but just a stock or two from those sectors.

There are also those sectors that were smacked around before last week's selloff and are ready to roll upside. These include many metals and energy stocks. Those continue to look good for rebounds, but as for leadership, they are not ready to break to new highs anytime soon.

Many other areas are rebounding, but they need work after some serious damage occurred during the selling. For example, industrials are up but they are not in great patterns. Retail bounced back, but it too is questionable if it can resume its pace. It had run far, started to falter, but is recovering. Some are in worse shape, others still holding the 50 day EMA.

In sum, leadership has been under fire after a long run higher. Many leadership groups are still above their 50 day EMA but that does not mean they are in position to buy. Some more consolidation could make the difference, but time to base is the key. At the same time there are still good stocks in good patterns, but they are fragmented and fewer. After a good surge that is not unusual.

THE ECONOMY

Quantitative easing, European style.

The ECB is talking buying EU bonds as did the US Fed in order to keep rates low despite market forces surging them higher as well as to provide liquidity so that the European financial markets can operate.

Sounds good and it worked in the US, at least with respect to forestalling a slide off the cliff. Can the same type of action, i.e. buying securities, solve the EU's problems? In part yes, as the move will foster liquidity when the markets start to lock up because no one wants to interact. In part, perhaps no because the issues in the US in 2008 were financial institutions not trusting one another due to the crap they had on their books in the form of sub-prime mortgage garbage that was basically worthless, at least according to the financial rules of the time that required them to value all their assets at that one point in time versus over time as you would normally do for longer term investments such as mortgages.

In Europe, however, the problem is massive government debt where the debt trumps any hopes that growth can possibly offset or pay back what is owed. Given the relatively low GDP output of European countries versus the US, it is even more difficult to see the payoff so to speak of the debt. In other words, it is not just trying to fix illiquidity based upon banks not wanting to loan to one another. That can be resolved once confidence is restored. The markets can then work. What Europe is trying to do is create a stable environment where Greek can theoretically operate and work to reduce its debt to GDP ratio. That is not just a matter of restoring lending between financial institutions. That is a major overhaul of the way the country does business, how it governs itself, and how it provides the pensions that its entire workforce, private or government, expects to receive. Short of a complete redirecting of Greece's economy, it won't be accomplished.

After Greece there are Spain, Portugal and Ireland as critical economies falling into the 'financial uncertainty' category. They face Greece's problem. Again, it is not a matter of restoring confidence in the banking system so that financial institutions lend between one another and then lend money to business and consumers. Just look how long it took lenders to re-engage in lending in the US; it STILL is not where it should be. These other countries, as with Greece, have to effectively alter their structure away from government as the benefactor to encouraging more enterprise to spur growth and thus economic recovery at a level that can reduce the debt to GDP ratio. Cutting government subsidies and handouts while encouraging entrepreneurship in countries that have not been the cradle of enterprise for many decades. A very, very tall order.

US to conduct 'tests' to sell MBS.

On the same date the Fed said it would reinstitute swap lines with various foreign banks around the world to assist in providing the liquidity needed to make the EU/ECB plans work, the Fed also announced it would conduct 'tests' of bond sales in mid-June to see if it can start unloading its $1.25T of mortgage backed securities (MBS) it holds as a result of its quantitative easing operations.

That should have the effect of raising interest rates as it sends bond prices lower. Of course, this is EXACTLY what the Fed said it was going to do a couple of months back that started bonds on their slide lower. It is inevitable. The Fed HAS to tighten up the money at some point or risk a European style jump in interest rates.

Problem is, it was working in bringing rates up (just the talk of this) but then Greece and the EU came along and bonds reversed course and rallied. This was while everyone thought Greece was a non-issue and that that US was going to raise rates due to the stronger US economic numbers. BUT, bonds reversed and surged higher. Well, we now know why the US bonds rallied: Greece was falling off the table as everyone whistled past the graveyard. Another massive bond rally resulted.

Okay, now we are back to the same place we were a couple of months back. The Fed says it is going to run 'tests' just as it said back in March. The EU is supposed to be under control because they are throwing ('they' is a loose term; it also includes the US as part of the IMF) $1T at the problem. Yes, the same situation as back in March. US rates should start to rise, EU rates should lower, the euro should appreciate, and LIBOR should reverse its rise.

We will see if US rates rise appreciably. Yes the Fed might want to raise rates, but the EU woes may prevent it from doing so just yet. EU rates should fall, but that presumes confidence in the system such that money moves back into European bonds. That is definitely a wait and see. The euro did bounce Monday, but the charts still show 1.13 dollars is a key level it can fall to, and frankly 0.99 (basically par) is a real support level. LIBOR? It was down a tick to 0.42 from 0.43 hit Friday. It more than doubled from 0.21 in a month. Monday it was showing the smallest possible move in Europe's favor that it could.

Okay, that is a long way getting back to the US running these tests. The Fed wants to unload all that it bought and it thought the stronger economic data would give it cover. Then Europe went crazy and the Fed had to put it off. Now it is hoping for June. Yes as Andy Dufresne said in 'Shawshank Redemption,' hope is a good thing, but in economics and markets, hope rhymes with dope.

FNM seeks $8.4B more money after yet another loss.

Last week FRE asked for $10.6B after it posted yet another loss. In the past 18 months FRE has lost more money than it made in the prior thirty years. Now its sister is asking for more money as well, though at a mere $8.4B it looks as if it is the cautious, careful one. We are running the numbers on FNM to see how much it has lost in the past 18 months and comparing that to what it has made in its prior thirty years.

Will it get it? You bet. FRE and FNM are protected entities under TARP. Congress approved "unlimited" bailout funds for these two entities, basically citing national security as the reason. Mismanage trillions of dollars in assets, play a major role in setting the US economy on the brink of collapse, and get rewarded with unlimited funding. While the Congress is about to give itself the power to chop up any private company it deems as too successful for the country's supposed good, it is allowing the two entities it runs to grow ever larger. Understandable; these are the companies that congressional retirees go to in order to earn millions after they 'serve' in Congress.

THE MARKET

MARKET SENTIMENT

VIX: 28.84; -12.11
VXN: 30.36; -11.16
VXO: 26.59; -12.35

Put/Call Ratio (CBOE): 1.02; -0.2

Bulls versus Bears:

This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market doesn't have the cash to drive it higher.

Bulls: 56.0% up from 54.0%. Highest on this move and it coincided with problems elsewhere. Still below the 60% to 65% considered bearish, but again, with the other factors it was high enough. Many more bulls than in February, but they are not running away with the market and thus the market continues to rally. Not that this is a 'Green Zone' of safety; it is a level that can still spark a selloff as seen early this year. This move started at a low of 35.6% in February, the lowest it has been since July 2009. Over the 35% threshold level below suggesting bullishness. After peaking at 53 on this move the bulls lost some nerve, falling to a new low post- July 2009. Once again bulls peaked out near the 50% level. Bulls have bumped at 50ish since late August 2009, falling to 45ish and then rebounding. Hit a high of 47.7% mid-June on the run from the March lows. Again, to be seriously bearish it needs to get up to the 60% to 65% level.

Bears: 18.7%. Rising from 18.0% as the bears were worried more even as bulls turned more bullish. A pretty sharp decline in bears, well off the 27.8% level on the high of this leg in February and heading toward the 15% level that is bearish for the market. Over 35% is considered bullish for the market; definitely at the lower end of the scale. Heading back toward the 16%ish on the lows of the leg where it held for several weeks. Peaked near 28% in November, falling short of the 35.6% hit in July 2009. For reference, cracking above the 35% threshold considered bullish. Hit a high on this run at 47.2%. For reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.

NASDAQ

Stats: +109.03 points (+4.81%) to close at 2374.67
Volume: 2.734B (-32.55%)

Up Volume: 2.615B (+2.244B)
Down Volume: 198.351M (-3.53B)

A/D and Hi/Lo: Advancers led 7.16 to 1
Previous Session: Decliners led 3.45 to 1

New Highs: 37 (+18)
New Lows: 14 (-71)

NASDAQ CHART: investmenthouse.com/ihmedia/NASDAQ.jpeg

NASDAQ 100 CHART: investmenthouse.com/ihmedia/NASDAQ100.jpeg

SOX CHART: investmenthouse.com/ihmedia/SOX.jpeg

SP500/NYSE

Stats: +48.85 points (+4.4%) to close at 1159.73
NYSE Volume: 1.858B (-13.4%)

Up Volume: 1.797B (+1.438B)
Down Volume: 60.895M (-1.986B)

A/D and Hi/Lo: Advancers led 9.85 to 1
Previous Session: Decliners led 2.33 to 1

New Highs: 104 (+26)
New Lows: 21 (-77)

SP500 CHART: investmenthouse.com/ihmedia/SP500.jpeg

SP600 CHART: investmenthouse.com/ihmedia/SP600.jpeg

DJ30

Stats: +404.71 points (+3.9%) to close at 10785.14
Volume DJ30: 313M shares Monday versus 428M shares Friday.

DJ30 CHART: www.investmenthouse.com/ihmedia/DJ30.jpeg

TUESDAY

The obvious question is whether the Monday rebound was an oversold bound fostered by short covering or the return of buying. Yes perhaps the $1T thrown at the EU bad children can calm the markets, but at the same time the Fed is saying it has to raise rates one way or the other. The latter has the natural tendency to pressure stock markets that have been, since the March 2009 bottom (for most stocks), driven by massive amounts of free money in the US (at least free for the banks). The banks can borrow for nothing, then lend for 2% to 5+%, pocketing the difference has 'hard earned profits.' Wish I had that job. Even so, they are still balking at leading to businesses, particularly small businesses. Ending the free money will only make it harder for the small guys to get the money they need to operate. What will helicopter Ben do?

Near term he appears committed to start sopping up the excess liquidity before interest rates get out of hand and go the Greece route. Of course that is just part of the equation: the federal government's spending is much more serious, and Bernanke pointed out two weeks back the government had to limit its entitlement spending or else. Of course everyone in Congress was listening intently. It is always a case of 'he is 100% right as long as it is someone else's entitlements getting cut and not those I count on to elect me.' So the odds of getting anything accomplished other than the Fed raising rates and selling bonds? Zero percent.

But I am acting as if our low rates are the only issue. The financial markets gave their kneejerk reaction to the $1T shock and awe package by the EU/ECB. Of course as with the original shock and awe, it was impressive, but it didn't really do the trick. It's just a little bit of history repeating . . . though on the financial stage versus the war stage.

Day one belonged to the buyers. Now we see the real story. We see if those LIBOR rates that barely budged tell the story or if the markets believe the world central banks can buy their way out of this one as well. Hey, it has worked for 50 years of free-spending, why would they change their views now? I hate to say it is different this time, but what is really different, the fact that we have been successful buying our way out of jams with cheaper money or that in the longer term history these kind of attempts to print your way out of financial malfeasance have ended very badly? There was a book by Dean Koontz (after I read two of his books I realized I had read ALL of his books as they are all the same) with the premise that if you changed history, history tried really hard to get back to the way it was supposed to be and the more you changed it the more it tried to get back to equilibrium. It makes sense applied to this situation: the more we have tried to mortgage our way out of jams, hoping for great growth to bail us out, the more market forces work to bring you back to the mean. Remember when Charlie Brown didn't do his homework and he was praying for the bell to ring so he didn't get found out he failed to write his report? The bell did ring, he was saved for the day, but instead of going home and doing the report he skipped out to play baseball. The point: even if we get lucky and get bailed out as what happened in the late 1990's and 2000's, our leaders won't change. Thus no matter what happens we ultimately get skewered.

Okay, maybe that is too pessimistic, but as the discussion in the 'Economy' section noted, the EU is effectively trying to change the natural course of socialism (running out of other people's money) by throwing other people's money at the problem. That money will be gone as well and the problem won't be solved. As the US moves toward a European model then there won't be the usual US treasure chest to raid for needed cash either.

But again I digress. The near term action deals with the indices and this bounce up to the 50 day EMA. They cleared the January peak, a necessary first step. It is very possible they can, given the nature of the selloff, recover from here after putting in a knifepoint turn. Indeed they made the turn and now they simply have to show they can continue rising, taking out the 50 day EMA.

While, as noted above, there are many undercurrents of intrigue with respect to Europe, what the Fed will do, etc., the market action tells the tale. Right now the market is trying to regroup and pick a trend after massive volatility and a massive selloff. I say 'after' massive volatility, but as demonstrated Monday, that is hardly the case: massive down, massive up as volatility is still the name of the game despite the 30% drop in the VIX Monday.

With that volatility the ultimate direction is still up for grabs. We saw some stocks we bird-dogged over the weekend make the moves we wanted Monday, so we bought them. They will either work or not. If so we let them ride. If the indices run out of gas at the 50 day EMA or even beyond, then we are ready to pick up some downside plays again as well and closing our upside if their action suggests that is the case. The market is in no trend now though there are good play setups; because the trend is broken, however, they are not that prevalent. We are looking at those that are in good position, but we are also really looking at stocks that sold off ahead of last week's meltdown, held or slightly undercut support, and are heading back up.

At the same time we have to watch if this massive bounce is just a relief move similar to the time the Fed cut rates in early 2001 after it trashed the market with too many hikes and too little liquidity in 2000. The market surged massively on the rate cut; nirvana for sure. Then the market rolled over and was pummeled again. The rate cut was just one idea that was needed; it was not the answer. $1T is a lot of money, except of course if you are the US Congress. Even so, can it change the EU's problems and prevent a collapse of the smaller EU players? We will get the market's reaction, and if the answer is 'no' then we will have some more downside plays at the ready to take advantage of a roll back to the downside.

Support and Resistance

NASDAQ: Closed at 2374.67
Resistance:

2382-2395 from 2008
The 50 day EMA at 2400
2412-2415 represents a series of peaks and lows in 2007, 2008
2453 is the August 2008 peak
2535 is the April 2010 peak
2546 from July 2007, February 2007, November 2007: a level touched many times as a high and low.
2725-2730 from the July 2007 and May 2009 peaks

Support:
2324-2370 is a range of resistance from early 2008
2320 to 2326.28 is the January 2010 high
2319 from the September 2008 peak
2292 is a low from January 2008
2273 to 2282 marks bottom of January 2010 lateral peak
2275 - 2278 from the February 2008 and April 2008 lows
2245 from July 2008 through 2260 from late 2005.
2210 (from September 2008) to 2212 (the July 2009 closing low)
The 200 day SMA at 2207
2205 is the November 2009 peak
2191 is the October 2009 peak
2177 is a low from March 2008
2169 is the March 2008 closing low (double bottom)
2168 is the September 2009, intraday peak
2167 from the July 2008 intraday low
2155 is the March 2008 intraday low
2100 is the February 2010 low

S&P 500: Closed at 1159.73
Resistance:
The 50 day EMA at 1167
1170 is the prior March 2010 high
1181 is the April selloff low
1185 from late September 2008
1200 from the July 2008 low
1214 is the first April peak, 1220 is the second high.
1240 is the key July 2008 interim low.
1293 from a March 2008 low
1298 is the November 2008 rebound high that made a lower high. Also part of the Q1 2008 double bottom.

Support:
1156 is the Sept 2008 low
1151 is the January 2010 peak
1133 from a September 2008 intraday low
Bottom of the January 2010 consolidation 1131 to 1136
1119 is the early December intraday high
1114 is the November 2009 peak
1106 is the September 2008 low
1101 is the October 2009 high
The 200 day SMA at 1096
1084 to 1080 (September 2009 peak)
1078 is the October range low
1070 is the late September 2009 peak
1044 is the October 2008 intraday high AND the February 2010 low

Dow: Closed at 10,785.14
Resistance:
The 50 day EMA at 10,824
10,963 is the July 2008 low
11,100 from the 7-08 low
11,734 from 11-98 peak

Support:
10,730 is the January 2010 peak
10,609 from the Mid-September 2008 interim low
10,496 is the November 2009 high
10,365 is the late September 2008 low
10,285 is the late December consolidation peak
The 200 day SMA at 10,201
10,120 is the October 2009 peak
9829 is the September 2008 closing high
9918 is the September 2008 peak
9855 is the early September peak in its lateral range
9835 is the late September 2009 peak AND the February 2010 low

Economic Calendar

These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.

May 11 - Tuesday
Wholesale Inventories, March (10:00): 0.5% expected, 0.6% prior

May 12 - Wednesday
Trade Balance, March (08:30): -$40.0B expected, -$39.7B prior
Crude Inventories, 05/08 (10:30): 2.75M prior
Treasury Budget, April (14:00): -$20.0B expected, -$20.9B prior

May 13 - Thursday
Initial Claims, 05/08 (08:30): 440K expected, 444K prior
Continuing Claims, 05/08 (08:30): 4590K expected, 4594K prior
Export Prices ex-ag., April (08:30): 0.6% prior
Import Prices ex-oil, April (08:30): 0.2% prior

May 14 - Friday
Retail Sales, April (08:30): 0.2% expected, 1.9% prior
Retail Sales ex-auto, April (08:30): 0.5% expected, 0.9% prior
Capacity Utilization, April (09:15): 73.8% expected, 73.2% prior
Industrial Production, April (09:15): 0.6% expected, 0.1% prior
Michigan Sentiment, May (09:55): 73.5 expected, 72.2 prior
Business Inventories, March (10:00): 0.4% expected, 0.5% prior

End part 1 of 3

Stock Martket View

2010年6月9日星期三

BID and ASK SIZE Trick

2010年5月19日星期三

5/20/2010 Marketview

2010年5月18日星期二

5/19/2010 Market view

2010年5月16日星期日

5/17/2010 view

2010年5月11日星期二

5/10/2010 Investment House Daily

2010年3月29日星期一

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