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Monday, June 11, 2012

Just Becareful; More sell off expected this week.

If you have followed my article Where is Dow heading between Jun 11th - Jun 15th ? 100 point rally or 550 point sell off. We saw 142 point down at the close. I am still expecting heavy sell off especially on Thursday and Friday ahead of Greece election.

On the weekend Euro group approved 125 B in bailout for Spain's bank, but there was no detail provided about the fund. Initially market overacted positively with Dow future extending 180 point gains and S&P500 with 20 point gains. But all the gains were gone after US market opened. Dow lost 240 point and S&P500 lost 27 points from its peak. S&P500 Vix future is still in contango but it kept rising throughout the day. SPY 130, 131, 133 puts were heavily traded. Watchout VIX, UVXY, TVIX for this week, but remember this stocks are good for daily basis and you should not hold it overnight.

Tomorrow market is expected to open low based on the chart. At the same time ECB is carrying out its fine tuning operation which could lead to higher open or market could rally on any positive news. ECB operation also provide cushion for any negative news. I am still expecting market to sell off by close. 

spx chart
For Bullish sentiment to continue: Dow needs to break 12472 while S&P500 needs to break 1312.

For Bearish sentiment to continue:  Dow needs to break 12369 while S&P500 needs to break 1304 followed by 1298.
spx chart

Earnings After market Close:KORS, CASY, OLCB

Earning Before Market openAEPI, AGX, FDS, LDK, BZC

After hours big gainer:GAME, TFSL, MLNK, SODA, TINY, STX, SFLY, YPF, BFR, FCH, NEU, TEA, DGI

After hours big loserIRS, NPTN, OAK, INVN, HRG, HOV, NEWP, IMI, CTCT, SENEA

Stocks for Day trading: UVXY, XIV, SVXY, TVIX, GLD, TZA, FAS, FAZ, GMCR, NOK, PCX, WLT, ACI, HAL, MT, X

Stocks for Option Trading: CAT, XOM, SPY, QQQ, IBM, PCLN, AAPl, WLT, PCX, GOOG, MT.

Economic calendar:

NFIB Small Business Optimism Index 
7:30 AM ET
94.2 is expected, prev month was 94.5, higher is bullish sign, while lower is bearish sign.

Import and Export Prices 8:30 AM ET Export prices of 0.1% and import prices of -1.1% is expected, higher will be bullish sign, lower will be bearish sign.

Treasury Budget 2:00 PM ET -125 B is expected, prev month was -59.1 B

Overall I am expecting market to close low.

1 comment:

Launch Business in Delhi said...

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