It was a roller coaster day for stock market as Dow, S&P500 and Nasdaq opened higher as ECB conducted another fine tuning operation. As mentioned in all my previous article, market have opened higher or atleast rally on Tuesday, when ECB carries fine tuning operation and rest of the day direction depends on the rumor. Tomorrow, house will vote against Obamacare, so watchout the movement in the following health care : AET, AGP, CERN, CNC, CPSI, HNT, HUM, MDRX, MGLN, MOH, OMCL, QSII, UNH.
At the close, Dow rallied 40 point in last 15 minute, to close negative 83 point for the day after 90 point rally at the open, and making a total loss of 174 point from its peak. In last 5 days, dow is down 218 point but still up 534 point since June 4th, 2012.
At the close, S&P500 rallied 6 point in last 15 minute, to close negative 11 point for the day after 10 point rally at the open, and making a total loss of 20 point from its peak. In last 5 days, S&P500 is down 21 point but still up 64 point since June 4th, 2012.
For Bullish sentiment to continue, Dow needs to break 12,665 followed by 12,722 and S&P500 needs to break 1348.
For Bearish sentiment to continue, Dow needs to 12,632 followed by 12,570 and SPX needs to break 1328.
|Dow July 10th chart closed in bullish zone but its expected to open flat tomorrow.|
|Dow monthly chart shows there is more downside.|
|SPX Monthly chart, shows there is more downside.|
|8:30 am||Trade deficit||May||-$48.7 bln||-$50.1 bln|
|10 am||Wholesale inventories||May||--||0.6%|
|2 pm||FOMC minutes||6-22|
Global Economy Calendar
|9 p.m.||Bank of Korea decision||3.25%|
|9:30 p.m.||Australia unemployment||Jun||5.1%|
House to vote on repeal of Obama’s health-care law at a time to be announced.
8:30 a.m.: Trade deficit for May, released by the Commerce Department.
10 a.m.: Wholesale inventories for May, released by the Commerce Department.
10 a.m.: House Agriculture Committee votes on 2012 farm bill.
2 p.m.: Minutes from the June 22 meeting of the Federal Open Market Committee, released by the Fed.