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Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com.ValuEngine is a fundamentally-based quant research firm in Newtown, PA. ValuEnginecovers over 7,000 stocks every day.

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June 12, 2012 A False Break out On Overni ght Strengt h On Spain Bai lout

The Key Levels for the US Capi t a l Market s

10-Year Note (1.598) Semiannual and monthly value levels are 1.903 and 1.909 with daily, weekly,quarterly and semiannual risky levels at 1.547, 1.515, 1.407 and 1.385.

Comex Gold ($1600.4) My annual value level is $1388.4 with weekly and annual pivots at $1566.7and $1575.8, and daily, semiannual and monthly risky levels at $1644.7, $1635.8, $1659.4 and$1695.4. My quarterly risky level is $1871.9. The 50-day / 200-day SMAs: $1617.6 / $1682.1.

Nymex Crude Oil ($81.59) Daily and semiannual value levels are $80.40 and $79.83 with a weeklypivot at $82.90, and quarterly, annual and semiannual risky levels at $101.55, $103.58 and $104.84.

The Euro (1.2484) A monthly value level is 1.2064 with weekly and daily pivots at 1.2514 and1.2600, and monthly, semiannual and quarterly risky levels at 1.2815, 1.2980 and 1.3366. The June2010 low is 1.1880.

Theoretically the three major equity averages traded above some key levels overnight into Monday.The Dow Industrials probably would have peaked overnight below my quarterly risky level at 12,794.The S&P 500 probably peaked between my quarterly and annual risky levels at 1337.7 and 1363.2.The NASDAQ was likely above my quarterly risky level at 2911. The fact that the top three of the majoequity averages stayed shy of all of these levels during US hours I call it a false breakout.

Daily Dow:(12,411) Annual and daily value levels are 12,312 and 12,245 with a weekly pivot at12,521, and my quarterly risky level at 12,794, and annual and monthly risky levels are 14,032 and14,201.

S&P 500 (1308.9) Weekly and daily value levels are 1306.8 and 1292.4 with quarterly, annual,monthly and annual risky levels at 1337.7, 1363.2, 1504.8 and 1562.9.

NASDAQ (2810) Daily, weekly and annual value levels are 2777, 2775 and 2698 with quarterly,annual and monthly risky levels at 2911, 3232 and 3248.

Dow Transports (4992) Weekly and daily value levels are 4994 and 4920 with a quarterly risky leveat 5420, and the all time high set at 5627.85 on July 11, 2011.

Russell 2000 (751.01) Weekly and daily value levels are 759.45 and 744.51 with quarterly andannual risky levels at 829.34 and 836.15, and the all time high set at 868.57 on May 2, 2011.

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