Look for Stocks to Stabilize this Week

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  • 8/9/2019 Look for Stocks to Stabilize this Week

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    Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com.ValuEngine is a fundamentally-based quant research firm in Princeton, NJ. ValuEngine

    covers over 5,000 stocks every day.

    A variety of newsletters and portfolios containing Suttmeier's detailed research, stock picks,and commentary can be found HERE.

    July 6, 2010 Look for St ock s t o Stabi l ize th is Week

    The decline in the yield on the US 10-Year note should stall between 2.999 and 2.813. It seemslike Comex gold will struggle to return to its June 21st high of $1266.5. Nymex crude oil shouldspend the week between $71.71 and $77.05. The euro should trade between 1.2035 and 1.2670.Even though the bear has found the picnic basket, the Dow should rebound to 9,856 this week.

    US Treasury Yields Semiannual and quarterly supports are 3.479 and 3.486 with my annual andweekly pivots at 2.999 and 2.941, and daily, annual, quarterly and semiannual resistances at 2.879,2.813, 2.495 and 2.249. Yields should stop their decline between 2.999 and 2.813. On Thursday theUS Treasury will announce next weeks supply: $35 billion 3-Year notes, $21 billion 10-Year notes and$12 billion 30-Year bonds.

    Courtesy of Thomson / Reuters

    Comex Gold New quarterly support is $1140.9 with annual support at $1115.2. Semiannual and dailypivots are $1218.7 and $1203.2 with weekly, semiannual and monthly resistances at $1238.4, $1260.8and $1279.3. The all time high of $1266.5 set on June 21stwas a test of Junes monthlyresistance and the $1260.8 to $1279.3 should be a significant top for gold.

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    Courtesy of Thomson / Reuters

    Nymex Crude Oil Weekly and quarterly supports are $71.71 and $56.63 with daily and annual pivotsat $72.80 and $77.05, and monthly and semiannual resistances at $79.36 and $83.94, which shouldlimit the upside as the global economy slows down. The 200-week simple moving average has beena magnet for more than twelve months as crude oil is trendless.

    Courtesy of Thomson / Reuters

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    The Euro Daily support is 1.2471 with monthly resistance at 1.2670. Monthly, weekly and quarterlysupports are 1.2035, 1.1957 and 1.1424. The euro is still oversold on its weekly chart.

    Courtesy of Thomson / Reuters

    Weekly Dow:The April 26th high of 11,258 was a test of the 61.8% Fibonacci Retracement of thedecline from October 2007 high to the March 2009 low. Note also the failed test of the 200-week simplemoving average now at 11,091 and the failed test of my annual resistance at 11,235. MOJO is declining

    and weekly closes below the 5-week modified moving average at 10,209 keeps the weekly chart profilenegative.

    Chart Courtesy of Thomson / Reuters

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    Thats todays Four in Four. Have a great day.

    Richard SuttmeierChief Market Strategistwww.ValuEngine.com(800) 381-5576

    As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.com. Ihave daily, weekly, monthly, and quarterly newsletters available that track a variety of equity and other data parameters aswell as my most up-to-date analysis of world markets. My newest products include a weekly ETF newsletter as well as theValuTrader Model Portfolio newsletter. I hope that you will go to www.ValuEngine.com and review some of the sampleissues of my research.

    I Hold No Positions in the Stocks I Cover.