Keybot the Quant is long to start the holiday-shortened week. Tuesday is an early close and markets are closed on Wednesday in Observance of the July 4th Independence Day holiday. The ECB Rate Decision and Monthly Jobs Report on Thursday and Friday, respectively, will make for a dramatic end to the week. Three key sectors that the algo was monitoring late Friday remain important to start the new week of trading; semiconductors, copper, commodities. Watch SOX 383.15, JJC 44.35 and CRB 282.80. If these three characters remain bullish, the markets will maintain upward buoyancy. If any of the three turn back into the bear camp, the markets will weaken, the degree of market weakness is dictated by the extent of how many of the three turn bearish. The behavior of these three is also important from the standpoint of possible extended bullishness moving forward. Market bears will exhibit hope if all three turn bearish. If the three continue to stay bullish thru this week, the markets are going to run substantially higher, and bears will have no hope.
The market bulls are driving the bus and in full control. There is no caution flag out since the algo number is 72 points above the signal line; the move Friday was truly remarkable. For the SPX for Monday starting at 1362, closing at the high on Friday, the bulls only need to see the tiniest smidge of green in the futures and the upside acceleration will continue. The bears are simply trying to stop the upside momo and will fight to keep the futures red overnight tonight. A move thru SPX 1311-1361 is sideways action for Monday. Keybot prints one pre-scheduled number this week on Friday morning.
7/8/12; 7:00 PM EST =
7/6/12; 9:00 AM EST =
7/1/12; 7:00 PM EST EOM EOQ2 EOH1 = +76 signal line +4
6/29/12; 1:16 PM EST = +76 signal line +1
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