Keybot the Quant remains short, idling along yesterday without printing out any numbers for Tuesday's session, despite all the news and excitement occurring. For Wednesday's session today, the algorithm continues to perceive financials, semi's, commodities and volatility in the bear camp. The bulls continue to fight back keeping other major sectors such as utilities and retail in their camp. The recent copper buoyancy is a feather in the bulls cap as well.
For today for the SPX, starting at 1313.64, the futures are green at this hour. If the market bulls can get up thru the 1327 handle, that will signal that the bulls are back in biz and the indexes will accelerate higher. If the bulls cannot overcome 1327, the day will develop with a sideways move. Since the market bears closed the indexes near their lows yesterday, any red numbers in the futures will cause an acceleration to the downside for the markets, but, the futures are currently preventing this from happening. If the futures stay green and there is no negative euro news by the open, the day has a sideways look to it.
Chairman Bernanke speaks at 10 AM. Oil inventories occur at 10:30 AM and the 10-year note auction at 1 PM. All are potential market pivot points today.
7/31/11; 7:00 PM EST EOM =
7/29/11; 10:00 AM EST =
7/26/11; 10:00 AM EST =
7/24/11; 7:00 PM EST =
7/19/11; 9:00 AM EST =
7/17/11; 7:00 PM EST =
7/15/11; 10:00 AM EST =
7/11/11; 10:34 AM EST = +4; signal line is +12; go short 1324; (Benchmark SPX for 2011=+5.3%)(Keybot this trade=+3.0%; Keybot for 2011=+7.8%)(Actual this trade via IWM=+3.7%; Actual for 2011=+2.8)
Hhere is no negative euro news by the open, the day has a sideways look to it.
ReplyDeleteHomie, let's see, the Wednesday session was up at the open only to trail off.
ReplyDeleteOpen at 1314.45 and close at 1317.72; sideways day after the smoke cleared. Good call considering it was posted four hours before the session occurred.