S&P 500 Failed at Death-Cross, Deflation Bid Rules Week $TLT, $IEF, $SPY, $QQQQ, $GLD, $UUP Charts, Links

RISK ON, RISK OFF. The market took a hit Friday on option expiration due to lower consumer confidence, lower inflation, so-so earnings, economic data and technical resistance. Read the articles below. $SPY closed -2.75% at $106.66, $DIA -2.5% at $101.01 and $QQQQ -2.76% at $44.34. Last night the Nikkei 225 index (Japan stock index) was down 2.86% at one point and Reuters mentioned a large futures seller, so that move could've diffused into the S&P. In my post two days ago (chart) I mentioned that $SPY was stuck at downtrend resistance and the 50 day moving average, also Adam Hewison's INO blog video warned about a sell off at the "death cross". So technicals were an important factor there imo. Below is a decent link fest and 1-week chart comparison of $TLT, $IEF, $SPY, $QQQQ, $GLD, $UUP and intra-day $SPY. I'll chart out each ETF individually and bond yields next.

$SPY kind of matched the Nikkei move last night (freestockcharts.com)

1-Week Performance: $TLT,$IEF, $GLD, $SPY, $QQQQ, $UUP (freestockcharts.com)


U.S. June inflation rate softens to 1.1% in slowing economy - ReedConstructionData

U.S. Michigan Consumer Sentiment Index Slumps to 66.5 in July vs. 76 June - Bloomberg

Treasury Two-Year Yields Drop to Record Low as Economy Weakens - Bloomberg

Reuters University of Michigan's Consumer Sentiment drops sharply in July - Calculated Risk

Stocks Tumble, Yen, Treasuries Advance on Recovery Concern - Bloomberg

ECRI Index annualized change almost a lock for double dip territory - Credit Writedowns

Bank of America, Citigroup Fall as Loan Books, Interest Shrink - Bloomberg

Royal Bank of Canada Cuts China Growth, Inflation Estimates - Bloomberg

ISI GROUP: China Could See Substantial Slow-Down In H2 - Pragmatic Capitalist

ICI Reports Largest Equity Fund Outflow In Two Months - Zero Hedge

Investor sentiment rebounds: AAII survey - MarketWatch

Google stock slides after 2Q results miss Street - Bloomberg

Retirement: Gen Y's Empty Piggy Bank - Bloomberg

Carload Decline, Rail Traffic Moderates From Highs - TPC

Weekly Credit Summary by CreditResearch found at at Zero Hedge

EUR Shorts Plunge, CHF Goes Net Long (4th Time In 2010), JPY At Most Bullish - Zero Hedge

Thai Baht’s Parabolic Signals Rise to 2008 High: Technical Analysis - Bloomberg

The Feckless Fed - New York Times

Ron Paul Silver Ounces Accepted at Michigan Gas Station; Chiropractor Accepts Gold, Silver, Apple Pie; Back to the Stone Age; Chickens Invade Lansing - MISH

Dick Bove Says Chance Of Double Dip Is Now 40-60%, Butchers JPM Earnings (Video) - Zero Hedge

Gold Plunges; Paulson Liquidation Speculation Abounds Again As Fund Rumored To.. - Zero Hedge
(DV & Co. told Him to hedge with puts!)

JPMorgan's Lee Sees S&P 500 Rising to 1,300 by Year End: Video (relative to credit) - Bloomberg

Goldman: "As In Mid-June The S&P Looks Very Overvalued Relative To Yields" - Zero Hedge

Goldman Sachs Portfolio Strategy - ShiftCTRL Group

Oppenheimer's Belski Has 1300 Target for S&P 500: Video (7/13) - Bloomberg (Youtube)

Seery Sees S&P 500 Falling to 900s; Cites `No Growth' (vs. Cowen): Video - Bloomberg (Youtube)

Peabody (of Portales) Says Bank Earnings Show Improved Credit Quality: Video - Washington Post

"It's Hard to Build a Bull Case": Stocks Slump as Big Banks Come Up Small - Christopher Whalen ($GS mid-teen ROE) - Tech Ticker

("People talk about a double dip but we never got out of the first one" OHHHHH!!!. Whalen also thinks Q1 will be the best you'll see this year (for banks), revenue will continue to fall, credit costs flat to possibly going up again in second half and overall financials look better but there's no growth (less revenue, potentially less income).

July 17, 2010

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