Monday, June 15, 2009

Another Nothing Day

On Thursday we noted the divergence in price and volume and Friday turned out to be pretty much a nothing day, with markets closing slightly down. Most of the indices have been essentially sideways for the last 10 days. We are also into options expiration, which may increase volatility this week. This morning, commodities are pulling back with oil, gold and silver all down. The US Dollar is up slightly, along with treasuries.

The G8 Finance Ministers met this weekend to discuss how to extricate themselves from the stimulus plans as the various country economies improve.

Futures this morning are negative and the DAX is negative, indicating a negative open. The market bias indicators are neutral and so are the market condition scans, indicating we can expect another choppy day.

Index

Change

%Change

Level

Phase

TSX

-69.15

-0.65%

10644.96

Bullish

DJIA

+28.34

+0.32%

8799.26

Recovery

Nasdaq

-3.57

-0.19%

1858.80

Bullish

SP 500

+1.32

+0.14%

946.21

Accumulation

Russell 2000

+0.75

+0.14%

526.83

Accumulation

NYSE

-14.52

-0.24%

6148.61

Accumulation

Source: Telechart

Short Term market outlook:

Bias: Scans showing a neutral bias

Energy: weak

Primary Trend: sideways

Sector

Phase

Consumer Staples

Recovery

Healthcare

Recovery

Technology

Bullish

Utilities

Recovery

Energy

Accumulation

Financials

Recovery

Industrials

Recovery

Materials

Recovery

Consumer Discretionary

Recovery

Source: Telechart

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