Comments on: Wrap – Week Ended 8/10/12

By: Zorgnak

Zorgnak — Mon, 13 Aug 2012 12:32:01 +0000

S&P 500 Futures Weekly Notes/Expectations
Notes…Market continued to establish acceptance/value at the upper end of the March/May range highs. What little volume there was showing up on the demand side on 6 consecutive narrow range low volume days. Friday saw a weekly Demark exhaustion sell set up. However POMO Liquidity remains supportive and breadth is reflecting a market that gets bought on dips. Stock/Long bond ratios are supportive. $USD/Euro spread flat. Watch 1.2256 key support on the Euro, held on Friday. Financial sector demand volume positive. Risk assets showing life. Key short term levels early next week at 1392.50 support and 1412-14 resistance . Low volume from 1392.50-1373.75. Congestion above 1416. Ability to build volume at important range highs reinforces bull rejection of 1351 acceptance and the likelihood of continued attempts at new highs. All levels are relatively low volume/commitment.
Expectations…. Low volume moves in either direction with bulls in control above 1373.75. Dips likely to get bought above 1373.25 through 8/14/12. Trading above 1412-16 would be an important break higher and suggest expansion to 1440 and above. A break of 1373.75 works to acceptance at 1351. Early in the week a break of 1392.50 or 1412-16 will be important levels to gauge short term directional strength.
CLVN=Low Volume Rejection Zone – CHVN= High Volume Price Acceptance and Congestion Zone
1412-1416 Resistance, CLVN
1392.50     Minor Support, CLVN….low volume zone below to 1373.75
1373.75    Minor Support, CLVN
1351          CHVN, Short/Intermediate term Volume Pivot. Bullish bias above.
1340.25    CLVN. Break lower works to 1321.
1321         CLVN, Support
1309         Major Long and Intermediate CHVN
S&P Futures
http://www.charthub.com/images/2012/08/10/ES_Composite.png
Euro
http://www.charthub.com/images/2012/08/12/Euro_Composite.png

By: skimo

skimo — Mon, 13 Aug 2012 12:00:22 +0000

MPO with Mississippi Lime purchase: http://finance.yahoo.com/news/midstates-petroleum-acquire-mississippian-lime-110000706.html

By: zman

zman — Mon, 13 Aug 2012 03:32:35 +0000

SSn on the tape with news, deets in the morning post.

By: milepost_43

milepost_43 — Mon, 13 Aug 2012 02:34:46 +0000

Got domestic CO.... Egypt's Morsi goes ALL IN vis a vis the Military........... The Egyptian president, Mohamed Morsi, has dismissed his military chief as part of a sweeping set of decisions that includes the appointment of a vice-president and the rescinding of a military order that curbed presidential powers. The president also canceled the complementary constitutional declaration issued by the Supreme Council of the Armed Forces (Scaf), announced days before he was declared the victor in June's elections. The addendum had curbed presidential power and kept much of it in the hands of the military council. "This sets up an inevitable showdown with the supreme constitutional court as the court is likely to attempt to overturn Morsi's canceling of the supplemental constitutional declaration. It seems this move will require the sacking of the court if it is to stand," said Michael Hanna, a fellow at the Century Foundation, a US thinktank. http://www.guardian.co.uk/world/2012/aug/12/egyptian-defence-chief-ousted-shakeup?newsfeed=true