Wrap – Week Ended 7/22/11

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27 Responses to “Wrap – Week Ended 7/22/11”

  1. 1
    Zorgnak Says:

    Homework notes.. Zman E&P Index extended break from  daily inverse H&S pattern.Extended 39-40 Support.    http://i1223.photobucket.com/albums/dd503/zorgnak/ZMAN723.jpg
                                      ZCoalProducers Index broke daily inverse H&S pattern. Extended 35.50  Support                      http://i1223.photobucket.com/albums/dd503/zorgnak/ZCOAL723.jpg
                                      ZEquip&Svcs Index extended range break on volume. Extended. 48 Support                               http://i1223.photobucket.com/albums/dd503/zorgnak/ZES723.jpg
    SDRL      36.39 Break of two month high and tight consolidation. All time highs at 38.24
    ATPG      16.23  Double top break out of a very tight consolidation pattern.
    ANR        47.25  Break of 4 week consolidation after recent exhausiton low in June.
    KOL         51.87   Break of 6 month consolidation after recent exhaustion low and H&S (weekly) failure in June.Daily Reverse H&S breakout on 7/20
    PTEN                    Consolidating in high tight flag at 3 year highs.
    ROSE                   High tight flag, support at 55

    Recent Double Top Break
    WLT ..strong coal group

    Up on high volume
    Down on high volume

    Other    IB= Inside Bar, NR=Narrowest bar in the last X days, BBS=Volatility Squeeze C&H= Cup and Handle   H&S =Head and Shoulders
    EXXI      IB, NR10, 37.20, 3 Year High Near
    ATPG    IB,NR10,BBS 16.25 Breakpoint
    CNQ     IB,NR10, Triple Top Break, Reverse H&S above 44
    NFX      IB,NR10,Recent C&H Break
    SSN     BBS,Double top break at 13.15


  2. 2
    Justin Says:

    Those bozos better get something inked…

  3. 3
    zman Says:

    Rep press conf by 6 pm EST, USD taking it on the chin early. 

  4. 4
    zman Says:

    No agreement


  5. 5
    zman Says:

    Reid now talking $2.5 T in cuts and no tax increases. 

  6. 6
    zman Says:

    Whackjob Watch:


  7. 7
    zman Says:

    re 6 – see page 12


    Art Berman is a crack pot

  8. 8
    zman Says:

    S&P Futs off 1%, gold at all time high

  9. 9
    zman Says:

    ZLT positions updated:


  10. 10
    zman Says:

    Gold > $1,620

  11. 11
    zman Says:

    Crude off 60 cents …. holding up better than you'd think due to a weaker dollar

    No catastrophe yet on the equity side, futures:

    DJIA -111

    SP -10

    NAS -25

  12. 12
    john11 Says:

    From the site Z posted in #4 above…

    7:39pm | Today's intrepid White House pool reporter, The Hill's Sam Youngman, on the state of the negotiations: "DC is a big bag of suck that couldn't solve a rubik's cube if it were all one color."

    Read more: http://www.businessinsider.com/live-coverage-the-debt-ceiling-negotiations-2011-7#pm79#ixzz1T4RdsW6X

  13. 13
    elduque Says:

    Justin – have you put together your TAT report?

  14. 14
    brodway Says:

    Haven't seen much comment on Noble (NE). looks like some kind of bottom was formed. Not really a very positive chart, but energy has started to take off and this one is sitting out.

  15. 15
    Zorgnak Says:

    S&P Futures…..Opened down to significant support area at 1329.
    1319   Minor CLVN Support
    1310   Minor CLVN/Support
    1300   Major CLVN/Support

  16. 16
    Zorgnak Says:

    Crude still holding minor support just under 99. Next support area at 98

  17. 17
    choices Says:

    sdrl:  attached fairly informative on rigs/day rates-looks healthy to me.

  18. 18
    Zorgnak Says:

    #17 thanks choices

  19. 19
    choices Says:

    Appears that we may get a big red day tomorrow-I guess the really question is how long it will last-I have a shopping list but DO NOT want to jump the gun
    I-trade has it @25% by 7/31, down from ~40% but has gone up to 75% by 8/31-
    credit downgrade 50/50 if anyone places any credence in anything rating agencies say-

  20. 20
    choices Says:

    Asian mkts not off all that much (yet):

  21. 21
    zman Says:

    They'll get something worked out; market doesn't really believe they won't. 

  22. 22
    Justin Says:

    elduque –  I hate to break my promise of posting it in the Wrap.  However, I don't want to shortcut my review just to make me feel alright about holding on.  I punted six questions to TAT's IR (don't want to overdue the MMIII lifeline) after spending several hours on it yesterday and couple today.  I'll pull it together as soon as I get a response.  I'll also call IR to move things along as the contact is in the office tomorrow. 

  23. 23
    crysball Says:

    Pirates  now operating  off  West  Africa……….opening a whole new  front  for Ocean Piracy………..as  they   Hihacked an Italian  Tanker  toting Diesel Fuel

  24. 24
    zman Says:

    Saw that, off Benin, right next to Nigeria

  25. 25
    choices Says:

    #18-you are welcome, zorg-as you have said many times, any time.

  26. 26
    elduque Says:

    Thanks Justin – I am assuming that it is probably ok, but the one concern I had was whether or not they get the license to sell the nat. gas. Or at least that is what I thought I heard on the conference call. They implied that it was just a technicality that was holding it up. I am long TRGL, never figuring that a whole country could be so stupid. So I am a little more cautious, now. 

  27. 27
    Zorgnak Says:

    Early morning look..I'll post a later one prior to open if anything material changes
    S&P Futures Areas of Interest 8 AM. Futures are finding balance around the 1329 CLVN in the O/N market. 1329 will be key support area today.
    Above 1329 congestion thins out with 1342.75 area as key resistance.Any move much below O/N lows (1322) and the picture becomes much murkier.

    1342.75       CLVN
    1335.50       Minor CLVN
    1329            CLVN,
    1324.75       Minor CLVN,NVPOC 1323.75, O/N low 1322, Wed Close 1321.50, CHVN 1322

    1319            Minor CLVN
    1316.50       CHVN, O/N low 1315
    1307.25       Major CHVN
    1300             Major CLVN

    CLVN =Composite Low Volume Node/ Rejection    CHVN= Composite High Volume Node/Acceptance and Congestion


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