Central Banks say they are not acting just yet

The Europeans did not include Germany in their bond buy plan. The US Fed says that they will help but not yet.  Considering that the financial markets are a puppet on the end of their strings this news produces a sell off today.  The last 4 days have declined some 250 points.  This is not a crash but money is moving to the sidelines as volume has picked up.

The support area of 12950 fell today with the DJI closing at 12878.  It is interesting to note that on this sell off the puts are much more subdued that on the previous 3.  The Put/Call today ran .87 and the put premium remained below 1.00 at .93.  The low end of this trading range is 12500 and the 200 day is at 12568 so you would say that support is in the 12500 area. The 50 day is at 12665 but the DJI has broken this line 3 times since 6-21.

Taking the Fed at their word it would seem that the bears have it for now but the trend is still up.  The dollar is back in an uptrend and Gold is right on its 50 day down 15 today. Silver gapped down today and remained down today resuming its downtrend.

Mikey

DJI Trends:
Daily Up 12822 on 7-20
Long Term UP/ Intermediate Term Up/ Daily Trend Up  /Short Term UP
DJI Close 12878.88 -97.25
Step up trading range 12980 -13423
Current trading range: 12500- 12980
Step down support range12000-12500

Key Indicators

Averages
50 Hour Ave: 12933 Price below
20 Day Ave: 12811 Price above
50 Day Ave: 12665 Price above
20 Week Ave: 12821 Price above
50 Week Ave: 12371 Price above
50 Month Ave 10857 Price above

Overbought/Oversold readings (Mikey reading) +100  to -100
5 day +0  Nu   10 day Nu -49  20 day Nu -25  50 day OB -+109


MACD Readings

MACD Crosses: Negative cross = consolidation/correction Positive cross=uptrend
Short term (50 hour), down 5 Hrs) signal 8-2 12908
MACD Hourly +-36.81 7-31 Negative cross
Daily trend (50 day) Up 15 days 7-17 12805
MACD Daily +75.48 Positive cross 7-27 12775
Intermediate trend (50 week) Up (8 weeks).signal 6-1 12118
MACD Weekly (+100.11 ), Positive cross  7-30
Long term trend (50 month) Up (21 months)...signal 12/1/10 11577
MACD Monthly (+534.79) Positive Cross 9-1-09


IBD:Market in Confirmed Uptrend 7-26 12887

Volume Readings
Volume (Millions) NYSE 4054 NASDAQ 1798
Advance/Decline NYSE -713 NASDAQ -388.
Mikey NYSE A/D line +53245 Mikey NASDAQ A/D line -17290 (new low)
Trader Psychology
Put/Call day .87 10 day .87  Put Prem/Call Prem  .93 10 day .98
Bull/Bear Ratio 1.42  Bulls 39.4%, Bears 27.7%
Mutial Funds Buy/Redeem ratio 1.08
VIX 17.57  VXZ 42.27 Trin  2.20  5 day ave 1.16 Mikey Fear 90 (80 Low 20 High)
New Highs NYSE 109  NASDAQ 25 New Lows NYSE 68 NASDAQ 92
% Stocks above 200 day ave 53
% (above 50% uptrend)

Closing Prices

US Stocks
DJIA 12878.88 -97.25 S/P 500 1365 -10.32  NASDAQ 2909.77 -10.44
DJT 4984.15 -2.61 485.60 -3.49  
US Debt Markets
US Gov rates: 6 mo .1370% 2 yr .2350% 5 Yr .6353% 10 yr  1.48% 30 yr 2.55%
Ave Mtg rates : 30 Yr 3.55% 15 Yr 2.96% 5/1 ARM 2.99
IEF (US 7-10 yr) 108.97 +.25  TLT (20 yr) 129.58 +.80 High Yield 91.16 -.53
MUB (NatlMuni) 111.53 -.02 Cal Muni (NCA)10.81 +.06 BND Total Bond Index 85.10 +.16
Commodities
CRB Commodities Index 294.50 -4.73
Gold 1588.20 -15.00 Silver 26.99 -.54 Copper 3.29 -.10 Platinum 1387.80 -13.50
Oil 87.13 -1.78 RBOB 2.86 +.03   Nat Gas 2.91 -.25
US Dollar Index and World Currencies
Euro 1.2187 -.0043 Pound 1.5364 -.0028 Swiss Franc .9989 -.0037  
Yen 1.2558 +.0043 Aussie 1.0458 +.0002 Canadian Dollar .9873 -.0019
Dollar Index 83.45 +.28
All Market Trends:

Commodities
Gold:                    Long Term/ Intermediate Term  Daily Trend// Short term
Silver:                  Long Term / Intermediate Term/ Daily Trend / Short term
Copper:                Long Term/ Intermediate Term/ Daily Trend / Short term
Oil:                       Long Term/ Intermediate Term/ Daily Trend / Short term
Gasoline              Long Term/ Intermediate Term/ Daily Trend/  Short term
Nat Gas:              Long Term/ Intermediate Term/ Daily Trend / Short term
CRB                     Long Term/ Intermediate Term/ Daily Trend / Short term

Bond Markets
US Bonds LT       Long Term/ Intermediate Term/ Daily Trend/ / Short term
Intl  Treas             Long Term/ Intermediate Term/ Daily Trend/ / Short term
Intl Corp               Long Term/ Intermediate Term/ Daily Trend/ / Short term
US Muni               Long Term/ Intermediate Term/ Daily Trend/ / Short term
High Yield             Long Term/ Intermediate Term/ Daily Trend/ / Short term

Currencies
Aussie  Dollar        Long Term/ Intermediate Term/ Daily Trend/ / Short term
Brit PD                  Long Term/ Intermediate Term/ Daily Trend / Short term
Euro                      Long Term/ Intermediate Term/ Daily Trend   Short term
Yen                       Long Term/ Intermediate Term/Daily Trend//  Short term
Swiss                     Long Term/ Intermediate Term/ Daily Trend / Short term
Can Dollar             Long Term/  Intermediate Term Daily Trend/  Short term
US Dollar              Long Term/ Intermediate Term/ Daily Trend / Short term

Stocks
US                       Long Term/ Intermediate Term/ Daily Trend/ / Short term
Europe                 Long Term/ Intermediate Term/ Daily Trend/ / Short term
Germany             Long Term/ Intermediate Term/ Daily Trend/ / Short term
China                  Long Term/ Intermediate Term/ Daily Trend/ / Short term
Brazil                  Long Term/ Intermediate Term/ Daily Trend/ / Short term
India                   Long Term/ Intermediate Term/ Daily Trend/ / Short term
Emerg Mkts        Long Term/ Intermediate Term/ Daily Trend/ / Short term
Japan                  Long Term/ Intermediate Term/ Daily Trend/ / Short term