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The Power of the Pivots

The Power of the Pivots

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Published by ValuEngine.com
The 30-Year Treasury auction was well bid, but traded weaker after the auction, which pulled the 10-Year yield well above Wednesday’s auction level. Gold is consolidating gains to Tuesday’s all time high at $1254.5. The euro is poised for an oversold rally that could test my quarterly pivot at 1.2450. Crude oil breaks the trading range to the upside so watch my annual pivot at $77.05. The Power of the Pivots gets the NASDAQ to 2215.
The 30-Year Treasury auction was well bid, but traded weaker after the auction, which pulled the 10-Year yield well above Wednesday’s auction level. Gold is consolidating gains to Tuesday’s all time high at $1254.5. The euro is poised for an oversold rally that could test my quarterly pivot at 1.2450. Crude oil breaks the trading range to the upside so watch my annual pivot at $77.05. The Power of the Pivots gets the NASDAQ to 2215.

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Published by: ValuEngine.com on Jun 11, 2010
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10/01/2011

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Richard Suttmeier is the Chief Market Strategist atwww.ValuEngine.com.
 ValuEngine is a fundamentally-based quant research firm in Princeton, NJ. ValuEnginecovers over 5,000 stocks every day.A variety of newsletters and portfolios containing Suttmeier's detailed research, stock picks,and commentary can be foundHERE. 
June 11, 2010 –
The Power of the PivotsThe 30-Year Treasury auction was well bid, but traded weaker after the auction, which pulled the10-Year yield well above Wednesday’s auction level. Gold is consolidating gains to Tuesday’s alltime high at $1254.5. The euro is poised for an oversold rally that could test my quarterly pivotat 1.2450. Crude oil breaks the trading range to the upside so watch my annual pivot at $77.05.The Power of the Pivots gets the NASDAQ to 2215.US Treasury Yields
–Yesterday’s 30-Year bond auction was bid strongly as the US Treasury sold $13billion at 4.182% with the issue trading above that yield after the auction. The bid to cover was strong at2.78 times and the Indirect Bid was 36%, within my 30% to 40% neutral zone. For the 10-Year,quarterly support is 3.467 with today’s resistance at 3.235. The range on the daily chart appears to befrom the 200-day simple moving average at 3.55 and the year to date low yield at 3.05.
Chart Courtesy of Thomson / Reuters
 
 
Comex Gold –
A close below the 21-day simple moving average at $1216.3 indicates risk to the 50-day simple moving average at $1184.1. Gold is consolidating Tuesday’s new all time high at $1254.4.Semiannual support is $1186.5 with monthly resistances at $1265.9 and $1277.4.
Courtesy of Thomson / Reuters
Nymex Crude Oil
– shows rising MOJO on its daily chart with the 200-day simple moving average at$76.75. Today’s support is $72.75 with my annual risky level at $77.05.
Courtesy of Thomson / Reuters
 
 
The Euro –
shows oversold MOJO on its daily chart, as the euro stays above this week’s support at1.1863. Quarterly and monthly resistances are 1.2450 and 1.2679.
 
Courtesy of Thomson / Reuters
Daily Dow: 
The Dow could not take out its 200-day simple moving average at 10,299 (now 10,310) lastweek. MOJO is rising making the daily chart neutral. The 21-day, 50-day and 200-day simple movingaverages are resistances at 10,234, 10,665 and 10,310. It seems that the April 26
th
high at 11,258 endsthe bear market rally since March 2009, and starts the second leg of the multi-year bear market.
We need a weekly close above my annual pivot at 10,379 to extend the rally next week.
 
Courtesy of Thomson / Reuters

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