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FusionIQ Equity Market Review July 7 2010

FusionIQ Equity Market Review July 7 2010

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Published by ritholtz
Transportation stocks below support, crude oil weaker...

Note: As CEO of FusionIQ, I will be occasionally posting our reports here.
Transportation stocks below support, crude oil weaker...

Note: As CEO of FusionIQ, I will be occasionally posting our reports here.

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Published by: ritholtz on Jul 07, 2010
Copyright:Attribution Non-commercial


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As seen in the rst chart below the transportation stocks havebroken below a support area we eel should have held, espe-cially i the economy is in decent shape here. Recent economicreleases on the unemployment rate, jobless claims and continu-ous claims did not help to shed any light on the recovery as thesemetrics continue to fat line. We nd hard it hard to embracethe notion the economy is on sold ground while the transportsare breaking down and copper and crude remain directionlessat best. Crude, like copper, is a gauge o global demand and“black gold” sloshing around below resistance and near thelower end o its trading range is not an overly encouraging sign. The only silver lining short-term is we remain pretty oversold,though yesterday’s inability to hold onto decent point gainssuggest bulls are not overly condent, even with stock prices atmuch lower prices levels than just a month ago. The other silverlining is that bullish sentiment remains paltry at 24.68 %.Overall the market remains a “hot potato” tape where tradersrent ‘em but don’t buy and hold ‘em. Markets like that typicallydon’t inspire condence or big gains.
 Transportation stocks below support,
©2010 FusionIQ
MARKET INTERNALS06.30.2010Reading685.15546.621.251,5001,5390.585993
Market Insight
Kevin P. LaneChie Market StrategistP 212-661-2022E klane@usioninvest.com
crude oil weaker...
NYSE Up VolumeNYSE Down VolumeNYSE Up/Down Vol. RatioNYSE AdvancersNYSE DeclinersNYSE Advance/Decline RatioNYSE New HighsNYSE New LowsNASDAQ Up VolumeNASDAQ Down VolumeNASDAQ Up/Down Vol. RatioNASDAQ AdvancersNASDAQ DeclinersNASDAQ Advance/Decline RatioNASDAQ New HighsNASDAQ New Lows318.51332.230.958861,7480.5514183
Equity Market Review
©2010 FusionIQ
 Kevin P. LaneChie Market StrategsitP 212-661-2022E klane@usioninvest.com
 Transportation Index (Weekly Chart)
As seen above the Dow Jones Transportation Average has undercut what should have been sol-id support (red lines). While short term there may be a minor attempt to bounce the transportswe believe they are now on target to touch the next support level down near 3,500 (purple line).While not in a death roll, the transportation average breaking below what should have been sol-id support does make us question the structual economic health o the U.S. economy.

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