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The FOMC Downgrades the US Economy, Stocks Rise

The FOMC Downgrades the US Economy, Stocks Rise

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Published by ValuEngine.com
The 10-Year US Treasury yield tested my monthly pivot at 2.562 this morning on Fed induced risk aversion. Gold trades to another all time high at $1295.8 this morning with a daily risky level at $1296.7. Crude oil is between monthly and annual pivots at $74.45 and $77.05. The euro moves above its 200-day simple moving average at 1.3218 for the first time since January 19th, and approached it’s August 6th high at 1.3334. The Dow remains extremely overbought on its daily chart but grinds higher on its journey towards my annual pivot at 11,235 by Election Day. The FOMC downgrades the US economy, but Housing Starts rise by 10.5% unexpectedly. “The Great Credit Crunch” that began in March 2007 continues.
The 10-Year US Treasury yield tested my monthly pivot at 2.562 this morning on Fed induced risk aversion. Gold trades to another all time high at $1295.8 this morning with a daily risky level at $1296.7. Crude oil is between monthly and annual pivots at $74.45 and $77.05. The euro moves above its 200-day simple moving average at 1.3218 for the first time since January 19th, and approached it’s August 6th high at 1.3334. The Dow remains extremely overbought on its daily chart but grinds higher on its journey towards my annual pivot at 11,235 by Election Day. The FOMC downgrades the US economy, but Housing Starts rise by 10.5% unexpectedly. “The Great Credit Crunch” that began in March 2007 continues.

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Published by: ValuEngine.com on Sep 22, 2010
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10/12/2010

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Richard Suttmeier is the Chief Market Strategist at
www.ValuEngine.com
.
 ValuEngine is a fundamentally-based quant research firm in Newtown, PA. ValuEnginecovers over 7,000 stocks every day.A variety of newsletters and portfolios containing Suttmeier's detailed research, stockpicks, and commentary can be found
HERE.
 
September 22, 2010 – The FOMC Downgrades the US Economy, Stocks Rise
The 10-Year US Treasury yield tested my monthly pivot at 2.562 this morning on Fed inducedrisk aversion. Gold trades to another all time high at $1295.8 this morning with a daily riskylevel at $1296.7. Crude oil is between monthly and annual pivots at $74.45 and $77.05. The euromoves above its 200-day simple moving average at 1.3218 for the first time since January 19
th
,and approached it’s August 6
th
high at 1.3334. The Dow remains extremely overbought on itsdaily chart but grinds higher on its journey towards my annual pivot at 11,235 by Election Day.The FOMC downgrades the US economy, but Housing Starts rise by 10.5% unexpectedly. “TheGreat Credit Crunch” that began in March 2007 continues.10-Year Note
– (2.596) Daily, annual and annual value levels are 2.647, 2.813 2.999 with a monthlypivot at 2.562, and quarterly, weekly and semiannual risky levels at 2.495, 2.487 and 2.249.
 
Courtesy of Thomson / Reuters
 
 
Comex Gold –
($1289.3) Monthly, semiannual, quarterly and annual value levels are $1263.8, 1260.8,$1218.7, $1140.9 and $1115.2 with a weekly pivot at $1283.5 and daily risky level at $1296.7.
Courtesy of Thomson / Reuters
Nymex Crude Oil
– ($74.92) Weekly and quarterly value levels are $72.72 and $56.63 with a monthlypivot at $74.45, and daily and annual pivots at $76.84 and $77.05, and semiannual risky level at$83.94.
Courtesy of Thomson / Reuters
 
 
The Euro –
(1.3239) My weekly value level is 1.2902 with a daily risky level at 1.3350. Quarterly andmonthly value levels are 1.2167, 1.1721 and 1.1424 with semiannual risky level at 1.4733.
Courtesy of Thomson / Reuters
Daily Dow:
(10,761) Weekly, annual, monthly and quarterly value levels are 10,445, 10,379, 10,164and 7,812 with my semiannual pivot at 10,558, and daily and annual risky levels at 10,826 and 11,235.
My annual risky level at 11,235 was tested at the April 26 
th 
high of 11,258.01. The Dow has become extremely overbought.
Courtesy of Thomson / Reuters

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