Since last 8 month, Stock market has been rallying on every rumor or hope of easing whether its from Fed, or ECB or any central banker from anywhere in the world. The biggest news breaker during this time has been, "Secret source, Source close to fed or ecb, Unknown official, and ECB spokeperson". Somehow popular media like Wall Street Journal (WSJ), Reuters, Financial Times, and CNBC use to find this secret sources or may be this secret sources walk to this media to break out the news in last hour before the market close. Brainless computers picked up such sources and easing words first and boom, Rally on. This rumor has finally brought Dow Jones, Nasdaq, and S&P500 to 5 year high. From 2009 lows, Dow Jones is up 6,550 point (99% ), 719 point (105%), and Nasdaq is up 1718 point (132%).
With shorts at 5 year high and stock market at 5 year high and Euro at multi year low , if the market ends up flat, it will only lead to more short squeeze and take the whole market higher.
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Dow closed in bullish zone and its expected to open higher. 13,161, followed by 13,144 are still key breakpoint on the downside, while 13,202 followed by 13,225 are key breakpoint on the upside.
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Nasdaq is now at 11 year high.
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| Nasdaq at 11 year high. |
Unsafe zone in S&P500 is 1400 -1516. It doesn't mean market will crash immediately as seen in the chart but its on the path of big sell off. Just be careful if your long here.
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| S&P500 at 5 year high. |
Economic Calendar
| TIME (ET) | REPORT | PERIOD | ACTUAL | FORECAST | PREVIOUS |
|---|
| 8:30 am | Weekly jobless claims | 8-4 | | 370,000 | 365,000 |
| 8:30 am | Trade deficit | June | | -$47.5 bln | -$48.7 bln |
| 10 am | Wholesale inventories | June | | -- | 0.3% |
Global Economic Calendar
| TIME (ET) | REPORT | PERIOD | ACTUAL | PREVIOUS |
|---|
| 1:30 a.m. | China industrial production, year-on-year | Jul | | 13.7% |
| 9 a.m. | Mexico consumer prices | Jul | | 0.46% |
| | Bank of Japan decision | | | 0%-0.10% |
| | Bank of Indonesia decision | | | 5.75% |
After hour percentage gainer and loser
| Percentage Gainers |
| Issue | Symbol | Volume | Last | Chg | % Chg | High | Low |
| Zion Oil&Gas | ZN | 8,805 | $2.00 | 0.23 | | 12.99 | $2.30 | $1.78 |
| Millennial Media | MM | 19,590 | 11.40 | 1.21 | | 11.87 | 12.50 | 10.50 |
| FleetCor Technologies | FLT | 5,887 | 40.65 | 3.95 | | 10.76 | 40.70 | 36.48 |
| Complete Genomics | GNOM | 30,500 | 2.58 | 0.23 | | 9.79 | 2.66 | 2.39 |
| Ultralife | ULBI | 6,935 | 3.00 | 0.23 | | 8.48 | 3.00 | 3.00 |
| NQ Mobile ADS | NQ | 16,640 | 8.36 | 0.61 | | 7.87 | 8.44 | 7.85 |
| Percentage Decliners |
| Issue | Symbol | Volume | Last | Chg | % Chg | High | Low |
| SunPower | SPWR | 89,221 | $4.10 | -0.59 | -12.58 | | $4.77 | $3.60 |
| Monster Beverage | MNST | 1,767,377 | 61.20 | -6.57 | -9.69 | | 67.77 | 57.77 |
| Career Education | CECO | 57,306 | 3.43 | -0.27 | -7.30 | | 3.70 | 3.43 |
| Medicis Pharmaceutical | MRX | 175,589 | 31.20 | -2.11 | -6.33 | | 33.31 | 31.20 |
| Seattle Genetics | SGEN | 16,257 | 22.50 | -1.37 | -5.74 | | 24.34 | 21.61 |
If possible sit on the sideline and wait till market has topped and then short it.
