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June 16, 2010 The Dow Powers above its 200-day simple moving average at 10,321
The yield on the 10-Year Treasury rises only slightly. Gold holds its 21-day simple moving
average. The euro is getting closer to my quarterly pivot at 1.2450. Crude oil tested my annual
pivot at $77.05. The Dow is above its annual pivot at 10,379 with a continued positive daily
chart, negative weekly chart and overbought monthly chart. NAHB Housing Market Index
plunges.
US Treasury Yields The trading range continues for the yield on the 10-Year - between the 200-day
simple moving average at 3.548 and the recent low yield at 3.061. On Thursday the US Treasury
announces its next supply deluge and next week will auction $40 billion 2-Year notes on Tuesday, $39
billion 5-Year notes on Wednesday and $30 billion 7-Year notes on Thursday.
Comex Gold held its 21-day simple moving average at $1216.0 with the 50-day as lower support at
$1190.5. Gold is still consolidating last weeks move to a new all time high at $1254.4 with declining
MOJO. Semiannual support is $1186.5 with daily, monthly and weekly resistances at $1253.7, $1265.9
and $1272.9.
Courtesy of Thomson / Reuters
Nymex Crude Oil shows rising MOJO on its daily chart with the 200-day simple moving average at
$76.78. My annual pivot at $77.05 has been tested, but gasoline in my community remains at $2.53 per
gallon. This weeks support is $68.34 with monthly resistance at $85.93.
The Euro is no longer oversold on its daily chart. Daily and weekly supports are 1.2059 and 1.1564
with quarterly and monthly resistances are 1.2450 and 1.2679.
Courtesy of Thomson / Reuters
Daily Dow: The Dow made it above the 200-day simple moving average and my annual pivot at 10,321
and 10,379 on Tuesday, which is not surprising given daily closes above the 21-day at 10,163 and the
rising MOJO. The next barrier is the 50-day at 10,625. My call remains that the April 26th high at 11,258
ended the bear market rally since March 2009, and starts the second leg of the multi-year bear market.
Monthly Dow: shows overbought MOJO and a close in June below the five-month modified moving
average at 10,256 shifts the monthly chart to negative, which would be another technical signal that the
Multi-Year Bear Market is back. The 120-month simple moving average is a resistance at 10,459.