Wednesday, July 15, 2009

Technical Picture - Accumulation

The bearish H&S top on the S&P has been invalidated with today's advance as we just edged and closed above the right shoulder. Institutional buying was in play today.Tech bellwether (INTC) reported better than expected earnings and guided revenue higher thus igniting early strength. $USD weakness helped the energy/commodity complex. GS and BIDU staged technical breakouts.

Don't forget that this week is OPEX. JPM reports tomorrow morning.

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