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Today’s Fundamentals

U.S. Manufacturing grew in June

More orders

Stronger production

Could help the economy second part of the year


Institute Of Supply Management

Index of factory activity increased to 50.9 in June

May reading was 49 and lowest in 4 years

Reading above 50 suggests that economy is expanding

Reading below 50 suggests that economy is

contracting


Only Negative News

Factories cut jobs last month

Manufacturing slowed down

Europe’s economy weighted heavily on U.S exports


Construction Spending

Rose 0.5% during the month

Hit highest annual rate in 4 years

Keep your eye on the home building sector

Keep your eye on KB homes (stock)


Intraday Stock Market Analysis

The breakout from a triangle pattern is typically powerful


Volatility Has Been High

Volatility is a double edged sward

Easy to trick people into thinking it’s something more than a correction

Don’t let the market suck you in psychologically

Look at the big picture on daily basis

Volume is light this week

Don’t put too much weight into remainder of week


The Bigger Picture

What looks like a strong rally on a short term basis can look like a small correction on a longer term

chart


The Gold Rally

Look for a bounce to the 1300 to 1350 level in the short term


The Bond Futures Market

Consider Buying September And Selling December Spread Right Now.


Existing Short Positions

Today’s Rally Did Not Impact Our Short Positions

PFE – Down $.23

POR- Down $.38

WMT – Up $.10

Weak relative strength compared to stock market


The U.S. Dollar

Look for British Pound to weaken as well Slow down in manufacturing sector


New Set Up For Tomorrow

Utility companies are very sensitive to interest rates and economy in general


Things To Keep In Mind

Don’t take too many positions right now

Market is very random and unpredictable

Advice from one of the most profitable traders in the world

“Remember that not taking a position is a position”

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