BMC Wednesday 060607

(E-mini) Futures
S&P 500 (JUN) -1.10NASDAQ 100 (JUN) -1.25 Dow ($5) (JUN) -10.00

Treasury Bonds
5 yr note 4.96 +0.05 10 yr note 4.99 +0.05 30 yr note 5.08 +0.06

Currencies
US vs Euro 1.3514 -0.02%
US vs Yen 0.0082 -0.06%
US vs GBP 1.99 -0.01%

Commodities
Gold (CMX ) 675.10 -1.20
Light Crude (NYM ) 65.61 -0.06

Wednesday, June 6:

• Earnings: ADC Telecommunications (ADCT), Shuffle Master (SHFL)

• Economic Data: Q1 Productivity Revision

• Events: G8 Meeting, BOE Policy Meeting, NYX Euronext Analyst Day, NCS to Host Investor Day,

• Conferences: Lehman Brothers 2007 Global Services Conference; NAREIT's Investor Forum; Piper Jaffray 27th Annual Consumer Conference

• Fed Speakers: Fed's Lacker talks on the economy in Maryland; Fed's Hoenig speaks about policy and economy in Wyoming; Fed's Pianalto speaks at Bundesbank conference on policy

_____________________________________________________________
Quite light on the calender today. Tonight should be an consolidation night. While a rate cut is not imminent, I guess something good may come out of it.

Dow Jones Industrial Index 13,595.46 -80.86
May it be...an evening star, shines down, upon you~ Looks good for a reversal. The purple fibonacci has finished its journey, now it's on to the orange one. While it sits on the 100% level, according to fibonacci it's supposed to go down further.

1st intraday resistance: 13,606
2nd intraday resistance: 13,635
1st intraday support: 13,585
2nd intraday support: 13,561

5 day interday high(resistance): 13,692
5 day interday low(resistance): 13,457



Direction for 290507: UP

NASDAQ Composite Index 2,611.23 -7.06
I don't know what pattern it is, but it sure looks interesting hahaha. It's like, 1st day it gap up, went up but came down again because it didn't have the strength to continue and ends in a doji. Next day it gap down, felt bullish and closed higher. 3rd day it gap down, wants to go down but doesn't have the strength to close lower again. I guess there's only one name to describe this pattern - consolidation.

1st intraday resistance: 2,613
2nd intraday resistance: 2,616
1st intraday support: 2,607
2nd intraday support: 2,603

5 day interday high(resistance): 2,627
5 day interday low(resistance): 2,551

Direction for 290507: Up

S&P500 Index 1,530.95 -8.22
Back to the trendline 6 months ago. May come back down a little to the support but 100% retracement is also a strong support. I would say up.

1st intraday resistance: 1,532
2nd intraday resistance: 1,534
1st intraday support: 1,530
2nd intraday support: 1,528

5 day interday high(resistance): 1,541
5 day interday low(resistance): 1,529

Direction for 290507: Up





The Fear Gauges...
The $VIX...
A shooting star! Down it goes...with the dinosaurs!

...& $VXN

What more reason do you need for an up day?

Market Direction for 060607: Up