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A variety of newsletters and portfolios containing Suttmeier's detailed research, stock picks,
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For US Treasury yields its two auctions down, one to go. Gold needs a close above my
semiannual pivot at $1218.7 to begin a trend to challenge the June all time high or $1266.5.
Crude oil has returned to my annual pivot at $77.05, as the trading range remains $67 per barrel
to $87 per barrel in round numbers. The euro is trading just above my monthly pivot at 1.2670.
On Tuesday the Dow returned to my annual pivot at 10,379 as expected. The Congressional
Oversight Panel agrees with my assessment with regard to TARP and community banks. What
to do with Intel this morning?
10-Year Note (3.114) – The 10-Year note auction came in at 3.119. The bid to cover ratio was 3.09
times the auction size and Indirect Bids were at 42% of the auction size. Indirect Bids includes demand
from foreign investors, and in my opinion 30% to 40% of this type of demand is the neutral range.
Today the US Treasury auctions $13 billion in 30-Year bonds. The decline in yields into the range of my
annual risky levels at 2.999 and 2.813 was a selling opportunity as I projected. Now there is risk that
the yield on the 10-Year note could trend higher into my zone of semiannual and quarterly value levels
at 3.479 and 3.486.
Nymex Crude Oil ($77.19) – Today’s value level is $74.21 with weekly and annual pivots at $76.93
and $77.05, and monthly and semiannual risky levels at $79.36 and $83.94. The 200-day simple
moving average provides a resistance at $77.36. There is significant downside risk below the trading
range shown as my quarterly value level lags at $56.63.
Daily Dow (10,363) - If the Dow can hold my annual and daily pivots at 10,379 and 10,328 the upside
is to my semiannual and monthly risky levels at 10,558 and 10,891. My annual risky level at 11,235 was
tested at the April 26th high at 11,258, which marked the end of the bear market rally that began in
March 2009. We are in the second leg of the multi-year bear market that began in October 2007
targeting 8,500 before 11,500.