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November 2, 2010 – No Dow Theory Buy Signal, but my Risky Level was Tested.
For the 10-Year yield my annual value level is 2.813 with my weekly risky levels at 2.498, and
this range factors in QE2. Gold is below my monthly pivot at $1373.0. Crude oil nearly tested
my semiannual pivot at $83.94. The euro failed above 1.40 once again. The Dow Industrials
traded above its April 26th closing high at 11,205.03 for the second Monday in a row, as my
annual risky level at 11,235 was tested for a second time in two consecutive Mondays. The Dow
Transports traded above its May 3rd closing high at 4806.1 testing this week’s risky level at
4823. For the Dow Industrial Average my monthly value level is 10,848 with my annual,
semiannual and weekly risky levels at 11,235, 11,296 and 11,374. A Dow Theory Buy Signal
requires closes above the April 26th closing high of 11,205.03 on Industrials, with the Dow
Transports closing above its May 3rd closing high at 4806.1. Wilmington Trust and the mortgage
market!
10-Year Note – (2.627) Daily, annual and annual value levels are 2.752, 2.813 and 2.999 with weekly,
monthly, quarterly and semiannual risky levels at 2.498, 2.380, 2.265 and 2.249.
Nymex Crude Oil – ($82.93) Monthly and annual value levels are $78.51 and $77.05 with a daily pivot
at $81.63, and semiannual and weekly risky levels at $83.94 and $85.08.
Daily Dow: (11,125) Monthly, semiannual, annual and quarterly value levels are 10,848, 10,558,
10,379 and 8,523 with a daily pivot at 11,162, and annual, semiannual and weekly risky levels at
11,235, 11,296 and 11,374. My annual risky level at 11,235 was tested at the November 1st,
October 25th and April 26th highs of 11,244.27, 11,247.60 and 11,258.01.