Video Review of the Indexes 8-29-2010
The indexes tested and validated key levels last week for the short-term and longer-term timeframes. So although not much progress was made, it was still technically a productive week for the market.
Broken support zones are now serving as resistance, and as of Friday, the indexes are sitting just shy of those levels. That brings potential for movement in the week ahead. We also have a lot of economic news ahead of the coming 3-day weekend for Labor Day, so it’s time to get prepared!

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15 Questions & Answers
My recent live interview with Charles Kirk generated quite a few questions. A number of them we were able to address during the chat, but many went unanswered.
Dave Rosenberg: What to Expect From This Market
From Dave Rosenberg:
If (the banks) are lending to anyone, it is to Uncle Sam — the banks continue to play the yield curve, belatedly, and were net buyers of government securities to the tune of $15 billion last week on top of the $8 billion net investment the week before. Moreover, the banks are sitting on even more cash, up $35 billion last week, to $1.3 trillion, so there is lots of buying power to take these long-term Treasury yields even lower.

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Top 10 Economic Events Next Week
Top 10 economic events next week:
1. EUR- Euro-zone Manufacturing and Services PMI- Purchasing Managers Indexes, Mon., Aug. 23, 4:00 am, ET.
2. USD- U.S. Existing Home Sales, Tues., Aug. 24, 10:00 am, ET.
3. JPY- Japan Trade Balance, Tues., Aug. 24, 7:50 pm, ET.
4. EUR- Germany IFO Institute Business Climate and Expectations Index, Wed., Aug. 25, 4:00 am, ET.
5. USD- U.S. Durable Goods Orders, Wed., Aug. 25, 8:30 am, ET.
6. USD- U.S. New Home Sales, Wed., Aug. 25, 10:00 am, ET.

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What Will Markets Do Next Week (Emini S&P and Euro)?

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Investors Don’t Like Intel-McAfee
Intel agreed to pay a 60% premium for a company with it has little or no synergies. The fact that Intel has decided not integrate McAfee into its operations also raises questions about the deal and the price tag. Deals motivated by a desire to increase revenue or to purchase intellectual property or technology were among the worse performing deals. The bad news for Intel’s investors its deal for McAfee fits in both categories.

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Markets Don't Like Intel
By Short-Term Trader
Markets do not like Intel Acquisition of Mc Afee. Prices are testing the support of $19. I am negative after the bearish reversal island and the big gaps to the downside. I am convinced that in the medium term we will see lower lows. However, I don't like selling when the market prints new lows.... Read also Intel Intelligence.

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Dave Rosenberg: US Recession Never Ended
Our suspicions have been confirmed — the recession never ended. Macroeconomic Advisers produces a monthly U.S. real GDP series and it shows that the peak was in April, as we expected, with both May and June down 0.4% in the worst back-to-back performance since the economy was crying Uncle! back in the depths of despair in September-October 2008. The quarterly data show that Q2 stands at a +1.1% annual rate (so look for a steep downward revision for last quarter) and the “build in” for Q3 is -1.5% at an annual rate.

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July 2010 Swing Trades - Video Review
July started out with new correction lows, elevated fear, and charts which looked awful. It ended much better, with a solid rebound taking place throughout the month. That spelled opportunity, which was nice.

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Video Review of the Indexes 8-15-2010
The first serious pullback in over 6 weeks arrived last week as the major averages came under pressure. Rising trend lines were broken, and cash was raised in light of renewed market concerns.
Short-term uptrends have now been broken, but that doesn’t mean the recovery is necessarily over for this market. The July lows are posing as intermediate-term lows, and if those zones are able to hold, the buyers will be able to breathe a sigh of relief.

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