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August 19, 2010 – The Dow traded on Wednesday below my annual at 10,379 then
above my monthly pivot at 10,439 then closed between them yet again.
The yield on the 10-Year US Treasury tested 2.559 and is now trending higher above this week’s
pivot at 2.598. Gold reaches $1234.4 during Wednesday’s trade. Crude oil remains below my
annual pivot at $77.05. The euro declined to 1.2737 on Monday. The Dow remains influenced by
annual, monthly and semiannual pivots at 10,379, 10,439 and 10,558. More information about the
mortgage markets!
10-Year Note – (2.638) My annual pivot is 2.813 with a weekly pivot at 2.598 and daily risky level at
2.564. My annual value level is 2.999 with quarterly and semiannual risky levels at 2.495 and 2.249.
Note that the decline in yield is extremely overdone.
Comex Gold – ($1231.1) Weekly, quarterly, monthly and annual value levels are $1159.3, $1140.9,
$1133.2 and $1115.2 with semiannual and daily pivots at $1218.7 and $1228.4, and semiannual risky
level at $1260.8. Note that gold is overbought on its daily chart.
Courtesy of Thomson / Reuters
Nymex Crude Oil – ($75.24) My daily value level is $72.95 with weekly and annual pivots at $76.86
and $77.05. My monthly and semiannual risky levels are $80.02 and $83.94. My quarterly value level is
$56.63.
The Euro – (1.2856) Daily, quarterly and monthly value levels are 1.2551, 1.2167, 1.1486 and 1.1424
with weekly and semiannual risky levels at 1.3223 and 1.4733.
Courtesy of Thomson / Reuters
Daily Dow: (10,416) Daily and weekly value levels are 10,210 and 10,055 with my annual pivot at
10,270, my monthly pivot at 10,439, and semiannual and annual risky levels at 10,558 and 11,235. My
quarterly value level is 7,812. My annual risky level at 11,235 was tested at the April 26th high of
11,258.01.