July 20, 2010

Markets ranged to wide pivots on both sides (low in am, high at close) on average volume. A true headscratcher. IBM, Giant Squid, etc didn’t meet expectations, AAPL blew the doors off earnings after close. Unemployment extension bill will be passed tonight. And Jessica Simpson has discovered that she has a wrinkle. Any or all of those are no doubt responsible for the markets action today.

Short-term: 1 green, 3 yellow – tending yellow.
Intermediate-term: 1 green, 2 yellow, 1 red – tending yellow
Stock targets: 15% swimming, 26% neutral, 59% sinking

Resistance just above these levels is still the main thing to watch for. If that breaks, markets could melt up. Absent that markets could tank at any time for any reason — or go absolutely freaking nowhere — or everything could whipsaw around randomly. How’s that for being confused.

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