$SPX

As Bugs Bunny would say, "Be very Careful"!

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GS - 5yr

Get short above 150 for short term trade. The big boys will sell the earnings.

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SPY

Be careful. All hanging on Goldman Sachs earnings and Retail Sales numbers which come out prior to market open. A lot of overhead resistance. Bottom line is today is THE pivot day to hang your hat on.

Kiplinger on the Banks

From the July 10, 2009 Kiplinger report:

"They’ll soon have to account for billions in securities now held off the books.
The Financial Accounting Standards Board is getting rid of a loophole that banks
have used to sequester risky assets in special subsidiary companies…much the way
Enron did years ago. In fact, after Enron crashed, FASB cracked down on their use,
but not far enough. Banks, particularly, found ways to use the special purpose entities
to hold trillions of dollars’ worth of credit card, mortgage, home equity and auto loans.
For the nation’s 19 biggest banks, stress tests have anticipated the impact
of the rule change. So…no big market jolt, even though about $900 billion in loans
will start to show up on their books late this year or early next. For smaller banks
that used the special entities, the rule change will put more liabilities on their books."

Anticipated via the stress tests, but what about the balance sheets and earnings? Not too good......

XLE

Descending triangle

XOM

Exxon may tip crudes move lower as the HUGE descending triangle was broken to the downside. Look for a slight run back to the trendline and then a test/bounce at 64.

BAC - Truly the "Bank of America"

Break-out or Break-down? To me it looks like 4 before 14.

Crude

May test lows as moving averages rescend from outter-space.

RIMM to 60

QQQQ