Editor's Note: This article was written by Richard Suttmeier, chief market strategist at ValuEngine.com, which is a fundamentally based quant research firm in Princeton, New Jersey, that covers more than 5,000 stocks every day.
10-Year Note -- (2.464) Annual and annual value levels are 2.813 and 2.999 with monthly, quarterly, and weekly pivots at 2.563, 2.495, and 2.477, and daily and semiannual risky levels at 2.399 and 2.249. Note that the decline in yields is not yet overdone. (CBOE Interest Rate 10-Year T-Note (^TNX) last traded at 2.46.)
Comex Gold -- ($1311.1) Monthly, semiannual, quarterly, and annual value levels are $1263.8, 1260.8, $1218.7, $1140.9, and $1115.2 with daily and weekly risky levels at $1312.7 and $1320.4. Note the return to an extreme overbought condition on Tuesday’s outside day to the upside.
Nymex Crude Oil -- ($76.11) Weekly and quarterly value levels are $72.93 and $56.63 with monthly and daily pivots at $74.45 and $76.23, my annual pivot at $77.05, and semiannual risky level at $83.94. A close above the 200-day at $77.51 should add Crude oil to the MOJO list.
The Euro -- (1.3587) My weekly value level is 1.2986 with a daily risky level at 1.3626. Quarterly and monthly value levels are 1.2167, 1.1721, and 1.1424 with semiannual risky level at 1.4733. Note the extremely overbought condition as anticipation of quantitative easing II (QE2) destroys the greenback. (CurrencyShares Euro Trust (FXE) last traded at 135.29.)
Daily Dow -- (10,858) Semiannual, weekly, annual, monthly and quarterly value levels are 10,558, 10,547, 10,379, 10,164, and 7,812 with daily and annual risky levels at 10,941 and 11,235. My annual risky level at 11,235 was tested at the April 26 high of 11,258.01. The Dow remains overbought with a negative divergence.
