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The US Treasury auctioned $21 billion 10-Year notes at 3.340 on Wednesday, so this yield is up
100 basis points since testing 2.334 on October 8th. On “60 Minutes” last Sunday, Fed Chief
Bernanke said, “What we’re doing is lowering interest rates by buying Treasury securities.”
Well Ben it ain’t working! Comex Gold has had a significant correction off its all time high at
$1432.5 set Tuesday. The 50-day simple moving average is support at $1360.3. Gold has been
above the rising 50-day since August 12th. Nymex Crude oil traded to a 52-week high at $90.76
on Tuesday and this week’s value level is $86.30. The euro remains below my quarterly pivot at
1.3318 with the 200-day at 1.3116. The Dow needs a close above 11444.08 to confirm another
Dow Theory Buy Signal, but without that signal we risk a double-top at 11,450 instead. A close
above 1228.74 SPX would have violated the 61.8% Fibonacci Retracement of the decline from
October 2007 into March 2009. This week’s risky level is 1236.20. This week’s other risky levels
/ pivots are 2662 NASDAQ, 5110 Transports, 758.57 Russell 2000 and 420.81 SOX.
10-Year Note – (3.244) My semiannual value level is 3.479 with weekly and daily pivots at 3.142 and
3.178, and annual pivots at 2.999 and 2.813, and quarterly, semiannual and monthly risky levels at
2.265, 2.249 and 1.949. Note that this yield is above its 200-day simple moving average.
Nymex Crude Oil – ($88.51) Semiannual, annual and monthly value levels are $83.94, $77.05 and
$75.50 with a weekly pivot at $86.30, and daily, semiannual and annual risky levels at $91.13, $96.53
and $97.29. Note that Tuesday was a Key Reversal Day.
Daily Dow: (11,372) Semiannual, annual, monthly and quarterly value levels are 10,558, 10,379,
10,325 and 8,523 with annual and semiannual pivots at 11,235 and 11,296, and weekly and daily risky
levels at 11,440 and 11,469.