Daily Market Analysis - Friday, 1 July 2011

Thursday, 30 June 2011 AMC

Dow	12,414.34	+152.92	+1.25%

Nasdaq	2,773.52	+33.03	+1.21%

S&P 500	1,320.64	+13.23	+1.01%

Russell 2000	827.43	0.00	0.00%

Friday, 1 Jul 2011 Economic Data 

9:55am	USD		Revised UoM Consumer Sentiment			72.0	71.8
9:55am	USD		Revised UoM Inflation Expectations				4.0%
10:00am	USD		ISM Manufacturing PMI			51.9	53.5
10:00am	USD		Construction Spending m/m			0.1%	0.4%
10:00am	USD		ISM Manufacturing Prices			72.3	76.5
All Day	USD		Total Vehicle Sales			12.0M	11.8M

Technical Analysis


Summary
To recapped from Almanac :

1. First trading day usually gains more than all others days for DOW, 1 Jul Scalp long DIA
2. July is the best month of the 3rd quarter

Market been rally since Monday, bull might be exhaust - $DJI up 497.76 points in 4 days (highest since begin of 2011.) But it could be a cover of points from the losses from early June (-520.85 points in the first 8 trading days of Jun)
Day Traders closing their position to profit take.
ISM data bearish forecast
5th candle reversal (3 patterns of 5th candle reversal in 2011)
1 Pattern of 8 consecutive bullish trading days in 2011 (31 Jan to 9 Feb)


Market Direction for Friday, 1 July 2011 : Up


Accuracy : (2/3)