S&P 500 weekly competition for 2012

The Spanish bailout news yesterday has made it very hard this week to decide, as some people will be happy that the Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros, but the bears will say it's terrible as other struggling countries will also now demand bailout money and where will it end.

So I'll go for a pop and drop with it ending the week at 1334
 
The Spanish bailout news yesterday has made it very hard this week to decide, as some people will be happy that the Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros, but the bears will say it's terrible as other struggling countries will also now demand bailout money and where will it end.

So I'll go for a pop and drop with it ending the week at 1334

Good news imo.

When ever you show people, business or the markets money their faces light up. (y)
 
1299 Is what I'm going for this time around.
Not sure about this week 49% of me says up and 51% says down.
Congratulations to the winners this is getting to be a very close race.
 
Why you steal my podium, man? I thought you was a bro, Rob. :cry:

Well, congrats to the winners! Well deserved.

1380 for me next week. This baby's going up, up, up!
 
W/E 15th June - Results

I was listening to Radio 4's Today programme on Monday morning (about 6:15am) this week. The main headline about Asian markets responding well to the 100bn donated to Spanish banks seemed unusual considering that neither European bond or equity markets had opened yet. I figured that this week was going to be a down week what with me being generally contrarian but after Monday's reaction the S&P true to form decided to reverse for the rest of the week closing at 1342.84. You've just got to love the index, it just doesn't do what you expect it to do, unlike the Rep of Ireland who we all knew would be dumped out of Euro 2012 by a dominant Spain.

The 'Ups' were in the majority this week with our bears being punished for thinking that more doom needed to be priced in. Save that for next week boys. What was interesting though was that the calls were all fairly tightly clustered around the close and I could see the podium shuffling around a little with Vielgeld going from winning to no position within the last 60 minutes of the session (bad luck bro - just unlucky :cry:)

So in European football terms, this weeks Spain, Germany and France are:

1) bodavula - 1345 (2.16)
2) Gaffs1964 - 1340 (-2.84)
3) robster970 - 1348 (5.16)

Big congrats to bodavula who has found some form and gaffs and myself for making it on the podium. :clap::clap::clap:

Now the leaderboard. Two weeks left of the quarter and Atilla puts a little more distance between himself, pete and hw with a good directional call. This means that only the top 5 now on the board have enough points now to win the quarter. Is the market still range-bound or will it break out to the upside shortly? Is Atilla the Man Utd or the Man City of the Q2 comp? Will I ever be able to not use football related analogies whilst there is a major tournament going on?

https://docs.google.com/spreadsheet/ccc?key=0AnFF2Rblu36wdGRNQjNXTzVjdldJb2dXdjRVTGs5VVE#gid=0
 

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Pre-Greek vote preparations by central banks reassure

* U.S. economic data comes in weaker than expected

* Dow (NYSE: DPD - news) up 0.9 pct, S&P 500 (SNP: ^GSPC - news) up 1 pct, Nasdaq (Nasdaq: ^NDX - news) up 1.3 pct (Updates to close)

NEW YORK (Frankfurt: A0DKRK - news) , June 15 (Reuters) - U.S. stocks rallied on Friday to close a second straight week of gains on hopes of collective action from global central banks if Sunday's election in Greece triggers market turmoil.

The news helped offset the latest round of weak U.S. economic data, which pointed to sluggish domestic growth. But traders were cautious and safe-haven U.S. bond prices also rose on Friday.

Materials, energy and financial shares led the market's gains, with each of the three S&P 500 sector indexes up 1 percent or more.

Officials of the Group of 20 leading nations told Reuters on Thursday that central banks of major economies would take steps to stabilize markets and prevent a credit squeeze, if necessary.

The news spurred sharp gains late in Thursday's session. Later reports of the European Central Bank hinting at an interest-rate cut and Britain's pledge to flood banks with cash sparked further bullishness.

"It pokes a hole in the balloon of bad news after more bad news," said Richard Sichel, chief investment officer of Philadelphia Trust Co.

"None of the (U.S.) economic data we saw today were impressive. The gains seem to be based more on hope and less on the economic reports."

For the week, the Dow industrials gained 1.7 percent, the S&P 500 added 1.3 percent and the Nasdaq rose 0.5 percent.

Despite the stock market's gains, the safe-haven U.S. Treasury 10-year note shot up 18/32 in price, with the yield at 1.579 percent.

On Friday, the Dow Jones (DJI: ^DJI - news) industrial average gained 115.26 points, or 0.91 percent, to 12,767.17 at the close. The Standard & Poor's 500 Index added 13.74 points, or 1.03 percent, to 1,342.84. The Nasdaq Composite rose 36.47 points, or 1.29 percent, to end at 2,872.80.

Spain's banking system remains an issue weighing on markets and the country's 10-year bond yield, at 6.92 percent, was still too close to the 7 percent mark at which other highly indebted euro-zone nations were forced to seek bailouts.

Some investors fear the Sunday elections in Greece may set the nation on the path to an exit from the euro zone. That possibility created volatility this week.

A gauge of manufacturing in New York state fell sharply in June, though it still showed growth, while an early June reading on consumer sentiment slipped to a six-month low on worries about the U.S. job market and Europe (Chicago Options: ^REURUSD - news) 's debt crisis. The consumer sentiment reading was was below consensus forecasts.

Recent economic indicators, including Thursday's unexpected rise in jobless claims, have pointed to sluggish growth in the U.S. economy. However, U.S. equities have largely tracked European developments in recent months, and shrugged off weak domestic data on occasion.

The lackluster U.S. data, alongside the possible turmoil following the Greek elections, could increase the chance that the Federal Reserve will signal more stimulus to counter slowing growth when it releases its policy statement next Wednesday at the close of a two-day meeting.

More than two issues rose for every one that fell on both the New York Stock Exchange and Nasdaq.

About 7.5 billion shares changed hands on the NYSE, the Nasdaq and Amex, compared with the daily average of 6.84 billion so far this year.

(Reporting by Rodrigo Campos, Additional reporting by Angela Moon; Editing by Jan Paschal)
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I've switched off a bit during the short term downtrend of the last month or so, but this week the market finally started to give some short term positive signals again. The short term breadth indicators of the percentage of stocks above their 50 day moving average and daily cumulative advance decline line gave buy signals on Thursday, and the S&P 500 point and figure chart gave a double top buy signal following Fridays close above 1340. I also noticed that there's been some positive large player volume in the SPY ETF, which has taken the total effective volume for the SPY back above it's 20 day MA for the first time since the start of May.

So in the hope that it continues I'm going to go for 1364 this week please Rob
 

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Here is something I found while surfing.
Might be on track, we shall see.
 

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Thats very intresting pat as my target this week was going to be 1375 but just read a piece of market info suggesting taking any profits before bernanke talks on wednesday as they don't feel he will offer much this week.
So will we see a high monday and tuesday pull back wednesday and thursday then some buying in to the weekend.
I have the high at 1392 and the low at 1326 so i will split the difference i think and go for 1359 and hope i'm some where near it.
good luck everyone will need it.

.SO 1359 FOR ME PLEASE.
 
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