Commentary:
The major index ETFs managed to recoup some losses this week, yet still remain within a short-term downtrend. While this week's action was mostly to the upside, for the most part these ETFs could not climb above last week's high - resistance. Pushing through that resistance level is required if these markets are going to continue to recover. Failure to break resistance, and if certain support levels below are once again tested, these ETFs could see further declines in the coming weeks.
SEE: Interpreting Support And Resistance Zones
S&P 500 SPDRS (ARCA:SPY)
chart
The S&P 500 SPDRS (ARCA:SPY) saw strong upside moves on June 5 and 6 but then couldn't keep the rally going on the 7, faltering at resistance. Resistance is now at $134, and a move above that level would negate some of the bearishness and could even trigger a bear trap rally. Further resistance is at $136 and $140, the latter of which is the target if we break back above $134. A drop below $129.50 on the other hand is bearish and likely to result in a test of the recent low at $127.14. If that low is breached, the next downside target is at $126, followed by $122 (if we move below $126).
Dow Jones Industrial Average SPDR (ARCA:DIA)
chart The Dow Jones Industrial Average SPDR (ARCA:DIA) surged higher on June 6, recovering a good chunk of the losses seen the week prior. The resistance level to watch is still overhead though. If the ETF can climb back above $126, it could bring in additional buying. Additional resistance is at $128 and $131.50. A drop back below $122 has bearish implications, and provides further downside targets of $120, followed by $116 if the former is breached.
PowerShares QQQ ETF (Nasdaq:QQQ)
chart PowerShares QQQ ETF (Nasdaq:QQQ), representing the Nasdaq 100 index, also clawed back some prior losses this week. Resistance is at $63.15, and momentarily the ETF managed to move above this ($63.18) on June 7, but was quickly reversed. Therefore, this area still poses a hurdle the ETF must overcome if it is to continue moving higher. If a legitimate break above $63.18 occurs, the target, and next major resistance level, is $66. Support is $60 followed by $59. The $59 mark is important because it was a resistance area back in October and November, and should now support declines. If it does not, it is a longer-term bearish signal. The next target would be at $56, should $59 be breached in the coming week(s).
SEE: The Psychology Of Support And Resistance Zones
Russell 2000 iShares Index (ARCA:IWM)
chart
Russell 2000 iShares Index (ARCA:IWM) ETF, representing the Russell 2000 index, also bounced this week, but was unable to climb back above the pivotal $78 level. A drop back below $74.60 indicates continued selling and would be confirmed by a move below the recent low at $72.94. If this occurs, the next downside target is $71, followed shortly by $70, which are right in the vicinity of the long-term upward trendline going back to 2009. At this time the short-term trend is down and that looks like it will continue. This ETF will need to get back above $78 in order to renew the hopes of the bulls. $78 is strong resistance; that was proven again on June 7 as the ETF made an intra-day at high at $77.72 before declining. Until that resistance level is broken, being short is likely preferable to being long. Further resistance is at $80 and $81.
Bottom Line
With the ETFs approaching resistance this week, this will be the crucial level to watch next week. How each ETFs reacts around their respective resistance level provides insight into the longer-term direction of the ETF. Failure to break through resistance means support is likely to tested, and if breached is likely to send the ETF lower. On the other hand, a break through resistance is likely to trigger buying interest and short-covering. The major support levels broken in prior weeks indicate these rallies are "bear-market rallies" and therefore caution is still warranted when buying. Always use risk controls no matter which side of the market you are on.
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safe haven etf
http://etfdb.com/2012/safe-haven-etf-portfolio-for-conservative-investors-sneak-peek/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+etfdb+(ETF+Database)Money managers loosin assets
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sharpe turn ahead
https://www.google.com/#hl=en&gs_nf=1&tok=AoIqrnqr6JhyAnmr3HJs2g&cp=26&gs_id=d&xhr=t&q=Caution:+Sharp+Turns+Ahead&pf=p&output=search&sclient=psy-ab&oq=Caution:+Sharp+Turns+Ahead&aq=f&aqi=&aql=&gs_l=&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&fp=f9be4f0b957a8550&biw=1366&bih=521http://online.barrons.com/article/SB50001424053111904470204577446414018834948.html?mod=djembwr_h 
Comments
http://www.chinadaily.com.cn/cndy/2012-06/11/content_15491781.htm
http://individual.troweprice.com/public/Retail/Planning-&-Research/T.-Rowe-Price-Insights/Market-Analysis/Monthly-Wrap-Ups?placementGUID=em_marketsum&creativeGUID=EMBDHT&v_sd=201206
is california better than greece [maybe]
http://www.investorplace.com/2012/06/muni-bond-myth-california-is-greece/
also
rbc wealth weekly news
Market Week: June 11, 2012
The Markets
Downs and ups: Helped along by an easing of monetary policy in China, domestic equities had their best week of the year, more than reversing the previous week's losses. The renewed comfort with risk sent Treasury yields up.
Market/Index 2011 Close Prior Week As of 6/8 Week Change YTD Change
DJIA 12217.56 12118.57 12554.20 3.59% 2.76%
Nasdaq 2605.15 2747.48 2858.42 4.04% 9.72%
S&P 500 1257.60 1278.03 1325.66 3.73% 5.41%
Russell 2000 740.92 737.42 769.19 4.31% 3.82%
Global Dow 1801.60 1708.51 1759.55 2.99% -2.33%
Fed. Funds .25% .25% .25% 0 bps 0 bps
10-year Treasuries 1.89% 1.47% 1.65% 18 bps -24 bps
Equities data reflect price changes, not total return.
Last Week's Headlines
As Greece prepared for next Sunday's elections, the focus in Europe shifted to Spain. Though a Spanish bond auction saw adequate demand, the interest rate on the 10-year bond was higher than at the previous auction. After Treasury Minister Cristobal Montoro said that Spain had in effect been cut off from global capital, a weekend consultation with European finance ministers led to an agreement that Spain will request as much as €100 billion in loans from the European bailout fund to help the country's ailing banks.
China's central bank took steps to spur the country's slowing economy by lowering the target benchmark interest rate on loans by 0.25% to 6.31% and cutting the rate paid on deposits. However, it also will allow banks new flexibility to offer slightly higher deposit rates and charge slightly less for loans if they choose.
Nasdaq OMX Group Inc. said it will offer $40 million in cash and trading discounts to compensate financial firms that lost money as a result of the technical problems with trading in Facebook's May 18 IPO.
The U.S. services sector's growth increased slightly in May. The Institute for Supply Management's index registered 53.7% in May--0.2% higher than April's reading. Thirteen industries reported growth, while arts/entertainment/recreation, health care, and mining saw contraction.
Orders at U.S. factories fell 0.4% in April. According to the Commerce Department, it's the first time in more than three years that there have been two straight months of declines.
Increases in output and the number of hours worked led to a 0.9% decline in labor productivity in Q1 2012, according to the Bureau of Labor Statistics. Labor costs were up 1.3%, and though hourly compensation rose 0.4%, inflation-adjusted compensation fell 2% during the quarter.
Federal Reserve Chairman Ben Bernanke told Congress the European situation poses significant risks to the U.S. financial system. He also warned that though the Fed continues to foresee moderate growth, the so-called "fiscal cliff"--the January 1 expiration of tax cuts and start of federal spending cuts--also poses a "significant threat to the recovery."
A decline in both imports and exports of capital goods and industrial materials and supplies cut the U.S. trade deficit in April by almost 5%, according to the Bureau of Economic Analysis. The decline in exports was the first since November.
Eye on the Week Ahead
Greek elections next Sunday might clarify whether the country is likely to abandon austerity programs required by its bailout agreement, a decision that could affect its eurozone membership. Domestically, retail sales and manufacturing data could shed light on the state of the economy. Finally, volatility could accompany Friday's quadruple witching options expiration, especially given its proximity to the weekend's Greek elections.
Key dates and data releases: wholesale prices, retail sales, business inventories (6/13); consumer prices (6/14); industrial production, Empire State manufacturing survey, international capital flows, quadruple witching options expiration (6/15); Greek elections (6/17).