Keystone's Midday Market Action 7/25/13; AMZN; SBUX; DECK

The bulls try to pump copper today but they are having trouble lifting this metal. JJC 39.05. Nonetheless, the SPX recovers off the LOD at 1680.07 up to a HOD at 1689.42. This is accomplished by beating volatility and the TRIN lower. VIX 13.06. TRIN 0.89. SOX 476.28 so the semi's are remaining in the bull camp. UTIL (utilities) sits at 502 not moving today due to the 10-year Treasury yield stuck at 2.62%.  The bulls are curling the 8 MA upwards on the SPX 30-minute chart but currently the 8 remains under the 34 signaling bearish markets for the hours ahead.  Dollar/yen is 99.61 flat all day so equities are not receiving upside help from the yen or from copper. With the JJC not moving up, the higher move in equities is under question. It is an uneventful day overall with sideways posturing but none of the parameters (JJC, VIX, SOX) want to make a change so the sideways shuffle continues with traders waiting for the next shoe to drop. Perhaps it will be an Ugg's that drops tonight with DECK earnings. CROX did not do well in the shoe department tripping -21% today.

Note Added 2:48 PM: SPX 1686.36. JJC 39.04.  VIX 13.10.  TRIN 0.96. The beat goes on.

Note Added 3:34 PM:  There's the late-day goose of copper and beating of VIX under 13 to send the SPX to a new HOD at 1690.27. JJC 39.14 now only 7 pennies from the 39.21 bull-bear line in the sand. VIX 12.95. TRIN 0.91.

Note Added 3:43 PM: SPX 1690.27. JJC 39.16.  VIX 12.94.  TRIN 0.85. Dollar/yen 99.20 moving lower so it is surprising to see equities move higher. The higher copper and lower volatility and TRIN intraday supply the bull fuel into the close. The 8 MA is heading upwards to cross the 34 MA for the bulls but this may end the day remaining bearish. The opening bell will be very important tomorrow since bears will have to push the SPX sharply lower directly at the open to save the 8/34 negative cross, otherwise, the bears will fold like a cheap suit, and, if copper, JJC, moves above 39.21, the upside is in full play again. This scenario places a lot of pressure on AMZN this evening.

Note Added 4:02 PM:  JJC will dictate market direction in the morning. AMZN reports a loss instead of a gain on lighter than expected top line and guidance is lower, three strikes and you're out. Amazon is getting beaten -4.3% on the initial reaction AH's.