Keystone's Morning Wake-Up 7/30/12

European leaders are continuing to pump and praise the central banker's coming intervention.  Geithner will meet with Draghi today.  Spain's recession deepens. The Libor Scandal feeds the public mistrust of the banksters. Draghi promises action but Germany may not be entirely on board. The Fed must deliver a pony on Wednesday at 2:15 PM and the ECB a few hours later on Thursday morning before the U.S. markets open. The Monthly Jobs Report is on Friday morning.  Consumer Confidence at 10 AM Tuesday will kick the crazy trading week into high gear.

Talk will increase concerning back-to-school sales which are a predictor of upcoming Christmas sales.  The Retail Sales number on 8/14/12 will provide an early indication of the back-to-school sales.  Many parents are probably telling Johnny that his back pack can be used one more year and Jane is told to write on the back of last years' paper instead of buying a new tablet.

The Dow Industrials are over 13K; time will tell if 13 is a lucky number, or not.  For the SPX today, starting at 1386, the bulls need only three points, to push thru 1389 and an upside acceleration will occur, the sturdy 1391 resistance level will likey give way, and the SPX will be on its way to 1400. The futures overnight remain red so the bears are trying to push back and stop the upside momo. Copper is very important today. If the JJC overtakes 44.20, the bulls will be running over SPX 1400 in the coming days. The bears must make a stand and prevent 44.20 at all costs which will stop the market upside. Copper and commodities move opposite the dollar and the dollar is currently flatish, neither side wanting to tip their hand in the early going as the new trading week begins. SPX 1366 is important support below. A move on Monday thru 1367-1388 is sideways action.