Sunday Weekly EDGE 7-15-12

There is a lot of good reading over the weekend, and here are some highlights that I have been reading:

Visa and Mastercard have agreed to a 7.25B swipe fee settlement that has been making the news over the weekend. It’s a must read story that could hit every one of us as consumers here in the United States. So, before turning all those coins in and rendering them “useless,” read on.

Here is Reuters article on the housing market. The debate is a recovery or lost decade?

Greek people favor a renegotiation of terms, even if it puts them at risk of a Euro exit, a recent poll showed.

Here is an article in the Telegraph outlining the steps China are taking to attempt to reverse the slower growth trends we are seeing.

Since I am a little bias (I have short Australian dollar exposure at the moment) here is a CNBC article that shares the same view I have had for the last year.

Lastly, unless you have been living under a rock recently, you may have missed the soaring price of corn which may send ripples through both the financial markets and your pocketbook for months to come.

Economic data this week will be moderate with CPI and retail sales the dominating theme. Monday US will release the most recent Retail Sales data, then later that evening CPI out of NZD and Monetary Policy Meeting Minutes out of AUD. Tuesday GBP has CPI coming out, then EUR releases German ZEW Sentiment, then the UK’s BOE will release Inflation Letter, US will have CPI then the CAD’s BOC will have their Interest Rate Decision. And then all eye’s turn to Bernanke as he starts his two day semi annual testimony and at that same time will be the BOC press conference on Wednesday. Thursday GBP has Retail Sales, US has weekly Unemployment Claims, Existing Home Sales and Philly Fed. Friday CAD has CPI as well.

We are in full fledged earnings season and I will not list every company reporting, but here are some highlights for the week: Monday we have C, Tuesday is INTC, KO, WYNN, FRX, STT and CMA. Wednesday is AXP, QCOM, BAC, XLNX and HON. Thursday is AMD, SNDK, COF and BAX. Friday is GE, STI, BHI, XRX and SLB.

Lastly, most of you know that my team and I broadcast daily from 6AM ET through the NY stock market close. To access our live webinars daily (which are free) just click on this link. Make sure you follow me on Twitter or Stocktwits @pipczar

E-Mini futures with daily triangle in play

AUD/USD back testing the broken trend line, 1.0260/70 will be key

Possible inverted H&S on Crude

Daily Triangle in Copper

Gold with Daily Triangle just above key support at 1525

Citigroup approaching key daily trend line resistance

BofA bounced off key support at the daily 61.8% support

AXP is sitting on some key support as well

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About Blake Morrow

Blake Morrow is the Chief Currency Strategist for Wizetrade. Blake has over 15 years of trading experience and has been a co- owner of a Dallas based brokerage firm and LiquidTrader Technologies. Currently, Blake does analysis daily for thousands on individual traders, also has appeared as a regular analyst on WizetradeTV, Traders Television and MBT Vision. Blake has also managed 6 figure trading accounts and is a seasoned individual investor in equities and FOREX.