Prices tumbled this morning on poor job news and rising unemployment but buying throughout the afternoon

showed the
bulls were upset but not discouraged. On a technical note all bullish trends were maintained and in many cases the chan-
nel media lines provided support. The market has been ignoring poor employment numbers for many months and although
the initial reaction can be negative it doesnt last long. American businesses have figured out how to increase productiv-
ity and margins without vastly growing employment. The other reality is that there are many high skill jobs available
without people to fill them. The rally has extended considerably since the lows of mid-June and needed a pull back and
consolidate before a leg higher and that process began today. We anticipate mild to moderate price increases next week
for equities and ultimately a retest of May highs. I will post more charts and commentary on www.sealionllc.com on my
technical analysis blog. Have a great weekend.
Jobs derail stocks but not the rally
Chart #1SPY, SPDR S&P 500
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This chart book is for educational purposes only and not a solicitation to buy or sell any security.
07/08/2011 Volume 1, Issue 6
Sea Lion Capital Management LLC
Chart Book
Chart Notes
2. Possible horizontal
support level from
126.35 to 126.66
3. Possible lower high
with shooting star
candle
4. Prices are now
above the median
line of the bullish
channel and have
found short-term
resistance.
5. Prices rally through
resistance and out
of the channel. A
consolidation will be
required before the
next move up.
6. No consolidation yet
as prices are rising
along channel resis-
tance.
7. Prices retreat to
prior resistance now
support for consoli-
dation
Page 2
Sea Lion Capital Management LLC
The Russell 2000 ETF continues to outperform the S&P 500 ETF. Prices have broken out of their
channel to the upside and have established a new high. With a new pattern of higher highs and
higher lows IWM is rallying. With todays correction prices have are now resting on the upper chan-
nel line and will consolidate here. Support needs to hold.
Chart Notes:
2. Horizontal support
between 77.20 and
77.90 holding.
3. Possible change in
trend needs confir-
mation with a new
high.
4. Prices are now in
the upper half of
the bullish channel
and have more room
to run.
5. Prices have contin-
ued up and no ex-
tend beyond the
channel. Prices will
need to consolidate
before the next leg
higher.
6. Prices rising along
resistance.
7. A return to former
resistance now
turned support. A
mild consolidation
has begun.
Chart #2IWM, iShares Russell 2000
Page 3
Volume 1, Issue 6
Euro/Dollars channel was too steep to continue and prices are now falling to prior support. A side-
ways channel may be forming here in a range between $1.41 and $1.45. Volatility in the pair con-
tinues as an unclear picture on PIGS and U.S. fiscal policy continues to hang over the pair. Odds
$1.41 will hold and be follows by higher prices as the Euro economy continues to heal and the U.S.
continues a loose monetary policy.
Chart# 3EUR/USD, Eurodollar
Chart Notes:
1. Bearish Channel
Resistance holds and
the down trend con-
tinues although re-
sistance was quickly
retested after a
brief retracement.
2. Support broken as
the new channel
failed to form
3. Support level
4. Support level re-
tested as price is
moving sideways
5. New rally possible
but needs to take
out old 6/21 high
6. Prices established
new highs and al-
most immediately
consolidated.
7. Prices have cor-
rected and are fal-
ling to prior support.
8. Prices work lower to
$1.41 to test support
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