Prices continued to rise on speculation that that the twin debt crisis are nearing resolution.

Neither are truly solved but

the promise of progress can excite the marketsperhaps. Perhaps the rapid bounce is a reaction to support in the
$129.65 area as market 1 on the chart below. Earning s have good so far but not outstanding. Economic news from
Europe and the US has been subpar. I have adjusted some charts to accommodate changes in price action but the next
move is still forecasted to be down. The market took a breather today and paused near areas of resistance both price and
channel. The panic buying has been significant but I believe the orderly decline will return soon with one exception: En-
ergyOil is rising. In the short term that can be good for the market but over time a negative as well. This is true for the
economy and the stock market. Ongoing concerns over the Eurozone and US debt crisis hangs like a black cloud over the
market. Lower equities prices will continue. I continue to post more charts and commentary on www.sealionllc.com on my
Higher Prices but no breakoutyet
Chart #1SPY, SPDR S&P 500
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07/22/2011 Volume 1, Issue 12
Sea Lion Capital Management LLC
Chart Book
Chart Notes
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 resis-
tance now support for consoli-
dation
8. Prices testing lower channel
support and need to reverse
quickly to maintain the rally
9. Prices could be back testing
setting up a move lower but
more likely the channel needs
to be redrawn or this is a
temporary noisy overshoot.
10. Prices have no violated the
channel support and are trying
a back test. The back looks
weak in nature.
11. Prices have broken through the
channel and head lower gyrat-
ing around their median line.
12. Prices have exceeded their
channel but consolidated and
stopped under prior channel
support. This bull trap will
reverse shortly.
13. Princes under old support line
from prior channel and at
resistance of redrawn channel.
Page 2
Sea Lion Capital Management LLC
Prices have rallied to channel resistance and are ready to reverse. If prices head higher and break
out a new channel will be established. Odds are prices will reverse and resume the downward chan-
nel especially after a sharp rally. Lower prices are ahead and prices could fall to prior support in
the $77 area before a bounce occurs.
Chart Notes:
3. Possible change in trend
needs confirmation 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 continued up and
no extend beyond the chan-
nel. 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.
8. Testing the median line.
Price often finds support
here.
9. Prices found support at the
median line and are poised to
move higher.
10. Prices are holding their
channel support and a
bounce may occur.
11. Prices have broken channel
support and are falling
around the median line.
12. Price have stopped at chan-
nel resistance but need to
reverse to maintain the
downtrend channel.
13. Prices at the apex of old
support now resistance and
the current channel resis-
tance. Prices will reverse
soon.
Chart #2IWM, iShares Russell 2000
Page 3
Volume 1, Issue 12
The Euro has rallied for three days but failed to establish a higher high. Most likely this short term
push is ending and prices are heading lower to test support at 1.40.
Chart# 3EUR/USD, Eurodollar
Chart Notes:
1. Markets bullish trend
broken with violation of
prior swing low.
2. Markets bounces and
reverses but puts in a
lower high.
3. Market retests $1.40 low
and if it holds a sideways
channel is in place.
4. Prices reverse on support
in an evening star rever-
sal in a show of strength
and the markets wiliness
to be open to risk.
5. Prices have failed to
advance the reversal and
are now below the rever-
sal high. A retest of
lower channel support
looks likely.
6. Prices made a dead-cat
bounce and will head
lower to range support.
7. Prices have edged higher
but are still below the
median line and are
poised to reverse.
8. Prices rallied just short of
the prior high and have
begun to possibly re-
verse. A reversal would
correlate with a down-
turn in equities.
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