-Technical Market Commentary-

July 21, 2010 (FinancialWire) (By Frank Kollar) — Shares of the ETF Oil Service HOLDRS Trust (NYSE: OIH) are looking better after their steep May to June selloff that ended on June 9. On Tuesday, July 20, shares prices surged 3% on heavy volume and broke above their 50-day moving average. OIH closed near its highs at $106.37. Tuesday’s rally also surpassed the June rally high. This looks like a breakout though considering the volatility of this ETF we would only be looking for a short term gain. The 50% retracement of the May to June decline for OIH is at $112.64. The 61.8% retracement is at $118.11. OIH has a good chance of at least reaching these levels in coming days.

The FirstAlert(tm) Earnings Calendar highlights Abbott Labs ABT, Airgas ARG, Alliance Data ADS.

Quote of the Day: "Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut." Ernest Hemingway

Word of the Day: occlude \uh-KLOOD\, verb: To shut in, out, or off.

In context: "Unwin closed his dreaming eyes, but he could not occlude the vision of the man thrashing where he sat." — Jedediah Berry, The Manual of Detection

Today is: Liberation Day in Guam.

FirstAlert(tm) Website of the Day: http://asphalteden.com/

Happy Birthday: 1899 — Ernest Hemingway, American writer and journalist, 1954 Nobel Prize winner for literature (d. July 2, 1961).

Today in History: In the market square of Springfield, Missouri, in 1865, Wild Bill Hickok shot Dave Tutt dead in what is regarded as the first true western showdown.

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