The NYSE dropped below its
200-day a couple of times but has always closed back above it.
The Russell 2000 did drop below its trend line but rallied
back as shown on this weekly chart. The stochastics have not yet
moved back above 20 which could indicate a continued move up.
The semiconductor index has held up quite well during this
pullback.
The VIX is like a market
fear gauge and it has been many years since we have seen this level.
Extreme readings in the past have often been at market lows at least
for a short period.
The percentage of NYSE stocks over their 50-day
average dropped to oversold readings then rallied back. This too is
a common indicator that has defined bottoms in the past.
The bullish percent of
Nasdaq chart dropped to levels as seen in July of 2006 so a rally
could proceed.
The Japanese Yen gapped
down one day this week causing the markets to rally and then gapped
up gapping the markets down the next day. If this can stay within
the trading channel the markets could rally. A low Yen gives more
supply to the carry trade and they buy stocks.
The small caps rallied
the most this week causing this to fail to hold the move over the
50-day EMA. Stochastics is in overbought area and each time this has
happened in the last 9 years the price has fallen further. However,
this is the first time since 2003 that it did get above the 50-day
so that to us points out a rise to come at some point (therefore a drop in the
Russell 200 small caps)
The yield curve is flat on this chart at
10. The Fed's injection of overnight money into the system helped at
least briefly on Friday bring this close to flat.
Oil closed back below its
50-day EMA but stochastics are back under 20.
Gold still in same range
as the US dollar also consolidates. There is no indication now to
expect gold to move higher in the short term.
US dollar struggles but may be making a base to move back up
in which caser eh EURO would fall.
DXD ProShares Ultra Short Dow had a reversal on Friday but
still closed above the support line. The Dow could rally shortly and
if so this of course will fall.
Economic calendar from briefing.com
A look at some story stocks:
CFPC
Still low volume consolidation at support after high volume move up.
Resistance is at $1.11 It closed flat for the week as as a long term
it looks fine.
PYR.V Pyramid Petroleum Very low volume.
We think this will pick up after earnings are released and a road
show is in the planning.
PLTG Platina Energy
has quite heavy shorting now as or stop-out point at 50-day was hit
on Monday and we want to see evidence that the shorts will be covering. We
watch the 200-day level as a possible entry point but will not fight
with the shorts so want to see that they are covering before we
enter. The company has speeded up their Tennessee natural gas
drilling schedule and will likely begin this month and they have
also decided to greatly expand the drilling program to complete many
more wells this year. This will in turn speed up the revenues.
NPWS We await information on the date of
release of their prototype that we expected this month. The
stochastics has gone above 20 but it safer to wait to see some heavy
buying come in.
NNRF Closed up about 35% for the week
after a strong volume move on Wednesday and then two consolidation
days that looks like it is getting ready to try to break above the
50-day and resistance at $3.89. From there the trend line is the
next level at just under $5.00.
Download the August 8 NNRF
45-page report
Strategically Positioned for the
“Dawn of a New Nuclear Age”
This will give you a better idea of the ongoing
projects and why we think the stock if going much much higher. We
expect the test of the 2007 highs this year so a very good potential
gain from here.
CYRX Anticipation of the NASD approval
to move to the OTC saw a little buying over the minor trend briefly on
Friday. Once announced this may make a rapid move.
Now additions to our watch list:
ISRG Short
under $195.00
AAPL Short
under $120.00 -$119.00 - $118.72 shadow
AKS Short
under $31.78
ARRO Short
under $42.87 on increased volume
ATR Over $39.53 again or $40.03
GIL Over about $36.50 on strong volume and/or market turnaround
LBTYK
Short under $38.00 with a shadow at $37.50 - nice pattern - see retrace points
WINN Short
under $24.00 into the gap - may also be a bounce play there if volume
comes in
TCPS This broke down at the close on
Friday - now a continuation short
SNUS
Short under $4.55 - $4.65
aggressive
ENCY over $2.15 then
$2.30
Havasu Falls,
Havasu Canyon. Grand Canyon National Park, Arizona, USA.
From
http://www.terragalleria.com
the next two flower shots from -
http://www.evasionk.be
That's a full lid for today - will see you all
during the week.
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