The week's sector
performance:
The weekly index results:
The Dow
daily shows the close back under the 50-day EMA with a very
undecided candle from Friday. The low volume will continue at
least a day and perhaps for the full week until all market
players are back in force. Monday is the last day for any funds
to try and close out the year at higher prices though it
is a bit obvious for them to do so on the last day. Still it is
not likely that the bears will push too hard on Monday. Things
though may drift lower in front of the Friday jobs report.
The Nasdaq closed above the 50-day
EMA and at the gap so could move back on up from here as it has
been a bit stronger than the Dow. A drop though should see it
fill the gap and perhaps test the 200-day and trend line one
more time as stochastics are starting to drop under 80..
The BPCOMPQ still shows the underlying bearishness
and the market has rallied from these levels but it may have to get even lower
to spark a bigger rally a bit later in January.
The QQQQ - Nasdaq 100 proxy monthly chart shows
general overall strength.
Semiconductor index SOX looks like it is about to
test the recent low and a break there would send it to the July 2006 low.
S&P 500 still has the 200-day below the 50-day
and has been making higher lows - though lower highs as well. Before a full bear
market begins it would be quite normal for it to make new highs to bring in more
players and the chart may be setting up for such a rally.
The NYSE closed at the 38% retrace from the August
low and the candle may turn out to make a little bear flag for one more drop to
the 200-day and 50% retrace again.
Russell 2000 ran its stochastics from 20-80. We can watch to see if
filling the little gap can hold. There is no real trend but playing the futures
on this with its volatility has been very good.
Value Line index monthly chart just barely holding at
its lower trend line.
Oil it back near its highs so could make
a little double top or a break out.
Gold tested the bottom of its triangle,
reversed and ran to break out on the upside then further on it
horizontal resistance as the US dollar dropped back. Now it looks
set to test its recent multi-year high.
The US Dollar ran to resistance and pulled back right where it was
expected. Hope it can find a base now.
Economic calendar from
briefing.com - Note that the employment numbers will be out on
Friday so many will wait until then to decide which way to go -
short or long. It may make for a larger move in either direction.
GWDC
This is the weekly chart of Growers Direct and it does have
positive divergence on the histogram and the stochastics. Their
first coffee shop in China is set to open in February and
management changes to be announced in January. This quarter's
revenues are also expected to be much higher. 2008 should be a
very good growth year for the company as they increase coffee
supply and open more shops that will mean expanded roasted
coffee sales. Roasted coffees gives much higher margins.
PLTG A week ago the
company filed to say they want to increase the number of authorized
shares to 500 million and this brought in sellers that broke support
on dilution concerns. The company followed up this week with a press
release stating that they had no intention of diluting the stock and
did not intend to issue so many shares and only wanted to authorize
them in the event that they were to buy a much larger company that
would be accretive to earnings. This PR sent the stock back to above
the 50-day EMA briefly but it seems that many decided to sell and
wait for further news. The stochastics are again under 20 so though
it may take a bit of time the cross back above would be another buy
signal as the company may still be cash flow positive in the
following quarter.
CYRX Has acted very well and
doubled in price since the last accumulation prices. The
developments are going along now and this one may be a very good
performer in 2008. The stock had run to above the top Bollinger band
so signaled some profit taking but hardly any came so far. It would
be better for the stock if it could pull back to the $1.25 support
again as it is still overbought but who knows if it will. We know it
will take time to ramp up production and to begin recycling in full
measure etc but stocks often run to far to soon as we have seen
before.
PYR.v On Friday Pyramid announced Proved and Probable reserves for
additional properties added in 2007 of about $52 million. The stock maintains
its low volume and may do so until the move to the Toronto Stock Exchange in
2008.
NNRI chart shows same range trading for
the last 7 trading days on lower than average volume. January will
see the year end audit of Atoll to begin the week of January
20. As previously reported NNRF's US auditors intend to be in Moscow
to supervise this audit. Also in January we
will hear of the order book for ATOLL. The company also should start
the installation of FEECOM/BIECOM at the selected site
for E. ON and they will also have a meeting
with representatives of Korea Nuclear Industry Co. in
Germany to negotiate a formal marketing agreement for NNRF's
shielding and encapsulation materials in the South Korean region.
I plan to meet with officers in January. The stock is ending the
year up 100% for 2007 but the huge March/April run up set it up for
the pullback we have seen. 2008 should be a much better year with
much more stable growth.
Additions for our watch list.
UPL Over 72.32
ICLR Over $64.79
PAY Over $24.50
BRE Short
under $39.58
AMLN Short
under about $36.50 - shadow at $35.83
MAT Short under $18.82
SIRO Over $34.24
ZEUS Steel - over $33.20
VTIV Over $32.00 - $32.14
DCP Over $27.27
We will not publish a newsletter next week but will return for Monday January
14. We wish you all a very happy new year to come.
Unknown photographers:
A Moscow art and craft market. The buildings are made like Hollywood style for decoration.
Country scene.
A pedestrian bridge over the Moscow river.
That's a full lid for today - will see you all
during the week.
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Santa
stalled. 
