THE ELLIOTT DAILY MARKET COMMENTARY
Yesterday, Tuesday's Market commentary
Good retest of Friday's lows, whoops broke them, great rally, 140 points, to our first target ! Then fade the last hour again! To close down 40 points.
Volume is very light and we still cannot hold our target rallies.
Today
Our "Snap Back" template is still showing the market willing to pop to the upside with the first DJ resistance the combination of the hourly 50 and 200 SMA as resistance at the 11,369 area. Once thru that area we show resistance at 11,418, and 11,500.
QQQQ resistance is 45.02 and 45.23
SP-500 resistance is 1260 and 1264.
#1 MOBO pick yesterday up another 56%, TGIC.
Market Sector Movers Yesterday gave us another 10%+ for ABK
and 4%+ for SUNH, and 6% for KND.
This market bottom call we have made this past month is NOT THE BOTTOM, in my opinion, but a oversold bounce in a down market that has plenty of road to travel in a down move yet to come. This bear market should challenge some 2000 bear market lows.
TODAY'S MARKET, Wednesday, August 6, 2008.
The technicals again called the market pop, this one stuck!
The DJ went thru our upper email target by 200 points and our mid-day chat number by 50 points.
The current target for the DJ-03 is still the 50 SMA at 11,738.
Recognize that this big `pop' of 300+ DJ points is a bear market function.
From what other researchers tell us, there has never been a 300 point rally in the bull market of 2003-2007. But, the DJ-30 market did have 16 300+ point rallies in the bear market of 2000 -2003.
So, what does this tell us? Big rally reversals are a sign of a longer term bear market. Since we have the technical tools to know when to look for them we can ride the rallies and sell the drops.
Today's market technicals showed a likely drop on the open on the hourly, and 30 minute charts. Technically we should continue with this up move over the next 2 days. Our monthly technicals suggest a positive close for the month.
Look for some market dips to retrace 50% of yesterday's gains on your candlestick charts, a good place to reload for the next move up.
Look for bounces in Oil and Precious Metals from an oversold position and with techncials flashing bounce. Oil inventories report today at 10:30 AM EST.
DJ supports start to kick in at 11,550 and 11,500.
QQQQ supports are at 45.70 and 45.50
SP-500 supports are at 1275 and 1267
This market bottom call we have made this past month is NOT THE BOTTOM, in my opinion, but a oversold bounce in a down market that has plenty of road to travel in a down move yet to come. This bear market should challenge some 2000 bear market lows.
GOVERNMENT REPORT
Aug 6 10:35 AM Crude Inventories 08/02 - NA NA -81K -
Aug 6 3:00 PM Consumer Credit Jun - $7.0B $6.0B $7.8B -
Aug 7 8:30 AM Initial Claims 08/02 - NA NA 448K -
Aug 7 10:00 AM Pending Home Sales Jun - - -1.3% -4.7% -
Aug 8 8:30 AM Productivity-Prel Q2 - 2.8% 2.6% NA -
Aug 8 10:00 AM Wholesale Inventories Jun - 0.6% 0.6% 0.8%
MARKET TRENDS
Long Term : 100% BEAR: Weekly failure of 50 SMA, start of Bear, confirmed on failure of Weekly 200 SMA (on 6/26).
Intermediate Term: BEAR: Both failed daily 50 and 200 SMA.
Short Term: Bull: Hourly above the 50 SMA and above THE 200 SMA.
Market Sector Movers Yesterday, TODAY'S PICKS.
Resorts and Casinos; MGM, LVS.
Sporting Goods; BGFV, HIBB
General Entertainment; RCL, CUK, CCL
Textile Manufacturing; AIN, MHK
MOBO BREAKOUTS
DSW
DFG
MRVC
QGEN
<$2 Stock
QTM
MRVC
CYTR
SFE
SNAP BACKS UP
AMED
CYBX
SQNM
ROH
Precious Metals and Oil
Gold BOUNCE
Silver BOUNCE
Oil BOUNCE;
COMING CLASSES:
Our next Advanced Equity class is in Philadelphia
Philadelphia Class
CLASS DATE: AUGUST 9 AND 10, SAT/SUN. LOCATION: Renaissance Philadelphia Hotel Airport 500 Stevens Drive Philadelphia, Pennsylvania 19113 USA Phone: 1-610-521-5900 Fax: 1-610-521-4362
SEATTLE CLASS 16 AND 17 AUGUST. LOCATION: Courtyard Seattle South-center 400 Andover Park West Tukwila, Washington 98188 USA Phone: 1-206-575-2500 Fax: 1-206-575-0129
EMINI CLASS FIRST WEEK OF SEPTEMBER 3,4,5,
LynuxWorks, Inc.
855 Embedded Way
San Jose, CA 95138
CALL, OR EMAIL FOR DETAILS UNTIL WE POST ON WEB PAGE.
At Sea Seminars
http://www.wallstreetteachers.com/At_Sea_Sem/At_Sea_Sem.html
At Sea Seminars with David Elliott
CRUISE THE MED WITH US: From VENICE to THE GREEK ISLES!
For the first time ever, we are offering a second cruise in the space of a year: and this is something very special! Come sail with us from the incredibly beautiful city of Venice, down the Dalmatian Coast on the Adriatic Sea, into the sunny Eastern Mediterranean and around the corner to Greece and the Greek Isles! What could be better - combining business and pleasure may just be the ticket to the vacation of a lifetime - and may even be written off! Take advantage of one full and two half days of At-Sea travel to study with David. Then spend the rest of a wonderful journey exploring with him, dining with him, and picking his brain? at your leisure, all in some of the most wonderful historic places on earth! Ship?s cabins are quite reasonable, and the modest class price of $295 is applicable as a discount off select WallStreetTeachers products*! So CLICK HERE to reserve your spot - hey, can you really afford not to. Then contact Bruce Utter at 1-888-333-3116 , or email him at
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Here's our ITINERARY and a just a bit about each wonderful stop: Sat 10/4 Venice Italy; depart 5PM Ah, Venice, truly unique in all the world! Renowned for its ?fluid avenues, where boats provide door to door transportation around the beautiful city. You'll want to come early and spend time wandering along the Grand Canal and over the myriad bridges, through the tiny streets where the only traffic is by foot, into St. Marcos Square...Venice is not a place you'll easily forget.
Sun 10/5 Cruise the Adriatic: Classes held all day
Mon 10/6 Piraeus (Athens) Greece; dock 12, depart 8 PM Athens, named for the Goddess Athena, became the capital of Greece in 1834. Athens will bring to mind the Golden Age of Greece in the 5th century before Christ, when enormous strides in architecture, literature, math and science, philosophy and medicine were made. Walk in the footsteps of the ancients - Sophocles and Euripides, the great playwrights; Hippocrates, Father of Medicine; Socrates, Plato, and Aristotle, the greatest names in philosophy; and Herodotus, called the Father of History. We'll hold morning classes, then we?ll visit the Parthenon and the Temple of Athena Nike.
Tue 10/7 Mykonos Greece: dock 7 AM, depart 7 PM According to mythology, Mykonos was where Heracles killed the giants. The rocks around the island are supposedly their corpses! The harbor esplanade is lined with open-air cafes where you may be visited by one of the pelicans who are the island''s mascots; visit the famed windmills, or travel to the little island of Delos, with ruins to rival Delphi and Olympia. Read more about Mykonos Island.
Wed 10/8 Katakolon Greece: dock 12, depart 7 PM We?ll hold classes in the morning, then spend the rest of the day exploring. Katakolon is basically a port; it's close to the archeological site of Olympia where the ancient Olympic Games were held; and there's an Olympic Museum which promises to be most interesting.
Thu 10/9 Corfu Greece: dock 7 AM, depart 5 PM Homer's Home: Odysseus? last stop was Corfu, where he was washed ashore when his ship had sunk. The Achilleion Palace was built by the Empress Elizabeth of Austria in 1891, and houses the Terrace of the Muses. Read more about Corfu (Kerkyra).
Fri 10/10 Split Croatia: Arrive 8 AM, depart 6 PM (tendering to and fro) The Emperor Diocletian was Dalmatia's most outstanding contribution to the Roman Empire. He retired to his birthplace near Split and built a magnificent palace, a fascinating place to explore. Begun in the Third Century, it has been built and rebuilt; now this city within a city displays architecture from the Romanesque to the Baroque.
Sat 10/11 ...and back to Venice Italy: Arrive 7 AM
Contact Allison at 407-719-2592 or
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
for more information. *Discounts may be applied to all CDs, CD Sets, VHS tapes (beginner level), and the AET Live Class: Subscription services and The Ultimate Emini Class are not eligible for discounts.
Common problems for not receiving Your Yahoo Daily Market Comment Email 1. Inbox full 2. Typo in e-mail address (contact us if you don't receive your signup receipt) 3. ISP is blocking our e-mails (contact them to let them know you WANT to receive these e-mails) 4. You are blocking our e-mails (check your junk mail filters) Put our address in you address book. 5. Your e-mail software is blocking our e-mails (check your filter settings)
TRADE STATION USERS, WE ARE SETTING UP A SPECIAL PROGRAM FOR YOU TO SET UP WITH OUR TCNET SETTINGS.
WallStreetTeachers.com is not a registered Investment Advisor, or a
Broker/Dealer, and does not provide investment advice or
recommendations.
Subscribers to the Hotcomm.com site, the Yahoo site, and the
TCNET "firstwave" club are advised that the information, opinions,
and analysis included there are based in good faith on sources
believed to be reliable, but no representation or warranty,
expressed or implied, is made as to their accuracy, completeness, or
correctness. Past performance is not necessarily indicative of the
future performance of stocks posted in the "firstwave" club or
`Hotcomm.com' site, or Yahoo site.
Neither these postings nor the "Firstwave" chat, "Wallstreetteachers"
`Hotcomm.com' site, or yahoo emails, nor any other information
provided on our web sites, or through any other
communication constitutes a recommendation to buy or sell stocks, or
any other investment. Investing involves the risk of loss and
readers are urged to consult with their own independent financial
advisors with respect to any investment.
__._,_.___
__,_._,___
Recommend this article...
Last update : 06-08-2008 06:10
|
(0 vote)