THE ELLIOTT DAILY MARKET COMMENTARY

LAST Friday's July 11th, market comment

Thursday we said, "after a possible gap up our lows are suggested in the morning with highs coming later in the day." DJ-30 closed up $81.

Today we see a gap down on the open and a test of the lows of Friday, with a new high test on oil, and Freddie Mac and Fannie May coming under huge downside pressure with the stock off over 50%.
Failure to take out the Index lows, significantly, will give the markets another bounce area for a reversal.
DJ-30 lows .11,086
SP, lows 1236
QQQQ lows 44.28
IWM lows 64.94

Look for ELN to get stopped out on a down grade.


This market bottom call we have made this week 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.


TODAY'S MARKET, Monday, July 14, 2008.
Friday saw a new market low for all the indexes, with new low closes with the exception of the Russell 2000.
The Indexes did have pretty good bounces off of some low area targets.
From our TCNET live chat:
[7/11/2008 11:12:38 AM] <FirstWave> my down Trendline shows low of 10,997.
[7/11/2008 11:15:39 AM] <FirstWave> 30 min lows trendline just below the 11,000 level.
The DJ held lows of 10,978 with a 200 point rally off the trend line lows.
Today, I will look at a follow thru on the bounce to the upside today with resistance on the DJ coming in at :
DJ-30 resistance 11,248
QQQQ resistance 45.11
SP-500 resistance 1251.50 and 1259

We were stopped out of ELN with our $36 stop Friday.

This market bottom call we have made this past week 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 REPORTS


Jul 15 8:30 AM Core PPI Jun - 0.3% 0.3% 0.2% -
Jul 15 8:30 AM NY Empire State Index Jul - -5.0 -4.0 -8.7 -
Jul 15 8:30 AM PPI Jun - 1.3% 1.3% 1.4% -
Jul 15 8:30 AM Retail Sales Jun - 0.5% 0.3% 1.0% -
Jul 15 8:30 AM Retail Sales ex-auto Jun - 1.0% 0.8% 1.2% -
Jul 15 8:30 AM PPI Jun - 1.3% 1.3% 1.4% -
Jul 15 8:30 AM Core PPI Jun - 0.3% 0.3% 0.2% -
Jul 15 10:00 AM Business Inventories May - 0.5% 0.5% 0.5% -
Jul 16 8:30 AM Core CPI Jun - 0.2% 0.2% 0.2% -
Jul 16 8:30 AM CPI Jun - 0.7% 0.7% 0.6% -
Jul 16 9:00 AM Net Foreign Purchases May - NA NA $115.1B -
Jul 16 9:15 AM Capacity Utilization Jun - 79.4% 79.4% 79.4% -
Jul 16 9:15 AM Industrial Production Jun - 0.2% 0.2% -0.2% -
Jul 16 10:30 AM Crude Inventories 07/12 - NA NA -5840K -
Jul 16 2:00 PM FOMC Minutes Jun 25 - - - - -
Jul 17 8:30 AM Building Permits Jun - 980K 970K 969K -
Jul 17 8:30 AM Housing Starts Jun - 985K 968K 975K -
Jul 17 8:30 AM Initial Claims 07/12 - NA NA 346K -
Jul 17 10:00 AM Philadelphia Fed Jul - -15 -15.2 -17.1

TRADE STATION USERS, WE ARE SETTING UP A SPECIAL PROGRAM FOR YOU TO SET UP WITH OUR TCNET SETTINGS.




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Last update : 14-07-2008 05:55

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