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Written by David Elliott, on 27-08-2008 06:12

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THE ELLIOTT DAILY MARKET COMMENTARY Tuesday's Market commentary Yesterday saw the markets drop to and thru our `targets`. They had no trouble reaching them ! "Backing and filling" turned into a market dumping, and doing a bear engulfing candle pattern for the DJ-30 Today look for continued selling in the Indexes. The DJ-30 has resistance at 11,500, and support at 11,316, and 11,291. SP-500 has resistance at 1278.80 and support at 1261 and 1247. QQQQ has resistance at 46.99 and support at 46.15 and 45.90. Volatility increased yesterday with our up signal call on the VIX. Our target is 21.43 today. The volume should start to dry up on stocks and on the trading exchanges this week leaving individual stocks open to large swings from smaller groups of traders. Natural Gas, UNG, last night gave an up signal from the large sell off of the last two months. Look for Natural Gas stocks to have very good up moves this morning right from the open. TODAY'S MARKET, Wednesday, August 27, 2008. We got a split market between the DJ-30 and the QQQQ's yesterday. Yesterday saw Indexes retest the lows of Monday, with market bounces there. Natural Gas, UNG made a good pop to the upside and should continue up today. NGAS, and CHK as well as other natural gas stocks moved on the up signal. Today we see up signals from our low market volume signals yesterday. Per our "Live Chat" last night we are looking at up signals for the Indexes in the morning from our overnight "Hockey Stick" signals. Unfortunately the volume continues to drop making stock volatility greater as we go into the holiday weekend. It also makes our technicals less reliable. Caution should be the watch word for the rest of the week. This market bottom call we have made this past July 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 ECONOMIC REPORTS Aug 27 8:30 AM Durable Orders <http://biz.yahoo.com/c/terms/durord.html> Jul - 0.5% 0.1% 0.8% - Aug 27 10:35 AM Crude Inventories 08/23 - NA NA 9390K - Aug 28 8:30 AM Chain Deflator-Prel. Q2 - 1.1% NA 1.1% - Aug 28 8:30 AM GDP <http://biz.yahoo.com/c/terms/gdp.html> -Prel. Q2 - 2.8% 2.7% 1.9% - Aug 28 8:30 AM Initial Claims <http://biz.yahoo.com/c/terms/claims.html> 08/23 - NA NA 432K - Aug 29 8:30 AM Personal Income <http://biz.yahoo.com/c/terms/income.html> Jul - -0.3% -0.1% 0.1% - Aug 29 8:30 AM Personal Spending Jul - 0.3% 0.3% 0.6% - Aug 29 9:45 AM Chicago PMI <http://biz.yahoo.com/c/terms/napms.html> Aug - 50.5 49.9 50.8 - Aug 29 10:00 AM Mich Sentiment-Rev. Aug - 63.0 62.3 NA SECTOR MOVERS Tuesday Oil and Gas; NGAS, CHK. UNG. Hotel Motel; BEE, HST, LHO, SHO MOBO OVER THE 50 STOCKS PMG RMBS LOJN LFC ACLI PVA DVN CLMT OXY STOCKS < $2 ANPI KERX BBX BCON ISV TTP TGC SNAP BACKS GNK MON NRG PDLI DBA FCL BEE PBR BEAR BREAK OF 50 SMA AND MOBO FLY XIDE EXPE ITB EMINI CLASS FIRST WEEK OF SEPTEMBER, 3,4,5 last class this year LOCATION: 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 ONE ON ONE ! 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. 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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. <http://finance.groups.yahoo.com/STOCKS%20MAKING%20A%20MOBO%20OR%20BULL%\ 20KICKER%20MOVE%20UP%20MOVE%20%0bELP%0bACGL%0bUMC%0bABI%0b%0b%0b%0b%0bSp\ ecial%20situations%20from%20the%20TCNET%20Firstwave%20chat%20club.%0b%0b\ %0bSECTOR%20MOVE%0bResorts%20and%20Casinos%20:%20MPEL%20%0bToys%20and%20\ Hobby%20Stores%0bTechnical%20Services%0b%0b%0b%0b%0b%0bBULL%20ENGULFING%\ 20%0bRZ%0bIHR%0b%0b*****************************************************\ *****************%0bHere%20is%20an%20audited%20trading%20reco>

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