THE ELLIOTT DAILY MARKET COMMENTARY
Yesterday, Thursday's, July 10h, market comment
Yesterday played out as we read the charts, "Today we have a momentum move to the upside with some selling early this morning after an initial positive up move."
"Some Selling", was an understatement!
It was not my expectation to see new DJ lows tested and a new low close. Again the DJ intra-day hourly 50 SMA , MAP, gave a failed 50 SMA and the required new low close.
We also posted. "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." And down it comes.
Today after a possible gap up our lows are suggested in the morning with highs coming later in the day.
DJ 11,286 is our first resistance followed by 11,317
QQQQ resistance is 45.25 and 45.29.
SP resistance is 1261 and 1269.
IWM resistance is 66.64 and 67.69.
AAPL, CEPH, GENZ, exits were good,
Watching AAPL for another position.
TODAY'S MARKET, Friday, July 11, 2008.
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.
GOVERNMENT REPORTS
Jul 11 8:30 AM Export Prices ex-ag. Jun - NA NA 0.4% -
Jul 11 8:30 AM Import Prices ex-oil Jun - NA NA 0.5% -
Jul 11 8:30 AM Trade Balance May - -$61.0B -$62.1B -$60.9B -
Jul 11 10:00 AM Mich Sentiment-Prel. Jul - 55.0 56.0 56.4 -
Jul 11 2:00 PM Treasury Budget Jun - NA $36.5B $27.5B
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: BEAR : Hourly Below the 50 SMA and BELOW THE 200 SMA.
Market Movers today:
Gold bounce last two days was good. More today.
MARKET Failures Today
most sectors are oversold
I am at the hospital on the Florida west coast with Allison, where she is having a hip replacement. I will be checking in from here on my broadband set up on my lap top during the next 4 days.
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Last update : 11-07-2008 05:56
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