THE ELLIOTT DAILY MARKET COMMENTARY
Yesterday, Monday's Market commentary
Good sell off, good rally, whoops … couldn't hold the run back to par Friday. The Russell 2000 was the only Index that responded and closed on the positive side Friday. Technicals are suggesting a positive close today from the signals generate from Friday's market. DJ-30 11,389 and 11,539 are our two upside resistance targets. QQQQ 45.21 and 45.90 are our two upside resistance targets SP-500 1270 and 1282 are our two upside resistance targets. IWM 72.38 and 73.85 are our two upside resistance targets.
Surety and Title; SCA 169% in last three days , MBI, MGT, ABK from Friday's post … killer returns.
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.
TODAY'S MARKET, Tuesday, August 5, 2008. 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.
GOVERNMENT REPORTS
- Aug 5 10:00 AM ISM Services Jul - 51.0 48.0 48.2 - Aug 5 2:15 PM FOMC Policy Statement - - - - - - 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: Bear: Hourly below the 50 SMA and below THE 200 SMA.
Market Sector Movers Yesterday, TODAY'S PICKS. Drug Delivery: ELN, EMIS. Health Care Plans: CI, AET, WLP Major Airlines: CAL, AMR, UAUA (Watch Regional AAI for a pop this morning to the 2 day 50. )
MOBO BREAKOUTS
MESA WOOF CI CHD LPNP
<$2 Stock TLCV CHC AIRN MESA AGIX day 3 TGIC day 2
SNAP BACKS UP WWY HELE AMED CYBX
Precious Metals and Oil
Gold still down Silver still down Oil still down; DUG broke out of weekly 50 to upside .. Long position.
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Philadelphia Class CLASS DATE: AUGUST 9 AND 10, SAT/SUN.
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Philadelphia, Pennsylvania 19113 USA
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SEATTLE CLASS 16 AND 17 AUGUST.
LOCATION: Courtyard Seattle South-center
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Tukwila, Washington 98188 USA
Phone: 1-206-575-2500
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EMINI CLASS FIRST WEEK OF SEPTEMBER, CALL, OR EMAIL FOR DETAILS UNTIL WE POST ON WEB PAGE.
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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
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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
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for more information.
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Recommend this article... Last update : 05-08-2008 06:15
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