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Aug 21, 2006 - Issue #020



Caution!



Caution! An impressive week, to be sure, but curb your enthusiasm.

If this market is, indeed, destined to move higher, I would be more convinced if it would first do a better job of building a base from which to launch.

As it is, all I see is a sharp move up to where resistance, probably, lies in wait.

The "surprise" would be if this market moves up to new highs without encountering any serious resistance.

Dow score card for the week: 27 up (+20), 3 down (-20).

Trends (weekly): This is the subjective part.

Rising 13 (+2):

GM, +*HON, +*HPQ, JNJ, JPM, KO, +*MCD, MO, PFE, PG, T, VZ, XOM.

Consolidating 6 (+2):

+*AIG, +*C, DIS, +*GE, +*INTC, -*MRK.

Declining 11 (-4):

AA, AXP, BA, -*CAT, DD, HD, IBM, MMM, MSFT, UTX, WMT.

* denotes change of category.

+/- denotes change of direction.

As mentioned last week, it was only a matter of time before INTC moved up in class (2nd best component price improvement, +5.69%, in the Dow). It's still not too late, in my opinion, to commit to new purchase.

In the S&P 500 index: BSX is looking very interesting. Accumulation by strong hands taking place? Mostly negative news items (how many times have we seen that before an impressive up move?).







Comments? Ideas? Feedback? Let me have it, right between the eyes! I'd love to hear from you. Just reply to this zine and tell me what you think!

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