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Mar 5, 2007 - Issue #048



Flight to Safty!



Dow score card for the week ending 3/2/07.

DJ-30: 12114.10 -533.38 --4.22%. In the Real World: 50.40 -2.22 -4.22%.

UP: 2 (-4), Down: 28 (+4).

Trends (weekly): This is the subjective part.

Rising 6 (-9):

AA, HON, KO, T, UTX, WMT.

Consolidating 16 (+5):

AIG, AXP, -*BA, -*C, CAT, -*DD, DIS, GM, HD, HPQ, -*JPM, -*MCD, -*MO, MRK, PFE, -*VZ.

Declining 8 (+4):

-*GE, -*IBM, INTC, JNJ, MMM, MSFT, -*PG, -*XON.

+/- denotes change of direction.

* denotes change of category.

Flight to Safty!

The above indicates a lot of damage has been done. There is nothing to indicate the worst is over.

Market volatility moved up sharply but it's still not at historically high levels.

Bond yields declined as prices continued to move higher in a flight to safty. Buying bonds now to lock in low yields makes no sense. T-bills makes more sense.

Precious metals declined. That's not bad news.

The best market analyst is the market itself. Let the market tell its own story. So far, the weekly charts indicate the intermediate term line of least resistance is down. Whether or not a major top has been put in won't be evident for some time yet.

Traders that bought put options while volatility was low should be in profit now. Salute.







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