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Jul 2, 2007 - Issue #065



Further Deterioration!



Dow score card for the week ending 6/29/07.

DJ-30: 13408.62 +48.36 +0.36%. In the Real World: 54.98 +0.19 +0.36%.

UP: 18, Down: 11, N/C: 1.

Trends (weekly): This is the subjective part.

Rising 15 (-2) 50%:

AXP, CAT, GE, GM, HD, HPQ, IBM, INTC, JPM, KO, MMM, +*T, UTX, VZ, WMT.

Consolidating 12 (+2) 40%:

-*AA, AIG, BA, DD, DIS, -*HON, -*MCD, MO, MRK, MSFT, PFE, XOM.

Declining 3 (n/c) 10%:

C, JNJ, PG.

+/- denotes change of direction.

* denotes change of category.

Further Deterioration!

Note that while the Dow registered an increase for the week, internally, in my judgement, two components slipped from the rising trend category which is now back to the 50% level. That's right on the cusp.

T was the only component that put in a new significant rising trend line on the weekly charts (2/28 low of 35.19 to 6/22 low of 38.70), perhaps because of the tie-in with AAPL's iPhone. What this means to me is that a break below 38.70 would signal weakness in T.







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