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May 7, 2007 - Issue #057

Never Never Land

DJ-30: 13264.62 +143.68 +1.10%. In the Real World: 54.41 +0.59 +1.10%.

UP: 23, Down: 7.

Trends (weekly): This is the subjective part.

Rising 19 (n/c) 63%:

AIG, AXP, CAT, DD, DIS, GE, HON, HPQ, IBM, JPM, KO, +*MCD, MMM, MO, MSFT, T, +*UTX, +*VZ, XOM.

Consolidating 9 (-1) 30%:

-*AA, -*BA, C, GM, HD, INTC, -*MRK, PFE, WMT.

Declining 2 (+1) 7%:

JNJ, -*PG.

+/- denotes change of direction.

* denotes change of category.

Never Never Land

This market reminds me of Peter Pan's Tinker Belle in Never Never Land asking the audience, "Do you believe?"

Apparently, a lousy 25 point gain in the Dow is enough excuse over at CNBC's Kudlow & Company to pop the champagne corks these days.

Twenty-two straight up days is impresssive but the size of each days gain is miniscule. Do you think the down days, when they arrive (and they will) will be as tiny?