Aug 17, 2009 - Issue #176



Obama blinks?



Obama blinks?

Seeing his ratings plunge, is Obama desparately trying to salvage something he can claim victory for, saying he can live without the 'public option'? If so, it's not enough. Republicans also want 'no employer mandates'.

Democrats, afraid to face their constituents, are cancelling 'town hall' meetings.

CNBC reports retail sales declining precipitously. The 'stimulous spending' plan is a failure. There are calls for repealing the unspent remainder and returning the TARP to the Treasury.

Has the 'sleeping giant' finally awakened and been filled with a terrible resolve?

The Dow scorecard has deteriated as of weekend, but we can plainly see more weakness opening this week. The market is conducting a 'stress test' of its own. We will see if the 'significant' trendline of support (3/6 - 7/8) holds up.

Heads Up

W. D. Gann, a keen market observer, although not an astronomer, nevertheless, was fascinated by the apparent coincidence of important market 'pivot points' and astronomical dates. Theories exist for estimating time and price of important market turning points but astronomical occurrences are computed with mathematical certainty.

There is no logical reason why these occurrences should coincide yet, empirically, they have. The 'Full Moon' and 'New Moon', among others, have been cited. Therefore, one might be well advised to be aware of their occurrence. Note: The first 5 business days of 2008 concluded on a 'New Moon' and we all know how that worked out. Coincidence?

8/20 Thursday - New Moon.

During the next two weeks, the following Dow components report earnings. Keep a sharp eye out for possible price swings leading up to 'earnings day' (Subject to revision):

8/18 HD, HPQ.

Dow score card for the week ending 8/14/09.

DJ-30: 9321.40 -48.67 -0.52%. The Real World (arithmetical) DJ-30: 41.11 -0.21 -0.51%.

UP: 12, Down: 17, N/C: 1.

Trends (weekly charts): This is the subjective part.

Rising (Generally Higher Highs/Higher Lows) 6 (-10) 20%:

AA, BAC, HPQ, JPM, UTX, +WMT.

Consolidating (Generally Lower Highs/Higher Lows) 22 (+9) 73%:

-*AXP, -*BA, -*CAT, -*CSC0, -*CVX, -*DD, DIS, -*GE, -*HD, -*IBM, INTC, JNJ, KFT, MCD, -*MMM, MRK, MSFT, PFE, +*PG, T, -*TRV, VZ.

Declining (Generally Lower Highs/Lower Lows) 2 (+1) 7%:

-*KO, -*XOM.

+/- denotes change of direction.

* denotes change of category.





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