December 24, 2007
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Dec 24, 2007 - Issue #090
Santa Claus Rally?
Santa Claus rally??? One day does not a rally make! How much follow through can we expect in a holiday shortened week?
According to the weekly charts, not much happened in the past week which happened to include a 'quadruple witch' options expiration! What can we expect this week? Not much.
The only upcoming event of note would be the last day to establish a loss for tax purposes and we have to wait a week for that.
As stated last week, the absense of market participants during the holiday shortened 'silly season' tends to exaggerate volatility/price movements.
One does not need to be caught in a cross fire.
Dow score card for the week ending 12/21/07.
DJ-30: 13450.65 +110.80 +0.83%. The Real World DJ-30: 55.15 +0.45 +0.83%.
UP: 19, Down: 11.
Trends (weekly charts): This is the subjective part.
Rising (Generally Higher Highs/Higher Lows) 14 (NC) 47%:
HON, HPQ, INTC, JNJ, KO, MCD, MO, MRK, MSFT, PG, UTX, VZ, WMT, XOM.
Consolidating (Generally Lower Highs/Higher Lows) 7 (-1) 23%:
DIS, +*GE, GM, IBM, JPM, MMM, T.
Declining (Generally Lower Highs/Lower Lows) 9 (+1) 30%:
-*AA, AIG, AXP, BA, C, CAT, -*DD, HD, PFE.
+/- denotes change of direction.
* denotes change of category.
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!