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Jun 19, 2006 - Issue #011


The talking heads on CNBC, commenting on Friday's market performance, sounded like a bunch of cheer leaders, "The market held the high ground, whoopee!"

The way I see it, after two sessions of large upward ranging price moves on large volume followed by a narrow ranged session on even larger volume and closing down, the advance was stopped dead in its tracks. It definitely met resistance.

The big question: Did the recovery from the weeks' low indicate the worst is finally over or just the beginning of more to come?

In my opinion, there has been far too much damage for it to be over that easy.

I believe, at the very least, the low has to be tested. If it holds: Onward and upward. If not: Look out below.

A look inside the Dow reveals:

On the daily charts: 15 up and 15 down. Compare that with the previous days' 30 up and 0 down.

Trends: 8 rising, 6 consolidating, 16 declining.

On the weekly charts: 17 up, 12 down, and 1 no change.

Trends: 11 rising, 9 consolidating, 10 declining.

I don't know about you, but it's hard for me to see a strong case for the bulls.

Intel - INTC ($18.30) continues to look, to me at least, like a Dow component that's been beat down and the worst may finally be over.

Their financials don't look bad. The chart looks interesting. Derivatives are available to exploit all kinds of strategies. I don't hear anyone recommending the stock.

This is the kind of situation I look for.

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!

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