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Oct 23, 2006 - Issue #029

Empty Floor?

DJ-30: 12002.37 +41.86 +0.35%. In the Real World: 49.98 +0.17 +0.34%.

UP: 18 (-1), Down: 12 (+1).

Trends (weekly): This is the subjective part.

Rising 15 (-6):

AXP, DIS, HON, HPQ, IBM, INTC, JNJ, JPM, *+KO, MCD, MO, MRK, MSFT, T, VZ.

Consolidating 11 (+6):

-*AIG, -*C, -*DD, -*GE, GM, +*MMM, -*PFE, -*PG, -*UTX, WMT, XOM.

Declining 4 (n/c):

AA, BA, -*CAT, HD.

* denotes change of category.

+/- denotes change of direction.

Have you noticed the New York Stock Exchange is instituting monumental technological change that is causing the floor population to fear for their jobs?

Computerized matching of orders has handled 97% of the trading volume of the stocks involved initially in the transition and the entire exchange listings is expected to be in the system by Dec 1st.

The Philadelphia Exchange went computerized earlier this year and most of their employees are gone.

Why don't they just merge with NASDAQ and get it over with? One big market for everything!

CAL advanced strongly on "earnings". The chart displays the higher high, lower low, higher high, lower low, higher high pattern known as an expanding formation which has often turned out to be an important top. Will it happen this time? Time will tell.

Two depressed stocks that may be putting in important bottoms: BSX, JBLU.

As for the Dow stocks, in my opinion, they seem to be consolidating. Perhaps, like the rest of us, they're waiting for the results of the election.