JUN 2, 2008 - Issue #113


Reprieve? Or the 'pause that refreshes' before it continues its downward move? More likely, in my judgement, it's nothing more than the reflection of lackluster trading of a shortened post holiday week.

Perhaps the DNC meeting on how to resolve the problem of the MI and FL delegates and the effect it would have on the Hilary campaign had something to do with it. Or perhaps not. Does it really matter? The market's going to do whatever the market's going to do.

Irregardless, we need to focus on what we should be doing which is buying upside breakouts, shorting downside breakouts, and moving to cash in sideways movements.

That being said, MRK appears to have stopped declining and is moving horizontally. If it holds above the 36.80 double bottom??? Buying the stock and the 40 strike puts for protection, or buying the 40 strike calls for limited risk are some of the possibilities.

Isn't it interesting that PFE is still declining while MRK moves sideways? Is the market telling us something?

Dow score card for the week ending 5/30/08.

DJ-30: 12638.32 +158.69 +1.27%. The Real World (arithmetical) DJ-30: 51.74 +0.65 +1.27%.

UP: 23, Down: 7.

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

Rising (Generally Higher Highs/Higher Lows) 1 (n/c) 3%:


Consolidating (Generally Lower Highs/Higher Lows) 24 (+13) 80%:

AA, +*AXP, +*BA, +*BAC, +*C, CAT, -*CVX, +*DD, DIS, +*GE, +*HD, HPQ, +*JNJ, +*JPM, KO, +*MMM, MRK, +*MSFT, PG, T, +*UTX, +*VZ, +*WMT, XOM.

Declining (Generally Lower Highs/Lower Lows) 5 (-13) 17%:


+/- 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!

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