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Mar 12, 2007 - Issue #049
Dow score card for the week ending 3/9/07.
DJ-30: 12276.32 +162.22 +1.34%. In the Real World: 51.08 +0.68 +1.34%.
UP: 22 (+20), Down: 8 (-20).
Trends (weekly): This is the subjective part.
Rising 5 (-1):
AA, HON, KO, T, UTX.
Consolidating 19 (+3):
AIG, AXP, BA, C, CAT, DD, DIS, GM, HD, HPQ, +*IBM, JPM, MCD, MO, MRK, PFE, +*PG, VZ, -*WMT.
Declining 6 (-2):
GE, INTC, JNJ, MMM, MSFT, XON.
+/- denotes change of direction.
* denotes change of category.
As indicated above, the Dow components appear to be consolidating in preparation for the
next move. Which direction? Is the recent down move over? Not sure.
What is known: An intermediate top has been put in. That means that an intermediate bottom
has to be put in place before a test of the intermediate top can be made.
What is not known: Whether an intermediate bottom has been put in place yet. The market
will reveal itself soon enough.
Conclusion: When an intermediate bottom is established, in my opinion, an immediate assault
on the most recent intermediate top will commence. The result of that battle will determine
whether or not the intermediate top is also a major top. Stand By!
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