HOT SPOT CHARTING...

(Click charts to enlarge)

Nasdaq Issues Declining.
At recent support. Could move upwards thursday...


Nasdaq Issues Advancing.
At recent resistance. Could move lower thursday...


Nasdaq 100 Tech Index.
Potential bearish reversal pattern with a downside breakout.
Could nail the end of the recent tech bull run...


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DJ Asia/Pacific Indexes

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DJ Asia/Pacific Tech Index...


DJ Asia/Pacific Consumer Goods Index...


DJ Asia/Pacific Telecommunications Index...


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HOT SPOT CHARTING

Charts and comments are NEVER INTENDED AS ADVICE...

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HOT SPOT CHARTING...

(Click charts to enlarge)

NYSE A/D, We could see an advance on tuesday...


Nasdaq A/D, We could see an advance on tuesday...

Bank Index as posted Nov. 13th with first target...


The Bank Index as charted Nov. 13th closed within the target...



Charts and comments are NEVER INTENDED AS ADVICE...

The price pattern reminds you that every movement of importance is but a repetition of similar price movements, that just as soon as you can familiarize yourself with the actions of the past, you will be able to anticipate and act correctly and profitably upon forthcoming movements.

"Jesse Livermore"

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NASDAQ MAKE or BREAK!

(Click charts to enlarge)

Nasdaq, now up against the long term trendline.
Currently making it's fourth attempt at this long term resistance and with the stoch's overbought any breach could be considered suspect...


SP500, weekly chart with Doji.
Bearish candlestick pattern.
Potential change of direction. Confirmation needed...


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RUSSELL 2000

Russell 2000, as posted on Nov. 10th.
At the time we said "Possible diamond top pattern.
Watch for a possible false breakout prior to a decline."


Russell 2000, as posted on Nov. 14th.
At the time we said "The Russell 2000 did breakout into the rectangle as suggested. We will have to see if it is indeed a false breakout prior to a decline as described in the above Nov 10th chart. However the QQQQ target area is close but has not yet been met. Therefore additional upside remains in the Russell."


Russell 2000, at the close Nov. 22nd.
With the QQQQ now within the target area we will be
looking for a reversal in the Russell 2000 to comfirm
a false breakout...
(Confirmation is needed)




Charts and comments are NEVER INTENDED AS ADVICE...




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QQQQ TARGET HIT

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QQQQ, chart as posted on Nov. 10th with a target
area of $44.50 - $45.00...


QQQQ, Nov. 22nd close $44.73...


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HOT SPOT CHARTING

"As tempting as it is to chase this equity rally, it's important to recognize a rally premised on yearend performance catch-up flows rather than a rally premised on improving economic and earnings fundamentals," notes David Rosenberg, chief North American economist at Merrill Lynch, in a Nov. 20 report. More than three-fifths of economic reports since Labor Day have been disappointing, while less than a third have come in above expectations, according to Rosenberg.




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CAUTION is PERTINENT

(Click charts to enlarge)


SP500 Growth iShares...


Churning.............
A period of heavy trading with few sustained price trends and little movement in stock market indexes.


Due to the holiday week my posting will be sporadic at best.


I have reviewed many charts this evening and a test of the uptrend in the major indexes is FEASIBLE at anytime............
(NEVER ADVICE)



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LOWE'S

Lowe's warns of earnings slide (cnnmoney.com)
http://money.cnn.com/2006/11/20/news/companies/lowes/index.htm?postversion=2006112007


Charts and comments are NEVER INTENDED AS ADVICE...


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A Few Transport Charts

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Hide not your talents.
They for use were made.
What's a sundial in the shade.
"Ben Franklin"


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HOT SPOT CHARTING...

Monday's Economic Release:

US Leading Indicators (OCT) (15:00 GMT; 10:00 EDT)
Consensus: 0.2%..........Previous: 0.1%...........
Outlook: After falling short of prediction in September, the Conference Board’s Leading Indicators Index is expected to print another month of growth. Used to predict growth in the coming three to six months, the composite of 10 economic components is expected to grow 0.2 percent. If it should realize this rate of expansion, it would match the fastest pace of growth since March. From the number of known sub-gauges, a preliminary prediction can be formed. The equities’ portion should benefit from the 3.5 percent run in the S&P 500 over the period to a new multi-year high. From the labor barometer, a drop in the average weekly jobless claims from 313,800 in August to 311,500 in September will support the consumer sector. On the other hand, the slight drop in the Conference Board’s own consumer confidence indicator will act to offset it somewhat. Leveraging the negative, the second monthly drop in retail sales could leave the consumer goods orders component lower, while the 6.3 percent drop in building permits could prove the biggest detractor from the overall report. The market’s response to this composite may reveal the level of concern over the health of US growth. Since third quarter GDP slowed to a 1.6 percent pace of expansion, traders could be discounting a disappointing turn from the report already.


So you want to be in charge of monetary policy...

Play the Fed Chairman Game.
http://www.frbsf.org/education/activities/chairman/

Stocks expected to be range-bound as holiday approaches...
http://biz.yahoo.com/cbsm-top/061118/963cad05d27ef6d54c134eb68d2ba277.html?.v=1

(Not responsible for content found on other sites)


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HOT SPOT CHARTING

Manufacturing measure beats analyst expectations slightly; gauge of future growth falls into negative territory.

NEW YORK (Reuters) -- Factory activity in the U.S. Mid-Atlantic region rebounded in November after contracting for the past two months, according to a survey released on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index rose to 5.1 in November from -0.7 in October. Wall Street analysts had called for a rise of 5.0 in November.

Any reading above zero indicates growth in the region's manufacturing sector.

The new orders index, a gauge of future growth, fell to -3.7 in November from 13.4 in October.

The regional survey is one of the first indicators of U.S. manufacturing every month and is often used as a guidepost to the overall state of factories nationwide.


Wal-Mart Adds 11 States to $4 Drug Offer (AP)
http://biz.yahoo.com/ap/061116/wal_mart_prescription_drugs.html?.v=1

Growing investor complacency a concern (FT article on Yahoo News)
http://news.yahoo.com/s/ft/20061115/bs_ft/fto111520061350314737



(Click chart to enlarge)

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Nobel prize-winning US economist Milton Friedman has died at the age of 94.

"Inflation is taxation without legislation."
- Milton Friedman

HOT SPOT CHARTING

(Click charts to enlarge)

Semiconductor Index...


Potential ending wedge pattern...


Bearish (Doji) Star Pattern .
Potential reversal needs confirmation...


Charts and comments are NEVER INTENDED AS ADVICE...

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IN THE NEWS

Tech Bubble Warning Bells (USA Today)

http://www.usatoday.com/money/industries/technology/maney/2006-11-14-web20-conference_x.htm

US Airways Offers $8 Billion in Cash and Shares for Delta Air (Bloomberg)

http://www.bloomberg.com/apps/news?pid=20601103&sid=aWspqblpLq.E&refer=us

U.K. Unemployment Rises to Five-Year High, Wages Slow (Bloomberg)

http://www.bloomberg.com/apps/news?pid=20601085&sid=a.brWTqSMcj8&refer=europe

Jabil Circuit to Restate (The Street. com)

http://www.thestreet.com/newsanalysis/manufacturing/10322234.html

Not responsible for content found on other sites...

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RUSSELL

(Click charts to enlarge)

Originally blogged November 10th...


The RUSSELL 2000 did breakout into the rectangle as suggested. We will have to see if it is indeed a false breakout prior to a decline as described in the above Nov 10th chart. However the QQQQ target area is close but has not yet been met. Therefore additional upside remains in the Russell.
The flipside would be a continuation breakout which could produce a strong upwards move...
Either way confirmation is needed....


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NASDAQ NEW HIGHS/LOWS

(Click charts to enlarge)






The only time I really lost money was when I broke my own rules.
"Jesse Livermore, to his son"

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IN THE NEWS

U.S. chain store sales rise in latest week-Redbook

U.S. Producer Prices Fall 1.6% Last Month; Core Rate Down 0.9%

Japan's Service Index Falls on Consumer Spending Drop (Bloomberg Nov. 15)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aM8x4zBxoewM&refer=home


Insight Enterprises Inc. said Monday that it had been notified that it faces delisting from the Nasdaq Stock Market for failure to file its third-quarter financial statement in a timely fashion.

Nov 15th potential market moving economic releases...

MBA Purchase Applications (wk11/10 , 2006)

NY Empire State Index (Nov , 2006)

EIA Petroleum Status Report (wk11/10 , 2006)

FOMC Minutes (Oct , 2006)


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HOT SPOT CHARTING...

Schwab on Tuesday said October client daily average trades fell 6% to 244,200 from the year-ago period. (MarketWatch.com)









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NEW YTD HIGH

Should the lack of volume while making a new ytd high
be a concern for tuesday?

Nov 14th potential market moving economic data...

ICSC-UBS Store Sales (wk11/11 , 2006)

Retail Sales (Oct , 2006)

Producer Price Index (Oct , 2006)

Redbook (wk11/11 , 2006)

Business Inventories (Sep , 2006)



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BANKS

Banks and credit card issuers may come under pressure from rising bad debts...


(Click charts to enlarge)

Bank Index...


Testing new overhead resistance...


Top of channel...


EW #5...


Potential bear flag...




Rule number one is don't lose money.
Rule number two is don't forget rule number 1!
"Warren Buffett"


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A LOOK AHEAD

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QQQQ (Weekly)


RUSSELL 2000 (Daily)


Charts and comments are NEVER INTENDED AS ADVICE...


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