HOT SPOT CHARTING...

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Nasdaq, Long term daily chart..........


QQQQ, Gaped higher on unimpressive volume.
Will it make a quick jump towards the trend line resistance in the 48.50 area before reversing?..........


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SEC Ends Uptick Rule

The Securities and Exchange Commission (SEC) has eliminated the so-called “uptick rule,” which prevents short-sellers from selling stock in a down market. SEC commissioners voted 5-0 to eliminate the rule, which was established in 1938 as a way to prevent disorderly selling during market downturns. Under the rule, a short sale could only be executed on an “uptick,” i.e., when a share was trading up. The idea was to prevent stocks in free fall from being forced ever lower by short-sellers.
http://www.indexuniverse.com/index.php?option=com_content&view=article&id=2848&Itemid=28

HONG KONG (MarketWatch) -- China's government is expected to announce imminent changes to monetary policy -- possibly including a rate hike and a lifting in the ratio of funds banks must hold in reserve against deposits -- as officials step up efforts to cool the nation's accelerating economy, said analysts.
http://www.marketwatch.com/news/story/china-rate-hike-reserve-tightening/story.aspx?guid=%7BF382A43E%2D6D94%2D42A3%2D9D4D%2DB11AD055A048%7D&siteid=yhoof



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HOT SPOT CHARTING...

QQQQ (15min) Good day of stealth distribution.......



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HOT SPOT CHARTING...

HANG SENG, On the 50ma ribbon. A precarious spot......



Thanks for your kind notes. All is well. Good luck trading........

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HOT SPOT CHARTING...

S & P Financial Sector Bullish percent Index...


Philly Semiconductor Index,
Potential false breakout...


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DJIA, Update...



Chart: The Nasdaq 100 with the Philly Semiconductor Index (SOX). The chip sector could be arguably the most significant single sector affecting the Nasdaq. While the two indexes are highly correlated and generally move in tandem, be on the lookout for divergences, such as when the SOX fails to confirm a move by the Nasdaq. These divergences are often an early clue that the move may not be sustainable...

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DJIA, Potential ending wedge....



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S&P 500......


NASDAQ 100 INDEX,
Lower highs and lower lows...



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HANG SENG INDEX,
Could the HSI fill the gap at the 50ma........


NIKKEI, Looking a bit vulnerable.
Eye on the neckline...



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HOT SPOT CHARTING...

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HSI, Well you have to hand it to the Chinese.
They do come out swinging. Gaped up over 500 points in the first half hour of trading.
But then went nowhere...

China's April Inflation Adds Fuel to Stock Bubble (Bloomberg.com)
http://www.bloomberg.com/apps/news?pid=20601089&sid=agbrDukDFrdo&refer=china

NASDAQ, Two distribution days in the last three trading days.
Could we see the gap get filled soon...


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Whilshire 5000, A broad market indicator.
Has room to move higher in the upwards channel.
However a break below the channel from a rising wedge could happen just as well...


Nasdaq 100 Index, Moved back towards the top of the channel on declining volume...


S&P500, Percent of stocks above 150 day moving average.
Although we could see the S&P 500 index move higher it appears to be in a topping process with a declining percentage of stocks above their 150 day moving average...


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HOT SPOT CHARTING...

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Hang Seng, Gap down Doji. Potential change of direction on Monday.
MACD trending lower but now has room to turn up...


FXI, Large volume spike. Could be forecasting a move in the Hang Seng...


EWH, Large volume spike...

QQQQ, Flag...

IWM...

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April was largely a sales disaster for most of the nation's biggest retail-chain operators, as consumers pulled in their purse strings after March's spending spree and as they faced rising prices at the gas pump, as well as a slumping housing market. (MarketWatch.com)
http://www.marketwatch.com/news/story/aprils-slide-retail-sales-actually/story.aspx?guid=%7B972C8768%2DEFEE%2D46D3%2DA584%2DA721B9501D86%7D

Trade gap widens sharply in March
Bigger drag on first quarter growth than first thought(MarketWatch.com)
http://www.marketwatch.com/news/story/us-march-trade-gap-highest/story.aspx?guid=%7B7BBED803%2D2067%2D4B25%2DB7A0%2DC3261ED27E43%7D

Crude Oil Rises on Signs U.S. Gasoline Supply Is Insufficient (Bloomberg.com)
http://www.bloomberg.com/apps/news?pid=20601072&sid=a2haBEsZGy_w&refer=energy

Bank of England Lifts Benchmark Rate to Six-Year High (Bloomberg.com)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a.fbbdNEfwBI&refer=worldwide



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QQQQ, Two day hourly chart...


Nasdaq Transportation Index,
A potential double top with a right side diamond pattern could be a warning...


QID, MACD showing positive divergence...


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Ben to move the market but which way.........


WILSHIRE 5000 showing a distribution day...

Cisco's profit jumps 34% on sales increase(MarketWatch.com)
http://www.marketwatch.com/news/story/ciscos-profit-climbs-34/story.aspx?guid=%7BFA7ED486%2D6DC0%2D4168%2DB7A6%2D07225D24AB10%7D

Tyco profit declines on restructuring charges(MarketWatch.com)
http://www.marketwatch.com/news/story/tyco-earnings-tumble-restructuring-charges/story.aspx?guid=%7B386F95E1%2DB6FB%2D4552%2D9DD6%2DA65F4CADB3F1%7D&tool=1&dist=bigcharts&

U.S. Home Prices to Drop in 2007 on Loan Standards, First Since 1930's (Bloomberg.com)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aoMSaUJr0qD4&refer=worldwide

Chinese buyers give Buick a second wind
Last year, brand sold more there than in U.S. (Detroit FP)
http://www.freep.com/apps/pbcs.dll/article?AID=/20070508/BUSINESS01/705080314/1002/BUSINESS

Ford to close Ohio plant, ousting 1,100 employees (Arizona Republic)
http://www.azcentral.com/business/articles/0508biz-ford0508.html


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April Foreclosure Filings More Than Double Over 2006 (Bloomberg.com)
http://www.bloomberg.com/apps/news?pid=20601087&sid=alXig2Cqe.rA&refer=home

Huge deals fuel record-breaking M&A (FT.com)
http://www.ft.com/cms/s/810806f2-fce4-11db-9971-000b5df10621.html

More investors take risk of buying stocks with loans (USAToday)
http://www.usatoday.com/money/markets/2007-05-07-margin-usat_N.htm

Hang Seng Index (08/05/2007)
HSI 20706.35 -190.29


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HOT SPOT CHARTING...

HANG SENG, Update.........



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Getting fitted with a crash helmet....



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HOT SPOT CHARTING...

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QQQQ, Of course there will be seesaw choppy time frames.
Looks like it could be the opposite pattern......

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For amusement purposes only.........


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CAC...
Could be cresting.......


DAX...
Could also be cresting............


FTSE...


Spain General Index...
Could be caught in a 3rd wave down..........


ITALY MITBEL INDEX (Milan)...
Potential H&S........

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