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Title: Market WrapUp (07-26-05)
Source:
Financial Sense Online
URL Source: http://www.financialsense.com/Market/wrapup.htm
Published: Jul 26, 2005
Author: Ike Iossif
Post Date: 2005-07-26 19:54:01 by Arete
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Keywords: (07-26-05), Market, WrapUp
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Comments: 36
Home l Broadcast l Market Monitor l Top 10 l Storm Watch l Sitemap l About Us Today's WrapUp by Ike Iossif 07.26.2005 Mon Tue Wed Thu Fri Archive SUMMARY Last week I said, "The McClellan Oscillators are at the zero line, the Volatility ratios are at new highs, the Quantifiers have turned down, and the rest of the indicators have diverged negatively; therefore, the odds are better than even that over the next 2-5 trading days we will get a pullback, but given the magnitude of the initial thrust of the move we also ought to expect support to hold." (Current) We have half of the indicators implying that a pullback is to be expected next week, while the other half are implying that further price strength ought to be expected. When you put it all together it means that we ought to expect a choppy and difficult market to trade going forward. This type of market condition precedes market tops of significance, but we do not believe that such top is completed; it has a bit more to go. Nevertheless, we do believe that we ought to expect a pullback sometime this week, and depending upon how deep the pullback turns out to be, we will draw further conclusions with regard to how far we are into the topping process. SUPPORT AND RESISTANCE LEVELS TO WATCH FOR Ike Iossif Copyright © 2005 All rights reserved. Ike Iossif Home l Broadcast l Market Monitor l Storm Watch l Sitemap l About Us l Contact Us Copyright © James J. Puplava Financial Sense™ is a Registered Trademark 
WEEKLY CHARTS 
Above 10750 it goes to 10900; if it stalls again at 10750, it will re-test the 10500 level.
It is at resistance in the 3700-3725 zone, and we would expect a pullback from this zone.
SP500: It made it up to resistance at 1240. We would expect a
pullback from this level starting in the middle of the week.
NASDAQ: It almost made it to resistance at 2210. We would expect
a pullback from this level, starting in the middle of the week.
HUI: It has resistance at 205, support at 190. Above 205 it goes to 225, and below 190 it goes to 178.
Oil: If it can stay above $55, it will rally to $62.50 and then 67.5. If it closes below $55, it will go to $50.00.
The T.O. is trying to turn up. If it does, we ought to expect higher prices.
The T.O. is trying to turn up. If it does, we ought to expect higher prices.
The trend is UP for NASDAQ.
The trend is UP for the SP. DJIA SP500 NASDAQ 2nd Upside Target 11150 1275 2300 1st Upside Target 10900 1255 2250 Resistance 10750 1240 2210 Support 10450 1220 2140 1st Downside Target 10250 1188 2100 2nd Downside Target 9950 1165 2040
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Market WrapUp is Delivered! Other news, views and commentary -- Amazon.com 2Q Net Profit Falls U.S. consumer confidence eases in July GMAC Will to Up to $55B in Auto Loans US Steel Posts 16 Percent Rise in 2Q International Paper 2Q Profit Declines Reuters Reports More Job-Cut Plans Tellabs 2Q Profit Slips 17 Percent Electronic Arts Swings to a $58M Loss Auto Sales Expected to Hit Four-Year High Greenspan Has Spoken, China Is Revaluing And I'm Reevaluating SOCIAL SECURITY - Beware of False Prophets The Savvy Macrowave Investor - Yuan, Smuan Richard W.
#2. To: All (#1)
97 degrees here today. Supposed to be close to 100 for the next two days before cooling down into the lower 90's for the weekend. Gasoline prices holding fast at 2.139. Richard W.
July 27 (Bloomberg) -- SK Corp., Asia's fifth-largest oil refiner, may post its smallest quarterly profit in a year because crude oil costs rose faster than the company's fuel and petrochemical prices. Net income in the three months ended June 30 probably rose 3 percent to 305 billion won ($297 million) from 296.4 billion won a year earlier, according to the median estimate of seven analysts surveyed by Bloomberg. The Seoul-based company is scheduled to report earnings tomorrow. Soaring costs as crude oil prices gain may prevent Chief Executive Shin Heon Cheol from extending last year's surge in earnings. Net income in 2004 rose more than 100-fold on record earnings from processing oil. China's imports of petrochemicals are slowing as refiners in the country expand their plants and raise output. [Excessive futures contracts?] SK Corp. May Post Smallest Profit in a Year on Higher Oil Costs State effect uncertain from split of AFL-CIO DJs were paid to play that tune Asian Central Banks Start Bond Funds to Lure Local Investors Sen. Clinton Calls for Party Truce, United Front Intel plans $3bn 300mm-wafer fab factory in Arizona Australian Dollar Falls Before Second Quarter Inflation Report Panel Completes Inquiry on Leader of U.N.'s Oil-for-Food Program Mars Talks Up Cocoa's Medicinal Potential Hot condo market dampens house sales [Boston] Inco Reports 2nd-Qtr Profit, Reduces 2005 Forecast [Higher Nickel Prices] Sunset Law for Federal Agencies on the Horizon No PepsiCo bid for Danone, French regulator says No WTO agreement on farm liberalisation talks Fidelity May Face SEC Suit Over Gifts Canadian Dollar Drops Most in Three Weeks Against U.S. Currency New Rules Would Limit Tax Work By Auditors Danaher Agrees to Buy Leica Geosystems for SF1.16 Bln Mexican accused of leading document-fraud ring Lines drawn on CAFTA-DR European Economies: German, Italian Confidence Rises US rejects stronger trade measures on China Lessons of history Brazil Scales Back Bond Sale Because of `Volatility' U.S. concedes loss to EU at WTO, mulling appeal
Boy, you can say that again with emphasis. Schumer got schmucked and Snow got snowed. 2% revaluation and no expectations of any further devaluations, the announcement made today by the Chineseses.
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The Savvy Macrowave Investor - Yuan, Smuan
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