AMC Thursday 070607

DJIA 13,266.73 -198.94 NASDAQ 2,541.38 -45.80 S&P500 1,490.72 -26.66

Events For Friday, June 8:

• Earnings: Vail Resorts (MTN)

• Economic Data: Trade Balance

• Events: G8 Meeting, WTM Analyst Meeting

• Conferences: Citigroup Power, Gas and Utilities Conference; Sandler O'Neil & Partners eBrokerage and Global Exchange Conference

• Fed Speakers: None

The biggest market driver today was the bond market, where the 10-yr and 30-yr yield had breached 5%. All 10 economic sectors posted loses. So did most of the indexes. Is this sell-off a temporary one? Judging from the comments from all major bulletin, I think this should continue for a while until some market movers come in. The main concern now seems to be the hold on interest rates. If interest rates are not pushing the market up, I think only one thing will do the job now: earnings.

And with most of the major companies having their earnings reported, we shall wait till the next season and see if the economy is still 'there'. At the same time, it calls for a 5dpeg time!

Dow Jones Industrial Index 13,266.73 -198.94

A tight area forms. Maybe one more down day and we're in for a correction
1st intraday resistance: 13,288
2nd intraday resistance: 13,315
1st intraday support: 13,254
2nd intraday support: 13,240

5 day interday high(resistance): 13,692
5 day interday low(resistance): 13,262



Direction for 290507: FLAT

NASDAQ Composite Index 2,541.38 -45.80

Back to the 2,537 level for now. This is the only damn benchmark with gaps here and there!

1st intraday resistance: 2,547
2nd intraday resistance: 2,552
1st intraday support: 2,541
2nd intraday support: 2,537

5 day interday high(resistance): 2,627
5 day interday low(resistance): 2,541

Direction for 290507: FLAT



S&P500 Index 1,490.72 -26.66

Yesterday I said it will be flat because it was sitting on a nice retracement level. Today, the same thing happened so I'm betting my ass it will be an up for S&P.

1st intraday resistance: 1,497
2nd intraday resistance: 1,499
1st intraday support: 1,488
2nd intraday support: 1,484

5 day interday high(resistance): 1,541
5 day interday low(resistance): 1,491

Direction for 290507: FLAT

The Fear Gauges...
The $VIX...

...& The $VXN

It just won't come down. Alright then, just stay up there, you two vixies...


Market Direction for 060607: FLAT

BMC Thursday 070607

(E-mini) Futures
S&P 500 (JUN) -3.10 NASDAQ 100 (JUN) -6.50 Dow ($5) (JUN) -8.00

Treasury Bonds
5 yr note 4.98 +0.02 10 yr note 5.03 +0.04 30 yr note 5.15 +0.07

Currencies
US vs Euro 1.3464-0.24%
US vs Yen 0.0082 +0.23%
US vs GBP 1.98 -0.01%

Commodities
Gold (CMX ) 673.30 -1.30
Light Crude (NYM ) 65.96 +0.35

Briefing.com
Wake-Up Call

Buyers Remain Reserved

Last Update: 07-Jun-07 07:30 ET

There is a better tone in the futures market this morning than there has been in recent sessions. All that means, however, is that we aren't likely to see stocks trade noticeably lower at the open. The current indications point to a flat to slightly lower open.

The attention on rising interest rates globally continues to hang over the market, as does the sense that stocks are due for a breather.

For what it's worth, there are also reports that North Korea may have fired short-range missiles into the waters off its coast. Aside from the harm done to the fishes, the market doesn't seem too worried about this alleged development.

On the interest rate front, the yield on the 10-year note has hit the psychological 5.00% level. Meanwhile, in an expected act the Bank of England left its benchmark rate unchanged today at 5.50%. New Zealand, however, bumped up its benchmark rate to 8.00%.

The corporate newsflow is largely revolving around the retail sector this morning as a number of companies are posting their same-store sales results for May.

While the same-store sales reports are still rolling in, it is abundantly clear that the results are much better than what was witnessed in April. A rebound was expected for May, though, given the confluence of special factors that impacted the April results.

Costco (COST 55.82) is one of the May standouts, posting a 7.0% gain in same-store sales versus the Briefing.com consensus estimate of +5.9%.

Today's economic data features the weekly initial claims, wholesale inventories and consumer credit reports. None are expected to have any material impact on today's proceedings. For added detail and estimates for the reports, be sure to visit our Economic Calendar page.

Events for Thursday, June 7:

• Earnings: Smithfield Foods (SFD), National Semiconductor (NSM), Quicksilver (ZQK), UTI Worldwide (UTIW), DSW (DSW)

• Economic Data: Initial Claims(309,000 vs 312,000 consensus), Wholesale Inventories, Consumer Credit

• Events: G8 Meeting, BOE Policy Decision, PLXS F07 Analyst Meeting; IM Investor and Analyst Day

• Conferences: CIBC World Markets Alternative Energy 1-on-1 Conference; Citigroup Power, Gas and Utilities Conference; Lehman Brothers 2007 Global Services Conference; Piper Jaffray 27th Annual Consumer Conference

• Fed Speakers: None

_____________________________________________________________
Ok...I was so pissed off last night with my predictions that I never do the AMC closing price accuracy. Sucks...

Today the bond markets fell, so did the futures. Normally, the stock market will follow these 2 markets. So today may still be a down day. But based on technicals...

Dow Jones Industrial Index 13,465.67 -129.79
If it's a down day, I say it won't go pass the 13,441 retracement level.

1st intraday resistance: 13,481
2nd intraday resistance: 13,500
1st intraday support: 13,460
2nd intraday support: 13,435

5 day interday high(resistance): 13,691
5 day interday low(resistance): 13,438



Direction for 290507: FLAT




NASDAQ Composite Index 2,587.18 -24.05
I think I'll just not say anything about this one...

1st intraday resistance: 2,613
2nd intraday resistance: 2,616
1st intraday support: 2,607
2nd intraday support: 2,603

5 day interday high(resistance): 2,627
5 day interday low(resistance): 2,551

Direction for 290507: Up






S&P500 Index 1,517.38 -13.57
Same as DJ. Tests the 68.2% level fails to make an advance. Looking at the bond market, I would say some more downside.


1st intraday resistance: 1,520
2nd intraday resistance: 1,522
1st intraday support: 1,517
2nd intraday support: 1,515

5 day interday high(resistance): 1,541
5 day interday low(resistance): 1,514

Direction for 290507: FLAT



The Fear Gauges...
The $VIX...
A huge advance up the 14.3 resistance line - may come down a little, but volatility remains higher than the 9 week average.


The psychology of a shooting star: market opens up, shoots up, but the bulls start to lose and bears take over. Not for long, as the bulls held their support to close higher. So in this case of a volatility index, the positions are switched: the bears are in control now.


Market Direction for 060607: DOWN

AMC Wednesday 060607

DJIA 13,465.67 -129.79 NASDAQ 2,587.18 -24.05 S&P500 1,517.38 -13.57

Briefing.com
After Hours

ADC Beats Estimates

Last Update: 06-Jun-07 16:48 ET

Price level vs. 4 pm ET: The major averages closed lower for the second straight session, as concerns about inflation continued to weigh on investor sentiment and the likelihood of the Fed cutting rates anytime soon.

The Labor Dept. reported that productivity slowed in the first quarter to an annual rate of 1.0%, versus earlier reports of a rise of 1.7%. The latest data also showed unit labor costs - a key inflation gauge - rose a higher than expected 1.8%. That again raised concerns of inflationary pressures and did little to console a central bank primarily focused on price stability.

Also weighing on the market was Richmond Fed president Lacker's comments that he sees no significant moderating trend in U.S. inflation, and that it is difficult to gauge whether the housing market correction has yet to reach a bottom.

The Dow Jones industrials ended the session 0.95% lower, while the broader S&P 500 fell 0.89% and the tech-heavy Nasdaq fell 0.92%.

All ten economic sectors posted losses today.

A slightly negative tone dictates the after hours session. The S&P 500 futures, at 1516.50, are 2.35 points below fair value, while the Nasdaq 100 futures, at 1913.75, are 3.62 points below fair value.

Company	Stock Move	Reason for Move
ADC Telecommunications (ADCT)	17.95 +0.64 (+3.70%)	ADC Telecommunications reported Q2 (Apr) earnings of $0.35 per share, excluding non-recurring items, $0.12 better than the Reuters Estimates consensus of $0.23. Revenues fell 2.4% year/year to $349.4 mln vs the $333 mln consensus. Co issued in-line guidance for FY07, sees EPS of $0.86-0.91, ex items vs. $0.86 consensus. It sees FY07 revs of $1.275-1.29 bln vs. $1.29 bln consensus.
Shuffle Master (SHFL)	18.44 -1.17 (-5.97%)	Co reported Q2 (Apr) GAAP earnings of $0.10 per share, may not be comparable to the Reuters Estimates consensus of $0.13. Revenues rose 3.0% year/year to $44.6 mln vs the $43.3 mln consensus. Co said, we recently completed a review of our long-term strategy and believe that we are uniquely positioned to re-accelerate growth and drive long-term, sustainable profitability as we look to FY08 and beyond. That said, we do expect to see moderate improvement in the back half of the year, however, the remainder of FY07 will be characterized by addressing near-term challenges and staying the course in order to achieve our long-term objectives. For that reason, we will continue with our previously communicated suspension of FY07 earnings guidance."
Monster Worldwide (MNST)	44.70 -1.16 (-2.53%)	Co announced that Timothy Yates will join the co's executive management team as executive vice president and CFO, and as a member of its board of directors, effective immediately. He succeeds Lanny Baker, who has decided to leave the co in order to pursue other career opportunities and business interests. The co expects to incur a charge of approx $3 mln in Q2 related to the executive departures.
Meritage Homes (MTH)	32.55 -0.55 (-1.66%)	Co announced that April and May home sales have been weaker than expected, as reported by other leading homebuilders, and lower than the co's Q1 order rates. The co said preliminary net sales for the first two months of Q2 were approximately 21% lower than the same period last year, and cancellations increased to a rate of 36% of gross orders, from 27% reported in the first quarter 2007.
DSW (DSW)	37.66 +1.10 (+3.01%)	DSW reported Q1 (Apr) earnings of $0.54 per share, $0.07 better than the Reuters Estimates consensus of $0.47; revenues rose 12.8% year/year to $357 mln vs the $366.1 mln consensus. Co maintains guidance for FY08, sees EPS of $1.63-1.68 vs. $1.66 consensus.

Only a limited number of companies expected to report their earnings on Thursday. As such, investors will again look for economic data to help set the tone of trading during the session. Initial Claims will be out at 8:30 ET, followed by Wholesale Inventories at 10:00 ET and Consumer Credit at 15:00 ET.

On the earnings front, seven companies are confirmed to report their results before the bell, including Dollar General (DG), Smithfield Foods (SFD), and UTI Worldwide (UTIW). After the close, five more companies will report, including National Semiconductor (NSM) and Quiksilver (ZQK).

--Richard Jahnke, Briefing.com

_____________________________________________________________
Last night was shit...losing and losing. Seriously, I need to do some reflections on what I'm doing. Obviously I myself don't know!

With the saying, "it is not important whether you are right or wrong, what is important is how much you win when you are right and how much you don't lose when you are wrong", I really need to learn it the hard way - cutting loses. A novice like me learning how to scalp, how to swing trade is like buy what lose what, because the difference between noobs and pros is the noobs don't know what's going on. ARHHH...I have do alot more reading from now on.

BMC Wednesday 060607

(E-mini) Futures
S&P 500 (JUN) -1.10NASDAQ 100 (JUN) -1.25 Dow ($5) (JUN) -10.00

Treasury Bonds
5 yr note 4.96 +0.05 10 yr note 4.99 +0.05 30 yr note 5.08 +0.06

Currencies
US vs Euro 1.3514 -0.02%
US vs Yen 0.0082 -0.06%
US vs GBP 1.99 -0.01%

Commodities
Gold (CMX ) 675.10 -1.20
Light Crude (NYM ) 65.61 -0.06

Wednesday, June 6:

• Earnings: ADC Telecommunications (ADCT), Shuffle Master (SHFL)

• Economic Data: Q1 Productivity Revision

• Events: G8 Meeting, BOE Policy Meeting, NYX Euronext Analyst Day, NCS to Host Investor Day,

• Conferences: Lehman Brothers 2007 Global Services Conference; NAREIT's Investor Forum; Piper Jaffray 27th Annual Consumer Conference

• Fed Speakers: Fed's Lacker talks on the economy in Maryland; Fed's Hoenig speaks about policy and economy in Wyoming; Fed's Pianalto speaks at Bundesbank conference on policy

_____________________________________________________________
Quite light on the calender today. Tonight should be an consolidation night. While a rate cut is not imminent, I guess something good may come out of it.

Dow Jones Industrial Index 13,595.46 -80.86
May it be...an evening star, shines down, upon you~ Looks good for a reversal. The purple fibonacci has finished its journey, now it's on to the orange one. While it sits on the 100% level, according to fibonacci it's supposed to go down further.

1st intraday resistance: 13,606
2nd intraday resistance: 13,635
1st intraday support: 13,585
2nd intraday support: 13,561

5 day interday high(resistance): 13,692
5 day interday low(resistance): 13,457



Direction for 290507: UP

NASDAQ Composite Index 2,611.23 -7.06
I don't know what pattern it is, but it sure looks interesting hahaha. It's like, 1st day it gap up, went up but came down again because it didn't have the strength to continue and ends in a doji. Next day it gap down, felt bullish and closed higher. 3rd day it gap down, wants to go down but doesn't have the strength to close lower again. I guess there's only one name to describe this pattern - consolidation.

1st intraday resistance: 2,613
2nd intraday resistance: 2,616
1st intraday support: 2,607
2nd intraday support: 2,603

5 day interday high(resistance): 2,627
5 day interday low(resistance): 2,551

Direction for 290507: Up

S&P500 Index 1,530.95 -8.22
Back to the trendline 6 months ago. May come back down a little to the support but 100% retracement is also a strong support. I would say up.

1st intraday resistance: 1,532
2nd intraday resistance: 1,534
1st intraday support: 1,530
2nd intraday support: 1,528

5 day interday high(resistance): 1,541
5 day interday low(resistance): 1,529

Direction for 290507: Up





The Fear Gauges...
The $VIX...
A shooting star! Down it goes...with the dinosaurs!

...& $VXN

What more reason do you need for an up day?

Market Direction for 060607: Up

AMC Tuesday 050607

DJIA 13,595.46 -80.86 NASDAQ 2,611.23 -7.06 S&P500 1,530.95 -8.22

Briefing.com

After Hours

Guess's Guidance Wears Well

Last Update: 05-Jun-07 16:53 ET

Price level vs. 4 pm ET: The major averages closed lower on Tuesday, as comments from Federal Reserve Chairman Ben Bernake and concerns about stubborn inflation weighed on investor sentiment and hopes for a reduction in interest rates any time soon.

Also behind the stock market's decline was a better than expected report on the service sector. The ISM's report came in at 59.7 in May, higher than Briefing.com consensus of 56.0 and up from the 56.0 reported for April.

After closing in record territory on Monday, the Dow Jones industrials closed down 0.59%. The broader S&P 500 and the tech-heavy Nasdaq also ended lower, slipping 0.53% and 0.27%, respectively, for the session.

All ten economic sectors posted losses today.

A slightly upbeat tone, however, dictates the after hours session. The S&P 500 futures, at 1533.60, are about a point above fair value, while the Nasdaq 100 futures, at 1936.00, are slightly above fair value.

Company	Stock Move	Reason for Move
Guess? (GES)	50.00 +2.58 (+5.44%)	Guess reported Q1 (Apr) earnings of $0.38 per share, $0.09 better than the Reuters Estimates consensus of $0.29. Revenues rose 42.3% year/year to $377.9 mln vs the $331.6 mln consensus. Co issued upside guidance for Q2, sees EPS of $0.31-0.33 vs. $0.27 consensus. It sees Q1 revs of $335-345 mln vs. $308.47 mln consensus. Co raised EPS guidance for FY08 to EPS of $1.75-1.80 vs. $1.71 consensus, up from $1.65-1.70; sees FY08 revs of $1.51-1.56 bln vs. $1.49 bln consensus. The Co also announced the financial results for the five-week transition period ended February 3, 2007 and the results for the recast Q4 and year ended February 3, 2007. The five-week transition period resulted from the Co's decision to change its fiscal year.
TD Ameritrade (AMTD)	20.67 +0.72 (+3.60%)	Jana and SAC Capital suggest SCHW and ETFC as merger partners.
Oxford Industries (OXM)	43.78 -0.42 (-0.95%)	Co lowered Q4 guidance. It sees Q4 EPS of $1.00-1.05, and Q4 EPS of $0.96-1.01 adjusted for unusual items, compared to previous guidance of $1.07-1.14, vs $1.03 Reuters consensus. It sees Q4 revs in the lower half of its previously issued rev guidance of $285-295 mln vs $290.43 mln Reuters consensus. Co sees Q1 EPS from continuing operations of $0.46-0.51 vs $0.68 Reuters consensus. Co sees Q1 revs of $245-255 mln vs $292.72 two analyst consensus. Co sees Y08 EPS from continuing operations of $3.10-3.25 vs $3.33 Reuters consensus. Co said continued weakness in the tailored clothing sector depressed the results of the Menswear Group for Q4. Co believes that below plan results at many retailers for the combined months of March and April led to shipment deferrals and tight selling windows.
Altera (ALTR)	23.15 +0.22 (+0.96%)	Altera reaffirmed that it expects second quarter sales to be 1-4% higher than 1Q07 (roughly $308-317 mln vs. $313.0 mln consensus). The co said its new product category is showing strong growth in comparison to the similar period in the prior quarter, with all products growing sequentially.

Only a handful of notable companies are expected to report their results on Wednesday. They include ADC Telecommunications (ADCT), SAIC Inc. (SAI), and Shuffle Master (SHFL) - all of which will come after the close.

In terms of economic data, a revision to Q1 Productivity is expected to be released at 8:30 ET. That will followed by the Energy Dept.'s weekly oil report at 10:00 ET, which will garner added attention given the recent rise in prices at the pump.

--Richard Jahnke, Briefing.com

_____________________________________________________________

16:20 ET

Rate Cut Hopes Dashed Again

Dow -80.86 at 13595.46, Nasdaq -7.06 at 2611.23, S&P -8.23 at 1530.95

[BRIEFING.COM] After being down as much as 125 points on the Dow, and all three major averages off 0.9% at their lows, the bulls made a late-day effort Tuesday to pare market losses. However, that effort was a losing one as the bears held the upper hand in today's trading.

The main excuse to take some money off the table today was predicated largely on bond yields hitting their highest levels since last summer.

In the midst of another slow news day, all eyes this morning were on Fed Chairman Bernanke; investors were hoping he might drop some hints of a possible rate cut. To the dismay of both stock and bond investors, his prepared remarks about housing and the economy offered nothing new frankly compared to recently released minutes from the May 9 FOMC meeting.

Throw in the strongest reading on the ISM Services Index since April 2006 and bond traders became increasingly convinced that the Fed is far from easing anytime soon. Fed funds futures now price in less than a 10% chance of a rate cut by November. Goldman Sachs, which had been expecting the Fed to cut the overnight lending rate 75 basis points to 4.50% this year, altered its view today and now doesn't see any rate cuts at all in 2007.

The absence of any upside sector leadership also posed a problem for the bulls to extend the S&P 500's winning streak to seven and close the broader market at another new all-time high.

Of the 10 sectors closing lower, Utilities (-1.5%) paced the way as rising bond yields made the sector's income-oriented appeal less attractive. The rate-sensitive Financials sector (-0.6%) also suffered as the yield on the 10-year note closed at a nine-month high of 4.97%. The yield on the 5-year note hit 5.00% for the first time since August.

Telecom turned in the next worst performance, but its decline wasn't surprising as it too ranks among this year's best performing sectors. Consumer Discretionary (-0.7%) ranked third among the day's disappointments as a Q1 profit warning from Bed Bath & Beyond (BBBY 38.27 -2.20) left Home Furnishings (-5.4%) as the session's worst performing S&P industry group.

Homebuilding (-1.3%), which was also hit by today's rise in borrowing costs, was under additional pressure after Bernanke said "tighter lending standards... will serve to restrain housing demand."

..DJTA -0.7%. ..DJUA -1.5%. ..SOX -0.7%. ..DOT -0.1%. ..XOI -0.7%. ..BTK -0.3%. ..Nasdaq 100 -0.1%. ..S&P Midcap 400 -0.6%. ..Russell 2000 -0.8%.

_____________________________________________________________

Siao...what's GS thinking? 4.5%...that's all speculative. As traders, we don't need to care, just ride on the news and make money. Last night I finally got my first scalping profit, only to lose it again later in the day...zzz. Nvm, live to fight another day, tonight looks like a good up night!

No analysis done yesterday. So no closing price accuracy and directional correctness update.

AMC Monday 040607

DJIA 13,676.32 +8.21 NASDAQ 2,618.29 +4.36 S&P500 1,539.18 +2.84

Dow Jones Industrial Index

Intraday high 13,690.21
5 day interday high(resistance): 13,692
Missed by +2
0.0146%

Intraday low 13,618.78
2nd intraday support: 13,638
Missed by +20
0.146% :(

Closed At 13,676.32
1st intraday resistance: 13,677
Missed by +1
0.0073%

Direction for 010607: UP

NASDAQ Composite Index

Intraday high 2,619.75
2nd intraday resistance: 2,619
Missed by 0
0%

Intraday low 2,604.85
2nd intraday support: 2,600
Missed by -4
0.154%

Closed At 2,618.29
2nd intraday resistance: 2,619
Missed by +1
0.0382%

Direction for 010607: UP

S&P500 Index

Intraday high 1,540.53
5 day interday high(resistance): 1,541
Missed by -1
0.065%

Intraday low 1,532.31
1st intraday support: 1,531
Missed by -1
0.065%

Closed At 1,539.18
5 day interday high(resistance): 1,541
Missed by +2
0.13%

Direction for 010607: UP

Closing Price Accuracy (over the last 4 days)
DOW JONES : 0.1923/4 = 0.04808% off (99.952%)
NASDAQ : 0.5762/4 = 0.1441% off (99.856%)
S&P 500 : 0.261/4 = 0.06525% off (99.935%)

Directional Correctness:
3/6(50%)

BMC Monday 040607

(E-mini) Futures
S&P 500 (JUN) -2.75 NASDAQ 100 (JUN) -4.75 Dow ($5) (JUN) -24.00

Treasury Bonds
5 yr note 4.92 +0.07 10 yr note 4.95 +0.06 30 yr note 5.05 +0.04
Currencies
US vs Euro 1.3463 +0.17%
US vs Yen 0.0082 -0.02%
US vs GBP 1.99 +0.23%

Commodities
Gold (CMX ) 676.90 +10.20
Light Crude (NYM ) 65.08 +1.07

Another Temporary Dip?

Last Update: 04-Jun-07 08:18 ET

Stock futures are lower, but not by much. The Shanghai index "plunged" 8.3% on Monday. Russia is making threatening statements about aiming missiles at Europe.

This has the S&P futures indicating a lower open of about 3 points. This is the third time in recent months that the futures are noticeably lower because of a drop in the Shanghai market. On February 27, the Shanghai market dropped 8.8% and the S&P ended up losing 50 points that day to 1399. But the market started rebounding the next day and that simply proved a buying opportunity. The S&P 500 is up 137 points since then.

More recently, on May 30, the S&P opened 7 points lower after a 6.5% drop in the Shanghai market. By early afternoon the S&P was up 3 points, and ended the day up 12 points after the release of the FOMC minutes.

Traders may be trained to look at dips based on a decline in the Shanghai market as a quick buying opportunity. The negative impact may not last long.

The seemingly large 8.3% drop in the Shanghai index also has to be put in context. The index is now at 3670. It went through 2000 just six months ago. It could plunge a LOT further and still be up on the year. This 8.3% move is barely a blip on the chart.

The merger news is light for a Monday. Palm is raising $940 million in a deal that involves selling a 25% stake to a private equity firm. This is more of a bailout situation than a premium bid, however. Flextronics is buying Solectron for $3.6 billion. There are also reports that Avaya and Cadence Design Systems are in talks that might lead to buyouts.

The economic calendar has just the April factory orders report at 10:00 ET. This is a combination of durables and nondurables orders. The more important and volatile durables data are already out, so the market tends to ignore this report. The earnings calendar has nothing of note for today.

The market rally is pushing the price/earnings multiple higher. As discussed in this morning's Big Picture column, this is not unjustified and might continue a while longer.

- - Dick Green, Briefing.com

_____________________________________________________________

Monday, June 4:

• Earnings: Krispy Kreme (KKD), Bob Evans (BOBE), Credence Systems (CMOS)

• Economic Data: Factory Orders

• Events: Pfizer (PFE) Analyst Meeting

• Conferences: Deutsche Bank Securities Media & Telecommunications Conference; Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference

• Fed Speakers: None

_____________________________________________________________
This monday will be a correction day, as shown by index futures and the light calender. With no big companies schedule for earnings, there are no huge market movers tonight. It shall be a dip with not much downside.

Dow Jones Industrial Index 13,668.11 +40.47
No candlestick patterns.just a continuation of an uptrend.

1st intraday resistance: 13,677
2nd intraday resistance: 13,686
1st intraday support: 13,663
2nd intraday support: 13,638

5 day interday high(resistance): 13,692
5 day interday low(resistance): 13,451



Direction for 290507: FLAT





NASDAQ Composite Index 2,613.92 +9.40
A rickshawman on the top of an up trend. Must be a down.

1st intraday resistance: 2,617
2nd intraday resistance: 2,619
1st intraday support: 2,608
2nd intraday support: 2,600

5 day interday high(resistance): 2,627
5 day interday low(resistance): 2,544

Direction for 290507: DOWN






S&P500 Index 1,530.62 +0.39
Ok. Looks like it has no strength to climb up the 161.8% retracement level.

1st intraday resistance: 1,533
2nd intraday resistance: 1,535
1st intraday support: 1,531
2nd intraday support: 1,530

5 day interday high(resistance): 1,541
5 day interday low(resistance): 1,508

Direction for 290507: Down







The Fear Gauges...
The $VIX...








...& $VXN



Both shows a doji at the bottom of a support or resistance level. I'm not very good at drawing S&R so maybe the VXN is sitting on a support. Anyway, they are both going up.

Market Direction for 040607: DOWN