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ChartSmarts for Thursday 7/29/4


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#1 TTHQ Staff

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Posted 29 July 2004 - 10:14 AM

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Wild Day!

It looked like Armageddon this morning and smooth sailing at the end of the day. That type of action can be consistent with a low. I'm not entirely sure that we have a good one as yet.

DJIA: The Dow looks like it might have more upside, but after 100 points, I'd be gone.

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DJT: The Trannies have a pretty ugly pattern developing.

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DJU: The Utes really have to hold up in here. If the go, we probably have some big trouble ahead. For now, though, they're OK.

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DJUSHB: I'm pretty sure that the Home Builders aren't going anywhere but down for a while, bounces notwithstanding.

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SPX: As I look at this weekly on the S&P, I'm thinking that this doesn't look too bad. I'd NOT be surprised by a break of the 50 week, and then a sharp rally, maybe to new highs.

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NDX: The Nasdaq just doesn't look that bad to me. We may not be done, but I don't think that the downside is that great here anymore.

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QQQ: The Q's aren't a buy yet.

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HUI: Look at those miners play! I'm thinking this is Bullish, but we may be early on that call.

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SMH: The Semi's look promising to me too. Use care, if you're buying them.

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IYR: I'm definitely a Bear on the Realestate I-shares.

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NXG: Let's cross our fingers on the Northgate. I'm hopeful that we get some good news this week. Do use care, however. News can help or hurt.

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Summary:

My read is that the low isn't in, but the action does look like stocks are trying to put one in. Im going to be looking at sentiment very closely tomorrow. If the Bears are fighting any strength, we'll have to look for higher prices. For now, I say remain flexible, and look both long and short in here.

Be Well, and Trade Smarter Than the Average Bear!
Mark, Doug, and Holly
-The ChartSmarts Team


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