Free Swing Trading and Day Trading Picks & Education

It had to happen at some point that after a sharp drop bulls would have something to offer. Thursday's close looks like such an opportunity.

Today's bullish hammer in the S&P was accompanied by some higher volume trading which bodes well for Friday.

($SPX)

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The Nasdaq finished on trendline support although it was a bumpy ride intraday. Technicals remain weak.

AAAAAAAAC Nasdaq Composite ($COMPQ): "

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"

The Russell 2000 similarly finished with a bullish hammer.

AAAAAAAAD Russell 2000 Small Cap Index ($RUT)

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Even the Nasdaq 100 looks tempting

($NDX)

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Bulls have a simple task; buy break of today's highs with a stop below lows. Resistance starts at May-June support then 20-day MAs. Long term, the bullish picture continues to deteriorate.

Some Potential Swing Trading Opportunities for today...

These stocks will be monitored by you every day!!! Follow the master plan and you will be on your way to learn to trade stocks like a PRO... enjoy...

The results are generated by my stock screener. Only the first 5 results are displayed here for every scan.

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SECRETS TO GREAT RESULTS:
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Long Swings

Window

Scan Code From www.StockScanPRO.com:
(sma(volume,20) >= 500000) and (close() > 7) and (adx(10) > 30) and (pdi(10) > mdi(10)) and (high() < sma(close,5))

Results for NASDAQ

Results for NYSE

BRKB	NYSE	Berkshire Hathaway inc.	7/1/2010
MMC	NYSE	Marsh & Mclennan Companies Inc.	7/1/2010

Results for AMEX

BIL	AMEX	SPDR Lehman 1-3 Month T-Bill ETF	7/1/2010
BSV	AMEX	Vanguard Short-Term Bond ETF	7/1/2010

Results for NYSEARCA

Swings

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(sma(volume,20) >= 500000) and (close() > 12) and (force_index(3) <= 0) and (force_index(13) >= 0) and (adx(10) > 30) and (high() < high()[-1]) and (high()[-1] < high()[-2]) and (close() > sma(close,10)) and (close() > sma(close,20))

Results for NASDAQ

Results for NYSE

Results for AMEX

Results for NYSEARCA

1-2-3-4

Scan Code From www.StockScanPRO.com:
(sma(volume,20) >= 500000) and (close() > 12) and ((adx(10) + adx(20))/2 > 30) and (pdi(10)+pdi(20) > mdi(10) + mdi(20)) and (low() < low()[-1]) and (low()[-1] < low()[-2]) and (high() < high()[-1]) and (high()[-1] < high()[-2])

Results for NASDAQ

Results for NYSE

MMC

NYSE

Marsh & Mclennan Companies Inc.

7/1/2010

Results for AMEX

Results for NYSEARCA

Cross

Scan Code From www.StockScanPRO.com:
(sma(volume,20)>=500000)and(close() > 12)and(sma(close,5)>sma(close,15))and(close() < sma(close,5))and(close() > sma(close,15))and(high() < high()[-1])and(close() > open())

Results for NASDAQ

Results for NYSE

AZO	NYSE	AutoZone, Inc	7/1/2010
CIG	NYSE	Companhia Energtica de Minas Gerais - CEMIG	7/1/2010
HSP	NYSE	Hospira, Inc.	7/1/2010
MTB	NYSE	M&T Bank Corporation	7/1/2010
SLH	NYSE	Solera Holdings, Inc.	7/1/2010

Results for AMEX

Results for NYSEARCA

EPI

NYSEARCA

WisdomTree India Earnings Fund ETF

7/1/2010

Triangle

Scan Code From www.StockScanPRO.com:
(sma(volume,20) >= 500000) and (close() > 12) and (close() > sma(close,20)) and (high()[-2] > high()[-1]) and (high()[-2] > high()) and (low()[-2] < low()[-1]) and (low()[-2] < low()) and (high()[-1] > high()) and (low()[-1] < low())

Results for NASDAQ

Results for NYSE

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Results for NYSEARCA

Reverse

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(sma(volume,20)>=500000)and(close() > 12)and(high()[-2] > high()[-1])and(high()[-1] > high())and(low()[-2] > low()[-1])and(low()[-1] > low())and(close()[-2] <= open()[-2])and(close()[-1] <= open()[-1])and(close() >= open())and(volume() > 1.5 * sma(volume,20))

Results for NASDAQ

Results for NYSE

APD	NYSE	Air Products and Chemicals, Inc.	7/1/2010
BBT	NYSE	BB&T Corporation	7/1/2010
CEG	NYSE	Constellation Energy Group Inc.	7/1/2010
DIS	NYSE	The Walt Disney Company	7/1/2010
G	NYSE	Genpact Limited	7/1/2010

Results for AMEX

JNK	AMEX	SPDR Lehman High Yield Bond ETF	7/1/2010
VEA	AMEX	Vanguard Europe Pacific ETF	7/1/2010

Results for NYSEARCA

ICF	NYSEARCA	iShares Cohen & Steers Realty Major	7/1/2010
IYZ	NYSEARCA	iShares Dow Jones U.S. Telecommunications Sector Index Fund	7/1/2010

Breakouts

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(sma(volume,20) > 200000)and(close() > 7)and(high() >= max(high,40))and(high()[-1] >= max(high,40)[-1])and(volume() > 1.5 * sma(volume,20))and(close() > open())and(volume()[-1] < sma(volume,20))and( (close() - low()) >= (0.75 *(high() - low())) )

Results for NASDAQ

Results for NYSE

Results for AMEX

Results for NYSEARCA

Revival

Scan Code From www.StockScanPRO.com:
(sma(volume,20)>=500000) and (close() > 12) and (close()[-1] - low()[-1] <= 0.1 *(high()[-1] - low()[-1])) and (close() - low() >= 0.95 *(high() - low())) and (close() > sma(close,15)) and (close() > sma(close,50))

Results for NASDAQ

Results for NYSE

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Results for NYSEARCA

Reversals

Scan Code From www.StockScanPRO.com:
(sma(volume,20) >= 200000) and (close() > 12) and (low() <= min(low,40)[-1]) and (volume() > 2*sma(volume,20)) and (close() > open())

Results for NASDAQ

Results for NYSE

BRS	NYSE	Bristow Group Inc.	7/1/2010
CCC	NYSE	Calgon Carbon Corporation	7/1/2010
FPRS	NYSE	Ford Motor Company Capital Trust II	7/1/2010
MDP	NYSE	Meredith Corporation	7/1/2010

Results for AMEX

Results for NYSEARCA

FDN

NYSEARCA

First Trust Dow Jones Internet Index Fund

7/1/2010

Short Swings

Cross

Scan Code From www.StockScanPRO.com:
(sma(volume,20)>=500000) and (close() > 12) and (sma(close,5) sma(close,5)) and (close() < sma(close,15)) and (low() > low()[-1]) and (close() < open())

At least, hopefully temporarily.

In a quick update, I wanted to show the fall-out of the mini-crashes that rocked the world of inter-market analysis on July 1, 2010.  What a way to start the official second half of the year.

(Click for full-size image)

Earlier this morning, I reported on the Negative Divergences and Top Heavy Chart… and by the close, the precious metal collapsed, breaking all short-term support levels I mentioned were likely targets.

Given the daily chart and structure of gold �" namely the lengthy negative divergences �" today’s sell-off was no surprise, but the power of the sell-off was surprising.

Ok �" nothing wrong with that, but when gold falls, one would expect the US Dollar Index to Rally and the Euro/USD (EURUSD) to fall as well �" as the Euro often tracks well with commodities.

Exactly the opposite happened.

The EURUSD rallied very sharply �" crashing upwards �" and the Dollar Index crashed downwards.  Strange.  Unusual.

With all the headlines of global economic slowdown and the fears from that, we would expect oil prices to fall.  They did �" so that was no surprise.  The vicious plunge from the $75 level to the $71 level in 5 hours was surprising.

And the S&P 500?  It didn’t know which way to turn.

It continued its sell-off from yesterday’s break of the important 1,040 level, supported at 1,010 ( I showed the Fibonacci Confluence here), and then rallied into the close.

The S&P was the only market, excluding bonds (which traded opposite the S&P �" rallying in the morning and then falling into the close) to shift directions mid-day.

Let’s take some time to assess the cross-market damage and temporarily broken relationships to see what went wrong, where, and when we’re likely to get back on track.

Luckily, we have a holiday weekend coming up to do so.

Corey Rosenbloom, CMT
Afraid to Trade.com

We all were watching the 1,040 level on the S&P 500, and when it broke, traders reacted as expected:  Bears pounced and Bulls ran for the exits.

If you’re asking yourself why we bounced so hard this morning, then you didn’t see the ‘hidden’ defense price via a large-scale Fibonacci Confluence.

There’s never a guarantee any Fibonacci level will hold when price tests it, but for now, this level held so we need to focus on it as the key level to watch.

A quick glance at the chart shows two very important Fibonacci Retracemnents converge at the 1,010 level.  That’s where we bounced strongly off today’s lows, and where the bulls will stage their last chance of a comeback after losing the “battle” of 1,040.

The Blue lines represent the large-scale Fibonacci Retracement Grid from the 2007 top to the 2009 bottom, with the market peaking in April 2010 8 points shy of the 61.8% retracement at 1,228.

You would reference these levels on the way UP, but they still exist as price trails to the downside.

As price trails lower, you need to draw a new Fibonacci reference grid, starting with the March 2009 and stretch to the April 2010 high �" this is the Green Grid on the chart.

We can see that the 38.2% retracement rests at 1,008, and today’s low so far was 1,010.

This very important short-term level converges with the 38.2% �" strangely enough �" retracement of the entire bear market grid at 1,014.

Bulls defended this level in today’s trading action, so it has now become a known reference level of potential support.

Just like 1,040, if bulls cannot hold support here at the lesser known 1,010 level, then we will look lower to target the 50% line at 943 or eventually the 61.8% line at 876 which happens to correspond with the neckline of the Head and Shoulders (failed) pattern from June.

Strange how that happens.

Corey Rosenbloom, CMT
Afraid to Trade.com

I am looking to re-enter a long model portfolio position in the UltraShort Real Estate ProShares (NYSE: SRS) into weakness, if we get any. Should such a scenario unfold, then the SRS should pull back into the 28.50/00 area in a shallow correction, or into the 27.00 area in a deep correction.

insert.a.chart.SRS

For the time being, the SRS is flirting with its upper channel line in the 29.60/90 area. If the major market equity indices cannot hold the morning's pre-market lows, then it is unlikely that I will get an opportunity to re-enter a long position into weakness -- and will have to decide if I want to chase strength for a thrust above the May-July resistance line, now at 30.50.

With the entire world seemingly enamored of cutting government deficits, several pundits are asserting that this misguided strategy will bring on an economic depression.  I tend to agree.  Government spending = somebody’s income.  When you cut spending you reduce income, throw people out of work and cut consumer demand, not exactly the outcomes that we desire. If government spending does not make up for the huge loss in wealth and consumer demand that resulted from the evaporation of real estate values, where is the money going to come from to foster demand for goods and services?  So, in this context, the market may be telling us that really bad times are ahead.

It is therefore time for me to get defensive and to begin to pull money out of my university pension mutual funds.  I will do so in stages as the trends mature. The weekly GMMA chart below shows that the longer term moving averages (red) of the QQQQ are beginning to level out.  We are not in a full fledged decline yet, but once the longer term averages  top out and curve down as they did at the end of 2007,  we will be.  Therefore, with the shorter term averages (black lines) in a decline and converging with the longer term averages (red) I believe we are more likely at the beginning, rather than at the end of a major decline.

• gmi: 0
• gmi-r: 0
• t2108: 26

June was another rough month for risky assets, although the losses were considerably deeper with U.S. stocks from a dollar-based return perspective. REITs also took a hit: for the first time since the opening months of 2009, real estate securities dropped by more than 5% for the second month running. Bonds, on the other hand, did quite well in June. With the threat of deflation taking a toll on investor sentiment, the safety of fixed-income (even at unusually low yields) attracted capital flows last month like moths to a flame. And commodities overall, as per the Dow Jones-UBS Commodity Index, managed to eke out a fraction gain.

As our table below shows, the worst of the red ink was largely contained in REITs and domestic equities. That helped keep losses in the Global Market Index to a relatively light decline of 1.2% in June.

But don't let June mask the broader trend. Stepping back and considering the first half of 2010, there are more losses, and deeper ones among the major asset classes. Commodities, for instance, are down by nearly 10% and foreign developed stocks have retreated by more than 13% in dollar terms�"the steepest decline for the major asset classes on a year-to-date basis through June’s close. The global flight into the dollar via Treasuries has helped push the greenback higher so far this year. In turn, that exacerbates any losses in foreign assets when priced in dollars.

Unsurprisingly, the proprietary benchmark for The Beta Investment Report posted middling results relative to the major asset classes during this year’s first six months. The Global Market Index has shed 4.2% this year through June 30.

What's convincing the crowd to run for cover? Deflation worries, which may show up in any number of ways in the weeks and months ahead. The leading concern is that the value of GDP will fall. In other words, renewed concern about recession is again at the top of the worry list.

The sentiment shift was evident in May, when the markets demanded a new and lower price for risk. That's another way of saying that investors demanded a higher expected return, a preference that may have legs. Midway in May, we noted that there were warning signs to consider, including the simultaneous rise of gold and the dollar. The two usually move in opposite directions, unless risk aversion is on the rise. Until the economic data offers compelling evidence to the contrary, the markets aren't likely to reconsider the bearish outlook that's prevailed for the last two months.

This morning's update on initial jobless claims certainly doesn't provide an incentive to think positively. New filings for unemployment benefits jumped 13,000 last week to a total of 472,000. As we've been arguing for some time, the trendless trend in jobless claims is a sore point in the economic recovery and one that threatens to do serious damage to sentiment the longer it rolls on. For the moment, it's rolling on, as the second chart below reminds.

Tomorrow brings word of the broad employment picture for June. Unfortunately, the outlook isn't rosy. The consensus forecast calls for a retreat of 100,000 in last month's nonfarm payrolls, according to Briefing.com.

In fact, the markets have been pricing in a fresh round of bad news for the better part of the last two months. As we opined in January, the odds looked pretty good that 2010 would be a much more challenging year compared with 2009--a contrarian view at the time. Indeed, saving the economy from collapse was relatively easy, and markets reacted according in 2009 by repricing risk higher (and expected return lower). Keeping the reflation going, however, is something else. Macroeconomics has learned much over the decades about how to sidestep a full-blown meltdown. Figuring out what needs to be done to keep the rebound going in the wake of a deep financial crisis is on much more tenuous intellectual ground.

For what it's worth, we're still not convinced that a new recession is imminent. Nonetheless, the odds of stagnation, or worse, are rising. Much depends on how the Fed reacts in the coming weeks. Yesterday we argued that the central bank needs to keep the pace of money supply rising at a healthy clip, at least for the time being. Instead, the Fed has let the annual pace of change in the money supply drop like a rock. Unless that changes, and soon, the economic outlook may continue to deteriorate further.

These articles describe the statistical probabilities of long positions on these equities, based on neural net projections, for the next 5-15 trading days. These are not holy grail methodologies, the road to easy street, or anything else. These projections are the result of screening for technically significant retracement and momentum patterns that have been further screened for value and bullish sector performance. In other words, the projections are for long positions.

For 07/01/2010:

                                     $INDU      $SPX         $COMPQ    $RUT

Monthly Momentum   Neg            Neg              Neg             Neg

Weekly Momentum     Pos            Pos               Pos              Pos

Daily Momentum        Neg (OS)   Neg (OS)     Neg (OS)     Neg (OS)

N means neutral, Neg means negative, Pos means positive (OS) means oversold and (OB) means overbought. The value to price estimate (it is not a guarantee, only a cash flow based estimate) can be defined loosely as a multiplier of price. A number higher than one means the stock is undervalued using this model and a number less than one means the stock is overvalued.

Index and ETF I-shares Bullish Reversals (Note: to look up quotes for the Dow Indexes (starting with DJ or DW, add a dollar sign. No dollar sign is required for the ETFs beginning with other letters.) Today’s list includes only those ETFs with a 50-day moving average of daily volume greater than 100,000 shares:

The stocks listed below are ranked by pattern bullish reversals based on a momentum indicator. Each stock by sector is listed with the cheapest stocks on a near-free-cash-flow value/price basis at the top, and more expensive stocks on that basis farther down each sector list (they are listed alphabetically):

Stocks that almost passed the neural net screens but just missed: None

Fears over world economic slowdown continue and as such, buyers are absent and the market is falling on its own weight. Futures are down on concerns over China growth, and the downward price cycle seems to continue. Even though transports (airlines in particular), electronic components and utilities seem to be attempting a bottom, once again, the statistics on the patterns do not merit buy signals, and for that reason, I am still on the sidelines. Nothing passed the net screens again today. We are challenging and will likely breach the May lows with symmetry targets pretty close to those I mentioned two weekends ago. I will review them once again this weekend in blog.

Here is what passed the neural net screens:

                                        Value/Price EST.       7 day ATR   %( 7 day ATR)/Close

None

Note (O): optionable*

Beta greater than 1.5, Volume greater than 1 million shares on a 50-day simple moving average.

I hate to be so repetitive, but I cannot express any better what I continue to see in this market, discussed below:

The dynamics of longer term momentum are rather bearish, with monthly momentum still negative. Daily momentum could be bottoming temporarily on the downside, but only time will tell. Weekly momentum data suggests that it might be possible for another rally to occur before any extended downside price action could occur, but the jury is still out on that prospect.

Any positions, short or long, should be limited in size to what your risk tolerance and trading capital limits allow.  Use proper money management skills to scale into and out of positions as profits occur. Low overall volume could also still be an issue as the summer ends. These are tough market conditions in which to trade. Journal mistakes you make and the conditions in which you make them and learn from them. These are times that will hone you as a better trader and investor if you do so.

One needs to stick with one’s trading strategies and not roll the dice. Manage your stops and targets well. It will help make AND save you money. We still do not know from day to day what will push this market.

Take care,

DBB

EUR/USD

The Euro found support below 1.22 against the dollar in early Europe on Wednesday, but was unable to make much headway as underlying sentiment remained weak.

The European financial sector remained an important focus, especially with refinancing operations due on Wednesday and Thursday. There was a three-month auction for funds on Wednesday and demand for funds from the ECB was lower than expected at EUR130bn compared with some fears that there could have been demand close to EUR200bn.

The lower than expected figure raised expectations that the much larger 12-month tender on Thursday would also see lower than expected demand and this helped trigger a significant Euro advance on hopes that financing conditions were better than expected.

The US ADP employment data was weaker than expected with private-sector payroll growth at 13,000 for June compared with expectations of a figure near 60,000. The figure will dampen expectations over Friday’s monthly payroll data and will reinforce fears that the economy is set for a deterioration in conditions during the second half of 2010.

Fed officials were also generally downbeat on employment prospects in comments during Wednesday and this maintained expectations of low interest rates which will curb dollar yield support.

The Euro lost ground following the ADP report as risk appetite deteriorated, but there was some recovery following the Chicago PMI report which came in close to expectations at 59.1 for June which helped soothe immediate economic fears. The Euro pushed to a high near  1.23 before retreating back to the 1.2240 area later in the US session.

Source: VantagePoint Intermarket Analysis Software

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Yen

During Asian trading on Wednesday, the Finance Ministry declined to comment directly on currency levels, but stated that moves would need to be watched closely. There will be further speculation that the Ministry will look to block further yen gains which will also tend to deter buying support to some extent.  Risk appetite was still fragile during the day which maintained some underlying defensive demand for the yen and the dollar was trapped close to the 88.50 area.

The dollar dipped lower following the ADP employment report, but selling pressure was contained and the currency consolidated close to the 88.50 area in New York trade as equity markets attempted to rally.

China’s PMI data will be watched closely on Thursday and any renewed deterioration in the data would tend to provide yen protection on renewed fears over the global economy.

Sterling

The was unable to make a renewed attack on resistance levels above 1.51 against the dollar and had a generally weaker tone during the day. There was some profit taking on short Euro/Sterling positions before the month-end which pushed the Euro back towards 0.82 and this also tended to undermine the UK currency against the dollar.

There were mixed comments from Bank of England member Posen who highlighted the risks of inflation and a renewed downturn in the economy. Uncertainty will remain a key short-term feature and the fluctuations in sentiment is also likely to lead to additional Sterling volatility.

Trends in risk appetite were important during the day and the UK currency was unsettled when confidence deteriorated. Sterling consolidated below 1.50 against the dollar later in the US session.

Source: VantagePoint Intermarket Analysis Software

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Swiss franc

The dollar was blocked close to 1.0850 against the franc on Wednesday and there was renewed downward pressure on the US currency during New York trading with a low close to 1.0750. The Euro remained under pressure against the franc as it tested fresh record lows below 1.32.

The KOF business confidence index edged higher to 2.25 in the latest month from 2.16 the previous month which will maintain underlying confidence surrounding the Swiss economy. The robust reading will also lessen pressure on the National Bank to intervene and restrain the franc which will tend to maintain a robust currency tone in the near term.

Australian dollar

The Australian dollar was able to find support below 0.85 against the US dollar in early Europe on Wednesday and recovered to a high around 0.8560 following the Euro recovery and improvement in risk appetite.

The Australian dollar was unable to sustain the gains and weakened to lows below 0.8450 in New York as equity markets hesitated and there was fresh downward pressure on commodity prices.

The currency will be vulnerable to further selling pressure if there is weak Chinese data on Thursday.

• Manufacturing growth from China to the euro-region slowed in June, suggesting the global export-led recovery is losing strength.   In China, manufacturing growth slowed more than economists forecast, and a gauge of factory output in the 16-member euro region weakened for a second month, two surveys showed.
• Today’s purchasing manager index for China indicated manufacturing expanded at the slowest pace in 16 months, excluding a Lunar New Year-affected February 2010.  The government’s Purchasing Managers’ Index declined to 52.1 from 53.9 in May.
• HSBC's China Purchasing Managers' Index fell to a 14-month low of 50.4 -- just above the 50 mark that divides expansion from contraction -- from 52.7 in May, with both output and new orders dropping outright for the first time since the depths of the global downturn in March 2009.
• In India, where the central bank has raised interest rates twice since mid-March to curb inflation, the purchasing managers’ index fell to 57.3 from 59 in May.
• “We expect data to soften from here,” said Jacques Cailloux, chief European economist at Royal Bank of Scotland Group Plc in London. “It’s going to raise some question marks about the outlook, about a double dip. It’s an environment with significant downside risks.”
• Limited demand in advanced economies has left the world reliant on emerging markets, led by China, to drive a recovery that Group of 20 leaders this week described as “uneven and fragile.” Signs of a slowdown as the Chinese government clamps down on property speculation and the effects of its stimulus package fade have unsettled investors.   Baosteel Group Corp., China’s second-biggest steelmaker, this week scaled back its growth plans, cutting its target for capacity in 2012 by 38 percent and forecasting a “bumpy, unpredictable and long” global recovery.

• The final euro-zone manufacturing purchasing managers index, a gauge of activity based on a survey of some 3,000 manufacturing firms, eased to a four-month low of 55.6 in June from 55.8 in May.   Although manufacturing production, new orders and new export orders all rose for the 11th month in a row, forward-looking indicators in the survey suggested output may have peaked in April.

• The bounceback in Britain's manufacturing industry showed signs of cooling last month as export order growth almost ground to a halt, according to latest figures.
• The Chartered Institute of Purchasing and Supply's (CIPS) activity index, where a reading over 50 indicates growth, eased to 57.5 in June from 58 in May.  Export orders - a key support to the recovery in recent months - slowed sharply as the eurozone debt crisis and a stronger pound hit sales to mainland Europe.

METALS: August gold futures closed up $1.70 at
$1,244.10 today. Prices closed near mid-range today in
quieter trading. The gold bulls still have the solid
overall near-term technical advantage. There are still no
early technical clues to suggest a market top is close at
hand. Prices are in a five-month-old uptrend on the daily
bar chart. Bulls' next upside technical objective is to
produce a close above solid chart resistance at the all-
time high of $1,266.50. Bears' next downside price
objective is closing prices below technical support at
the last "reaction low" on the daily bar chart, which is
located at last week's low of $1,225.20. First resistance
is seen at today's high of $1,248.80 and then at
$1,254.50. Support is seen at today's low of $1,235.10
and then at this week's low of $1,227.60. Wyckoff's
Market Rating: 8.0.

December silver futures closed up 7.3 cents at $18.771 an
ounce today. Prices closed nearer the session high today.
Trading has turned choppy recently. The silver bulls
still have the overall near-term technical advantage. The
next downside price objective for the bears is closing
prices below solid technical support at the last
"reaction low" on the daily chart, which is last week's
low of $18.28. Bulls' next upside price objective is
closing prices above solid technical resistance at the
June high of $19.55 an ounce. First resistance is seen at
today's high of $18.88 and then at $19.00. Next support
is seen at today's low of $18.555 and then at this week's
low of $18.495. Wyckoff's Market Rating: 7.0.

December N.Y. copper closed up 215 points at 297.40 cents
today. Prices closed nearer the session high today and
saw a short covering bounce in a bear market. Bears still
have the overall near-term technical advantage. The next
downside price objective for the bears is closing prices
below solid technical support at the June low of 277.00
cents. Bulls' next upside objective is pushing and
closing prices above solid technical resistance at this
week's high of 313.75 cents. First resistance is seen at
300.00 cents and then at 305.00 cents. First support is
seen at 295.00 cents and then at today's low of 290.00
cents. Wyckoff's Market Rating: 3.5.