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ShepWave Update Published. What you won't hear on TV. Outside Down Month for Dow and S&P 500. Bullish or Bearish??
by ShepWave.com
Posted: 7/31/2007 21:13 EST

Still watching TV for your trading/investing advice?

The Dow Industrials and S&P 500 indexes both ended the month of July in an 'outside down' month pattern as expected. Today's mid day reversal saw to that. Our short term target for the DOW INDUSTRIALS INDEX of 13, 511 was slighted only by a few points. BUT, our short term upside target for the QQQQ of $48.99 was hit dead on. The more critical next lower target of $47.40 for the QQQQ was missed by 3 cents. So now what? Tonight's Update shows some potential EWT counts and possible trades and targets. Over 20% PROFIT in one day in our ORCL OPTIONS Position entered Monday.

Is the question "when will the DOW revisit 14,000?" or "

when will the DOW break below 12,000?"

The outside down month in July could be an indication that 12,000 (or lower) is now a target. Remember the markets don't move straight down or straight up. ShepWave identifies potential BUYING opportunities and SELLING opportunities in any market.

go to http://www.shepwave.com/ for tonight's ShepWave Update.

This note added Saturday, August 4, 2007

Most of my subscribers know that I don't watch CNBC. With the sound up anyway and rarely at that.

A subscriber just emailed me a link to the Cramer show from Friday Afternoon. I have noticed that CNBC in one minute says to not worry, this is just a brief correction.. then they are starting to panic wanting the FED to step in and help. If they are getting this desperate after just a few percentage points of sell off from the All Time Highs in the Dow and S&P I hate to imagine what their attitude will be later.

Below is the link to watch the Cramer show. Entertaining to say the least.

Cramer: Bernanke, Wake Up
Mad Money host Jim Cramer makes a passionate plea to Federal Reserve Chairman Ben Bernanke to consider cutting interest rates and, in turn, help the market and the people who are losing their jobs on Wall Street.

http://www.cnbc.com/id/15840232?video=452808336

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Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA.

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