:: Friday, July 25, 2003 ::

7/25/2003 05:00:41 PM
ADMINISTRATIVE UPDATE... tHIS ADDRESS WILL CHANGE AS OF 7/28 UPDATE. DO NOT BOOKMARK. PLEASE LOG IN THROUGH THE STANDARD PITBULL SERVICE MENU
:: Henry Ford ::

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7/25/2003 04:08:35 PM
UPDATE... The last two hours of the day saw a 100 point sprint on the DOW to close just below yesterday's high and up 172 points on the day. This puts us back into territory for a breakout attempt on Monday...
:: Henry Ford ::

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7/25/2003 03:08:02 PM
UPDATE... Back to challenge the top of the weekly trading range as we go into the last hour.....still no broad commitment and volume is low.
:: Henry Ford ::

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7/25/2003 02:09:02 PM
UPDATE... We are still within the range and running very low on volume, so there is neither commitment nor much interest so far today.
:: Henry Ford ::

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7/25/2003 12:09:56 PM
UPDATE... Trading continues to be rangebound as neither are willing to sell and shorts are willing to sell....volume remains nominal.
:: Henry Ford ::

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7/25/2003 11:01:29 AM
UPDATE...9100 is providing some support as buyers came in to prop up the market. With a selloff on relatively good news I doubt that this will be but a brief respite on the way down.
:: Henry Ford ::

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7/25/2003 10:39:26 AM
UPDATE... Very choppy markets this morning. The first hour opening range for the SP500 came in at 979.10 to 986.50 and the pivot came in below the range at 979 as we continue the selloff which started about 10AM
:: Henry Ford ::

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7/25/2003 10:09:02 AM
UPDATE... Still trading inside the wide ranges we have now established between 975 and 990 on the SP and 9000 to 9275 for the DOW.
:: Henry Ford ::

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7/25/2003 10:03:50 AM
UPDATE... New Homes numbers gave a boost to the markets temporarily, but I am not seeing the lift expected with two good releases this morning.
:: Henry Ford ::

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7/25/2003 09:45:01 AM
MARKET MAPPER UPDATE...

:: Henry Ford ::

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7/25/2003 09:07:32 AM
GOOD MORNING...The futures indications slip off their highest levels, which were reached following the better-than-expected Durable Orders report (at 2.1% versus the consensus of 1.2%). As such, the cash market is now set for a flat to slightly higher open. The European bourses maintain their negative sentiment and are trading with moderate losses, ranging 0.4-1.0% for the DAX, CAC, and FTSE.


:: Henry Ford ::

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7/25/2003 09:00:44 AM
THURSDAY EVENING UPDATE...
Today was one of those make or break days, and unfortunately we broke.

Early on we had everything going for us as we saw a big jump in premarket price as we got reports of the lowest number of unemployment claims in 22 weeks, a flurry of good earnings announcements and a surge in overseas overnight markets.

A gap open broke above the potential reverse head and shoulders (bullish pattern) we identified last night.
Unfortunately, we could not hold those gains and in the last hours drifted lower to drop back into the channel we have been traversing for the last week.

This sets a negative bias for the markets and the main problem is that traders are afraid we are running out of good news. with over half the sp500 reporting, Sadaams kids liquidated, positive earnings, record unemployment claims, we still couldn't keep the markets bouyed....where is it we are going to get something to turn on the momentum players and the institutions????

The sell-off at the end of the day puts the indices right at the lower limits of the wide trading range that we've been watching.

At this point with a negative bias in place it is highly likely that we will see a break and that the double top formation on the Indices WAS the right call and tomorrow will see a sharp selloff.

Watch 9050 on the DOW as an early clue as to whether this hypothesis is correct and a break through 9000 will confirm it.


The VIX for the first time in months dipped below the lower Bollinger Band and then reversed to close above. Remember, this is an inverse indicator and when it rises it is NEGATIVE for the markets. It has been at extremely low levels for 3 months indicating complacency in the markets and now looks poised to begin to behave normally.


Tomorrow could be just as pivotal day as today started out to be....so watch carefully. Remember, unless you are a very short term player, we are looking for a strong pullback to fill out our long positions to correctly set us up for an excellent end of the year rally. We will be adding to accumulated positions as we drop and taking new positions in those of our top stock list we haven't yet purchased.

:: Henry Ford ::

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