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Battling the Cold War



Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same, or one day we will spend our sunset years telling our children and our children's children what it was once like in the United States where men were free.

(Ronald Reagan)

The following charts are not provided as recommendations or in any way as advice.

10 Year Treasury Note (TNX)
- The single best tell for the equity market has been the action in the bond market. Keep an eye on the 10 year note as we test the May highs here. And if you're not reading the excellent analysis of Prof. Reynolds you need to, as it's insight you simply can't find anywhere else.

General Electric (GE:NYSE) - Recently, we've highlighted Citigroup (C:NYSE) as a key market barometer - but keep an eye on GE as well, as its diverse business provides clues to the demand picture. I noted the shorter-term technical action in GE as it broke the Jan - May downtrend / crossing 200 & 50 dma's / near-term support at 31. Taking a longer-term perspective, keep an eye on highlighted downtrend which it's edging thru.

American International Group (AIG:NYSE) - It may be premature to call a head and shoulder pattern, but it helps to illustrate the formation. Volume flows spiked on the left side shoulder and head - we'll have to watch how volume flows unfold as a tell on how it plays out.

JB Hunt (JBHT:NASD) - we noted the breakout in the transports (TRAN) today as well as their failure to confirm the downside as a Dow theory market tell. JB Hunt has been setting the pace - it's up nearly 20% from the May lows and breaking to new highs on volume.

Hewlett Packard (HPQ:NYSE) has an analyst meeting tomorrow and was the subject of a Merrill note this morning advocating a break up into two separate business units. It's edging thru the downtrend with next resistance at the 200 dma (21.91) / 22.

Marriot International (MAR:NYSE) - breakout on volume

American Express
(AXP:NYSE) - testing the downtrend as well

Furniture Brands (FBN:NYSE) - breakdown on volume

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position in ge

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