But, day traders, it's only USD, right? And the USD was down too. Down "1.2 pct on the week, on a trade-weighted basis.

So if day traders took a major hit on BIDU this week, how did the rest of you do in the markets this week? Not bad, if you've been reading the Cara Week in Review for a while.

And not bad if you have been long equities in Japan, Korea, India;, or energy stocks anywhere. But therein lies my conundrum.

Traders like energy stocks because the related commodity prices are high, based partly on a stronger global economy. And a stronger economy leads to higher stock prices, right?

Not always! You see a stronger economy leads to higher interest rates. Normally, if interest rates are rising because increased capital expenditures are simultaneously rising, and bank loans (i.e., debts) are expanding, that's a good thing because the offset is real economic growth (i.e., increase in assets or wealth).

Unfortunately, the increase in capital expenditures is being made in places like China, India, and Russia, so as GDP is growing in those places by +7 to +9 pct or more, annually, the GDP in so-called advanced economies is growing from +1 to maybe +3.5 pct.

So just because the USA is growing its economy a little faster than say Japan and some countries in Europe, it is still losing. In America, debts are expanding faster than real assets.

And yes, traders care about those things.

Bill's Portfolio:

Why even my ALTR puts are now in the money (last trade $1.65, bought for $1.50), i.e., if you don't peek at the bid. But I'm not going to rehash that one. I took enough grief from a reader already.

The major point I have been making is my storyline called Chip and Dip". And this week the chips dipped. Down "2.0 pct today.

Even Intel couldn't get going, being off on the week "1.72 pct to $26.31. As you know, I sold my INTC eleven weeks ago at $27.39. The money's been in the bank, or working profitably elsewhere.

And, while I wouldn't normally select ALTR as the one in this group to short (I was trading with my heart!), last week I said: I'll hang in because I think (i) the peer group looks vulnerable, and (ii) the broad market looks to be weakening."

Let's have a look at some of the mid-cap chip stocks: Semiconductors -Midcap USA.

Nvidia (NDQ: NVDA) had a great week, which is what happens when the corporation puts out a great product. ATI, eat your heart out.

For the most part, the chips dipped, and that's all I want to say on that.

Last week I also got into the GOOG situation a bit by telling you how to measure momentum, and how to go short only when the Daily AND the Weekly data series turns negative on the RSI. Well, this week GOOG's weekly RSI went negative, but I'm still not going short.

Too many friends on Wall Street " as in Google has too many friends -- and they are all awaiting a decision by S&P as to whether GOOG gets included in the S&P 500. If it does, that should wipe out the shorts.

I prefer to keep my head on my shoulders rather than have it served to me on a platter, thanks.

Besides, one look at what the Wall Streeters did after a couple Martini lunch on Friday " sending GOOG up almost $2.5 billion in market cap in the afternoon is enough to dissuade me from getting involved.

Still, you know my views on Google, the corporation, which is decidedly negative. They even decided to cut off info flow to a network this week, and while I love the product, it hasn't changed, and neither do I think management will either.

---

Sector ETF:

Here are the ETF charts for sectors 10 (energy: XLE), 15 (basic materials: XLB), 20 (industrial: XLI), 25 (consumer discretionary: XLY), 30 (consumer staples: XLP), 35 (healthcare: IYH), 40 (financial: XLF), 45 (technology, semiconductor: SMH), 50 (telecom: IYZ) and 55 (utilities: XLU).

Here is the weekly performance of all these Sector Index Funds in the same type of table I provide for the Dow 30. The table shows the list sorted by performance Week over Week (W/W), i.e. 1W%N, but also shows the Friday net change and pct change from Thursday.

On Friday, not a single one was positive. But, for the week, six were up and four were down.

This week XLE (up +3.68 pct) was up to 50.17, after rising the week earlier by +1.66 pct W/W. In fact a week ago, XLE was the only winner of this list of ten.

You can do this table yourself by inserting the following string into the window called "Summaries" at www.investertech.com, and then clicking on "Performance". After the table comes up, you can click on various table headings for different time frames:

XLE XLB XLI XLY XLP IYH XLF SMH IYZ XLU

Sector 10 (energy: XLE, IYE, VDE, OIH, PBW and IXC)

Here's the XLE Daily and 30-Minute data charts:

XLE Daily data:

XLE 30-Minute data:

Last week I wrote:

---

Business owners and managers see high oil and gas prices and a falling domestic currency as being drivers of inflation. There has been hope on their part that energy prices would start to reverse trend after reaching all-time highs in July. But, this week, crude oil has set an even higher all-time high price. In addition, the USD was down sharply for the second straight week, and interest rates were higher. This is a perfect storm scenario rather than a story about Goldilocks. Anyway, back to energy prices. Crude Oil for September delivery traded up to $62.31 a barrel, up +2.87 pct W/W. Crude Oil for October delivery closed Friday at $63.28, so traders are betting oil goes higher next week."

---

This week, XLE closed up +3.68 pct W/W to 50.17, after being up a week ago by +1.66 pct.

So, when I say that I continue to see that XLE's Mo" is slowing, even though the price is trending higher," then you know I'm imagining things. XLE has its mo-jo working.

XLE has made a remarkable run since mid-May when it was 38. It is now above 50.

Do you recall the day I called the cycle bottom, giving you the news the night before? I was so brash, I even made it a headline!

Should it be sold? Traders like to hang in with their winners, so I'll not recommend selling, but if you are an Intra-Day Trader or an Intra-Week Trader, you might keep the sell button handy. Longer-term traders ought to continue holding onto positions until the technical indicators turn south on the Weekly and Monthly data, or Crude Oil declines into the mid-fifties.

---

Sector 15 (basic materials: IYM, XLB, IGE and VAW)

Here's the XLB Daily and 30-Minute data charts:

XLB Hourly data:

XLB Daily data:

A very weak USD and higher commodity prices this week served to push XLB up +1.05 pct W/W to 28.89.

The three sectors most helped by rising commodity prices and a lower USD are XLB, XLE and XLI, which are the first three in my weekly review group of ten sectors. And again this week, for the second straight week, XLB and XLE were the two best performing sector funds on the week.

---

Sector 20 (industrial: IYJ, XLI, VIS, and IYT)

Here's the XLI Daily and 30-Minute data charts:

XLI Daily data:

XLI 30-Minute data:

The Industrials ETF (XLI) was another big winner " fourth best out of ten, closely behind the XLY. XLI was up +0.83 pct W/W to 30.27.

Like XLB, the XLI experienced some hugely erratic trading on Wed, Thurs and Friday of this week. Traders were getting nervous that maybe the USD might strengthen, which would pull down at these particular ETF's. Of course, even a Long March rocket fired in reverse from the Xichang Satellite Launch Center couldn't stop XLE these days.

Like XLB, the long-term cycle for XLI appears ready to point down.

---

Sector 25 (consumer discretionary: XLY, IYC and VCR)

Here's the XLY Daily and 30-Minute data charts:

XLY Daily data:

XLY 30-Minute data:

Consumer Discretionary Spending stocks (XLY) were up +1.00 pct W/W to 34.45. Don't ask me why. I still say Americans are getting stung by high energy costs, and really don't have the money to spend unless they can somehow borrow it.

---

Sector 30 (consumer staples: XLP, VDC, RTH and IYK)

Here's the XLP Daily and 30-Minute data charts:

XLP Daily data:

XLP 30-Minute data:

The Consumer Staples (XLP), was down another week, -0.26 pct W/W to 23.08. It's now below the M40.

---

Sector 35 (healthcare: IYH, XLV, VHT, IXJ, and IBB)

Here's the IYH Daily and 30-Minute data charts:

IYH Daily data:

IYH 30-Minute data:

IYH was up +0.59 pct to 62.82. Just like the other consumer sector ETF's, XLY and XLP, the IYH closed the week up strongly in the afternoon on Friday. But, I'd be surprised if the cycle topping process does not unfold through August."

A week earlier, IYH was down "0.65 pct W/W, so this week's gain didn't move it ahead.

---

Sector 40 (financial: IYG, IYF, XLF, VFH, IXG, VNQ, RWR, IYR, and ICF)

Here's the XLF Daily and 30-Minute data charts:

XLF Daily data:

XLF 30-Minute data:

Friday afternoon was also good for the financials, but the XLF still closed down on the day "0.27 pct. It closed the week up +0.24 pct to 29.71, but was also down the prior Friday "1.13 pct. So, XLF still looks weak to me.

I told you a couple weeks ago that I was changing my focus to the interest-rate sensitive segment of the capital markets because that is the current scare, not that crude oil at all-time highs aren't hurting us. It's just that interest rates are headed on a trajectory that will soon intersect with the tipping point for the inflated real estate market. And when the wealth effect caused by rising home prices, and the available mortgage refinance money, is history, then traders can wave goodbye to the Bulls.

---

Sector 45 (technology: IGM, IGV, IGW, XLK, VGT, IYW, IGN, IXN, MTK and SMH)

Here's the SMH Daily and 30-Minute data charts:

SMH Daily data:

SMH 30-Minute data:

This week the chip stocks took another big dip, down "1.60 pct W/W to 36.31. A week earlier, SMH was down "1.23 pct. The past two Friday's have average losses of "1.3 pct each day. Seems traders don't want to hold the techs over the weekend.

Here's a look at the leading chip stocks. They bear watching, if you're long.

It was back in May when I sold INTC at 27.39 Well look at INTC now. Intel has dropped to 26.31.

I suppose if Dell is having a perceived problem moving pc's, then I can have a perceived problem in Intel chips not flying off the shelves.

---

Sector 50 (telecom: IYZ, VOX and IXP)

Here's the IYZ Daily and 30-Minute data charts:

IYZ Daily data:

IYZ 30-Minute data:

Two weeks ago, new legislation in the U.S. changed the landscape for the Telco Services sector (IYZ), which immediately rocketed up +2.63 pct that week. But, where was I?

Well, I wrote: I think the mid-week action has been over-done. This is a sector index that I believe is topping. I would not chase stocks here, and I still believe that the best values in this sector are found offshore."

A week ago, IYZ was down "0.54 pct. This week it was down "0.08 pct, which is not much, but interestingly its trading has become very erratic.

The Weekly data chart shows a series of higher lows and higher highs, which is a bull movement, but the present weakness could possibly start a trend in reverse. It's too close to call.

Last week I wrote: Traders don't want to be short this sector. And long-term oriented traders really are enjoying the price action, amid all the negativism from people like me. Any pullback in this Telecom sector is not likely to be a major one."

And I told you that Utilities are clearly a different story!

---

Sector 55 (utilities: IDU, XLU, and VPU)

Here's the XLU Daily and 30-Minute data charts:

XLU Daily data:

XLU 30-Minute data:

This week, XLU was down "0.53 pct, after being down a week earlier by -1.12 pct. The price is now 31.74, which continues to get closer to its M40.

Oil was very strong again this week, and while XLE was up +3.68 pct, interestingly XLU was down, which next to the semiconductors (tech sector) was the worst. So, I'll continue to hold the view that the key to the Utilities stocks is clearly changing from Crude Oil prices to Interest Rates.

Here is the full list of ETF's ranked in order of their price performance (first to worst) this past week:

Here are the bottom 12 ETF's in terms of their price performance this week:

For those who are starting to follow these ETF's more intently, whether as a trading vehicle or as another indicator of U.S. equity market direction, here is the list of my top ten ranked for two-week performance:

---

Bonds:

Interest rates and bond yields, which had been in a constant rising state, took a bit of breather this week. Some call it consolidation.

The bond market performed relatively well this week.

Actually I think what happened is that capital was being re-allocated from equities this week to bonds. It was reported that the retail market was coming into the 10-year auction this Thursday with sufficient appetite to cause yields to drop a couple basis points.

I don't see that as a positive for equity prices, but rather a negative as it indicates to me that Mom & Pop is starting to take steps to protect their portfolios. If they keep their money in these 10-year bonds until maturity that savings would pull money out of the financial system, which I suppose Greenspan would like to see.

Greenspan's Fed continues to put on the pressure. The Fed Rate is now 3.50 pct, probably on the way to 4.50 pct before this policy strategy is fully implemented early in 2006. That move ought to be pushing average maturities out further. We'll have to see.

Weekly data charts:

Daily data charts:

Hourly data charts:

I have been writing that At some point " which is called the tipping point " higher interest rates, which are presently knocking down bond prices, will begin to impact stock prices. " I continue to think that a 10-year U.S. Treasury Note yielding above 4.60 pct (and trending higher) might be that point.

From the U.S. Fixed Income (Bonds) Yield Table at Yahoo Finance, the 10-year T-Bond is still yielding 4.38 pct. At the same time, the 3-month T-Bill yield is up +1 bp to 3.35, and the 30-year T-Bond yield stayed at 4.57 pct.

The yield spread once again ended the week without much of a change, declining 1 basis point across the maturities, which was explained by the tiny 1 bp increase in the T-Bill yield.

If the spread stays as flat, or flattens even more, and the yields are simultaneously moving higher, that is bad for equities. That is a condition known as stagflation.

For me to believe that the U.S. economy is headed back to good health, the yield spread must widen. But the only way that is possible would be for short rates to collapse, which is not going to happen under Greenspan.

And if the long rates rise, the mid rates will follow, causing " at some point " a melt down in the real estate market. That seems to be what's in store for Americans, and I don't see a way out. Some say oil prices could come off significantly, but if they do, that will mean the U.S. economy is quickly losing its strength, which again is bad for U.S. equities.

I think the U.S. equity market is showing signs of moving higher simply because many of the international markets have demonstrated bullish break-outs. I tend to discount that in favor of taking my cue " at least for now -- from the U.S. bond market.

Two weeks ago, I started to monitor the crucial interest-rate sensitive securities, and will continue to do that.

US Bond Funds -- Monthly Data Charts

US Bond Funds -- Weekly Data Charts

US Bond Funds -- Daily Data Charts

US Bond Funds -- Hourly Data Charts

As you can see above, the bond market started to take on a stronger look starting late Tuesday this week. That coincides with the FOMC report, and the raising of the Fed rate to 3.50 pct.

It also follows the successful auctions of the 5-year U.S. Treasury Notes on Wed afternoon, and the 10-year T-Notes on Thurs afternoon.

We'll have to see if the bond market continues to look perky next week. I felt some softness on Friday that might continue into next week.

On the consumer finance side, Fannie Mae took a mid-week beating, and the others look soft.

Consumer Finance -USA -- Weekly Data Charts

Consumer Finance -USA -- Daily Data Charts

---

Commodities:

When I called the oil market at a bottom in a headline article on May 17, little did I know or even ponder the possibility of crude oil contracts heading straight up to $67.37 from $48.05.

Anyway, that's a +40.2 pct increase in three months, which is simply unsustainable. I think by the end of next week, I'll be writing that the boom in energy prices is over for this intermediate-term cycle at least. The issue in my mind today is, will crude oil contracts hit 62 before they hit 70, and I think the answer is yes.

But everybody is talking about this week's boom in crude oil prices. Actually, you may recall that last week I said: As I noted earlier, Oct-05 contracts for Crude Oil are significantly higher than for Sept-05, so traders are betting a strong week ahead for oil."

This week the price of both major commodities, crude oil and gold, were up strongly.

The $CRB commodity index was up +2.0 pct to 322.96, which follows the prior two-week mover that exceeded 4.1 pct. That's a powerful move, and is consistent with rising interest rates, lower bonds, and lower USD.

The M40 for $CRB is now up to 298.74, and rising. The problem is that M40 won't hit 300 because I think next week $CRB will pull back and consolidate. The strength this week in bonds led me to that belief. Also, the Oct-05 Crude Oil contracts (U.S. Light Sweet Crude on the NYMEX) are now priced a few cents below the Sept-05 contracts.

It pays to look at these things, and put two and two together.

So, I see bonds holding at about these levels, and the spread between the Sept-05 and Oct-05 contracts widening on the downside) which ought to be enough early next week to scare the day traders who are long energy and precious metals.

They'll be back in a couple weeks, because they know that inflation is headed to America as the USD weakens, the U.S. Congress returns next week to spend more taxpayer dollars, and trade deficits will grow wider in future months, if not in the next month or two.

As I say, inflation is not yet a problem in the U.S., but the trend is positive. If the economy were to heat up later in the year or next, there would be even higher energy prices (based on greater demand), plus higher interest rates, and higher commodity prices.

---

Gold:

I think Gold spot is likely to move up a bit from here, based on the fact that forward contracts were stronger, and the USD forwards are indicating further weakness against the Euro (and the Cdn Dollar), as seen in this currency chart from BMO:

But I'm getting a little nervous for the goldminer stocks here. I think they might be in for a rest for a couple weeks, before continuing their move to much higher levels.

Gold has just broken out of its consolidating trading pattern, but before it moves higher I expect it to test the support levels at 444. So I don't think it will close next week above the prior intermediate-term cycle of 447.05 on the continuous contracts (see stockcharts.com).

This interactive chart shows the recent trading for the Gold Bullion index.

The Sept-05 contracts for the bullion are trading 446.80 (438.40 a week ago), and Oct-05 at 449.20 (440.50 a week ago). The forward spread has widened to the upside, so traders are projecting higher prices ahead. I'm just not as positive, that's all. Give it a couple weeks, and I'll be very positive.

The $XAU (Philly gold stocks index) closed this week at 99.96, up +5.37 pct. A week ago this gold stocks index was up +4.53 pct. Time for a breather. The M40 (94.26) may be tested next week.

The Toronto Exchange-listed goldminer iUnits S&P/TSX Capped Gold Index ETF, which trades under the ticker symbol TSE:XGD was likewise up, +3.61 pct W/W, after being up the prior week, +5.99 pct. The index now sits at 52.80, with the M40 at 49.86.

I think the M40 will be tested next week, which will likely upset the short-term gold stock players. Longer-term there is little to worry about.

Here is the Weekly data chart for the TSX Goldshares index.

Here is the Daily data chart for the TSX Goldshares index.

Here too are the interactive charts of the leading goldminers on the board. This week we'll still look at the Hourly data charts. I hope the conservative longer-term trader is not going to be shaken out of any near-term pull back.

List #1

List #2

List #3

Also, here, yet again, is a website that is well organized for gold and gold stock research purposes: www.goldsheetlinks.com

---

Forex:

The U.S. Dollar weakened yet again this week. The USD closed at 86.97, down "1.20 pct W/W, from 88.03 last week.

The M40 is now 84.95, which I think will be taken out, eventually. Just not for a while.

The $XEU again closed up +0.85 pct W/W to 124.42, after being up +1.74 pct a week earlier. While the longer-term trend is now in place (USD down and Euro up), I suspect next week will consolidate, i.e., sidetrack.

A month ago, I wrote: Charts of the $XEU are looking like a bottoming pattern has completed, which would be a godsend to goldbugs. ;(then three weeks ago)..The debt issues facing Americans are not going away. Now that the USD is headed south, it could be time for precious metals to take on a little glister." Well, $XEU is up +4.2 pct in five weeks, and the gold stocks are up about +10 pct!

$XEU is still a long way from the 1.32 I'd like to see, but it is headed in the right direction.

---

International Equities:

The Canadian market was flying again this week, up +3.16 pct W/W, and you know what? EWC was barely ahead of the performance of EWU (U.K.), and well behind EWJ (Japan). It was some kind of week if you happen to be long foreign equities.

A week ago I reported: For another week, the Canadian equity market was hot, as expected, and the U.K. market was really strong this week as well. With Canada, it's been a matter of the oils and the financials, which have been so very strong, and for now staying that way. For the Brits, I guess it was the lowering of the bank rate by the Bank of England, trying to kickstart a stagnant economy."

Oh just let's see Greenspan try that one. We'll see $600 gold overnight!

Japanese equity market ETF: EWJ

Japan (EWJ) was up +7.67 pct W/W to 10.95. This move is a breakout of the two-month sideways trading range for EWJ, and is consistent with the stronger Yen, and the anticipated rise in GDP growth figures.

During the week, I called a change in my outlook for Japan. I hope you missed it because the Friday report on Japan's GDP is a real bummer. Anyway, here was my article: EWJ alert, Thurs., August 11, 2005, 5:44 AM

You see, when I suspect something big in the works, I'll work overnight for you guys! And now I have to spend the weekend making apologies.

Japan is going nowhere.

The truth is that the Nikkei 225 didn't do a thing on Friday as the 2Q05 economic report on the GDP showed a soft quarter, up at an annual rate of just +1.1 pct, which was well down from the anticipated +2.0 pct. So, with the awful GDP data, the rally in the Nikkei Dow was stopped in its tracks.

Next week, I expect to see a sell-off in the EWJ.

Daily Data for EWJ:

U.K. equity market ETF: EWU

The U.K. market (EWU) was also up strongly +2.86 pct W/W, after being up +3.7 pct over the prior two weeks. EWU now stands at 19.04.

In addition to a lowering of rates, controlling the terror there has pumped some enthusiasm into the market. Now the U.K. government has banned people they consider religious fanatics from entering the country.

Still, with the anticipated action in Japan, Canada, and the U.S., I remain mildly negative on EWU.

A week ago I wrote: Like EWJ, the technical indicators for EWU are not strong for the Extra-Year Trader. There is plenty of time ahead to accumulate stocks at better prices, as I see it." Same story, in spite of the nice rally over the past several weeks.

Daily Data for EWU:

Canadian equity market ETF: EWC

The EWC had another excellent week, up +3.16 pct W/W to 20.23. That's an unbelievable move after being up over +4.5 pct the prior three weeks.

I use the word unbelievable" not because it's not a fact, but simply because it won't be a fact for much longer. As you read earlier, I see a pull back coming in the oils and golds, and some of the other commodity prices that benefit Canada.

I also see a trade war with the U.S. over the softwood lumber dispute that Canada won once again in international court, but that the U.S. once again refuses to accept, or pay back the unfairly collected duties. Regrettably, this puts Canada into the position of having to retaliate, and then the U.S. will follow up with another case of an eye for an eye".

And now that the U.S. Congress is returning after the summer break, you can bet that some idiot politicians are going to try to make mountains out of molehills, and the tense business partnership between the world's two strongest allies will just go downhill from there.

The Canadian economy, fiscal budget, stock market, and Loonie, are in relatively good shape. Perhaps that's what the U.S. politicians are irked about.

While this bothers many Canadians who would like to see an even bigger health and social welfare budget, it is a fact that Canada has had budget surpluses for eight straight years. Moreover, the Minister of Finance, in giving this year's budget, opined that the country would have budget surpluses for at least the next five straight years.

As I say, the Bank of Canada has a lot of leeway to move bank rates higher and faster than the U.S. Fed does, and that Alan Greenspan must be envious. But at least the head of the Bank of Canada has a fiscally prudent government to work with.

In any event, the word Trade War" was plastered across the page one headline in Canada's National/Financial Post this week, and that's a word traders anywhere do not want to hear " unless of course they're short equities.

Moreover a stronger Canadian Dollar is hurting exports and tourism, and interest rates are rising in Canada too, which is threatening to curtail a very robust real estate market.

Daily Data for EWC:

For an interactive look, here are the hourly data charts of the various international equity markets as represented by the U.S.-listed and dollar-denominated ETFs:

(Japan, Taiwan, Hong Kong, Singapore)
(U.K., Germany, France, Italy)
(Canada, Mexico, Brazil, Australia).

---

U.S. Equities:

The following charts for the Weekly and Daily data series of the broad U.S. equity market indexes indicate that RSI and Stochastic data values (both are similar calculations by the way) are at very high levels, which typifies the topping out of an intermediate-term bull market cycle. I've said that before.

It might get worse, and proceed to a full long-term bear market, but traders will have to look to the power of the key market drivers (i.e., commodity prices, interest rates and consumer buying decisions) to make that call.

This week, oil prices (costs to consumers) were way up, consumer spending down, the USD way down, and interest rates continuing to rise. So, do you get the picture?

At least admit that the broad U.S. equities are not moving higher. Armageddon on Wall Street gets a little closer month by month, so protect yourself.

Here is the Weekly data chart of the Dow, Nasdaq Composite, S&P 500, and Russell 2000 (small cap) indexes.

Here is the Daily data chart of the Dow, Nasdaq Composite, S&P 500, and Russell 2000 (small cap) indexes.

For the week, the $DJX (Dow 30) was up just +0.40 pct W/W to 10,600.31, after being down a week ago "0.78 pct. The Nasdaq Composite down "0.96 pct to 2156.90, after being down the prior week by "0.32 pct.

$SPY was up just +0.32 pct W/W to 1230.39 after being down the week earlier by "0.63 pct. The $RUT small caps were down this week "0.42 pct W/W to 660.00, after being down "2.50 pct a week earlier.

Are you getting a message here?

The U.S. equity market is dead in the water, while Japan, Canada, the U.K, etc, has been flying. And I didn't bother showing Korea, Australia, and so on. The reasons are obvious " at least to me.

So why bother buying U.S. equities or bonds or real estate today when tomorrow there will be many bargains to choose from?

The following table shows the weekly price performance of the Dow 30 stocks, which I sorted by 1-week price change.

You can do this table yourself by entering the following string into your browser and then clicking on the link for Performance.

AA AIG AXP BA C CAT DD DIS GE GM HD HON HPQ IBM INTC JNJ JPM KO MCD MMM MO MRK MSFT PFE PG SBC UTX VZ WMT XOM

After you bring up the list, click on the Performance tab. To sort for the relative price performance for any recent period, you just need to click on the column header of the period that interests you.

Four weeks ago, there were 26 Dow components up and just four down, which was outstanding. Then a week later, it was: 11 up and 19 down. A week after that, it was: 13 up, 16 down, and one flat, and last week, 11 up and 19 down.

This week, in the Dow 30, it was 13 up and 17 down. Weakness persists.

The five biggest winners this week: AA, up +7.14 pct; MCD, up +6.23 pct; XOM, up +5.10 pct; UTX, up +4.28 pct; and AIG, up +2.43 pct.

Except for XOM, that's not what I call firepower.

I hate to say it, but there were a lot of stories around this week to push these stocks. How about the one where UTX is selling more elevators, or the "rumor" McDonald's is sitting on valuable land? Hmmmm.

For the five Dow losers this week, DD led the pack, down "3.18 pct. Then JPM, down "2.67 pct, HPQ, down "2.63 pct, MSFT, down "2.56 pct and GM down "1.82 pct.

GM, a week ago, was down "4.43 pct. I guess traders have figured out that no tickee, no laundry" means consumers only buy cars when the Big Three are giving them away.

And MSFT can only be hyped as a young colt so much, when we all know it's been out to pasture for a few years now. I don't care for the products, but actually the financials look good. In any event, I think you can buy MSFT about 10 pct lower sometime later this year.

DD I guess can't sell chemicals with any pricing power to cover the additional cost burdens caused by their raw materials purchases. Maybe that'll happen when the economy really takes off. That is maybe when the real economy takes off, and not just the one that Wall Street tells you about.

A week ago, UTX was down -2.62 pct, W/W. But this week " surprise, surprise " the company can sell elevators, even if they have trouble selling air conditioners. Who writes this stuff for Wall Street anyway? Hill & Knowlton?

Here are the Dow charts from Investertech.com that I broke into groups of ten, which you can add technical indicators for as well. (list one) (list two) (list three)

(AA) (AA) (Here is the Jul. 22 Value Line report on AA: next one is due Oct. 21)

(AIG) (AIG) (Here is the May 27 Value Line report on AIG: next one is due Aug. 26)

(AXP) (AXP) (Here is the May 27 Value Line report on AXP: next one is due Aug. 26)

(BA) (BA) (Here is the Jun. 24 Value Line report on BA: next one is due Sep. 23)

(C) (C) (Here is the May 27 Value Line report on C: next one is due Aug. 26)

(CAT) (CAT) (Here is the Jul. 29 Value Line report on CAT: next one is due Oct. 28)

(DD) (DD) (Here is the Jul. 22 Value Line report on DD: next one is due Oct. 21)

(DIS) (DIS) (Here is the May 20 Value Line report on DIS: next one is due Aug. 19)

(GE) (GE) (Here is the July 15 Value Line report on GE: next one is due Oct 14)

(GM) (GM) Here is the Jun. 3 Value Line report on GM: next one is due Sep. 3)

(HD) (HD) (Here is the July 8 Value Line report on HD: next one is due Oct 7)

(HON) (HON) (Here is the Jul. 29 Value Line report on HON: next one is due Oct. 28)

(HPQ) (HPQ) (Here is the July 15 Value Line report on HPQ: next one is due Oct 14)

(IBM) (IBM) (Here is the July 15 Value Line report on IBM: next one is due Oct 14)

(INTC) (INTC) (Here is the July 15 Value Line report on INTC: next one is due Oct 14)

(JNJ) (JNJ) Here is the Jun. 3 Value Line report on JNJ: next one is due Sep. 3)

(JPM) (JPM) (Here is the May 27 Value Line report on JPM: next one is due Aug. 26)

(KO) (KO) (Here is the Aug. 5 Value Line report on KO: next one is due Nov. 4)

(MCD) (MCD) (Here is the Jun 10 Value Line report on MCD: next one is due Sep. 10)

(MMM) (MMM) (Here is the May 20 Value Line report on MMM: next one is due Aug 19)

(MO) (MO) (Here is the Aug. 5 Value Line report on MO: next one is due Nov. 4)

(MRK) (MRK) (Here is the Jul. 22 Value Line report on MRK: next one is due Oct. 21)

(MSFT) (MSFT) (Here is the May 27 Value Line report on MSFT: next one is due Aug. 26)

(PFE) (PFE) (Here is the Jul. 22 Value Line report on PFE: next one is due Oct. 21)

(PG) (PG) (Here is the July 8 Value Line report on PG: next one is due Oct 7)

(SBC) (SBC) (Here is the July 1 Value Line report on SBC: next one is due Sept 30)

(UTX) (UTX) (Here is the Jul. 29 Value Line report on UTX: next one is due Oct. 28)

(VZ) (VZ) (Here is the July 1 Value Line report on VZ: next one is due Sept 30)

(WMT) (WMT) (Here is the Aug 12 Value Line report on WMT: next one is due Nov. 11)

(XOM) (XOM) (Here is the Jun. 17 Value Line report on XOM: next one is due Sep. 16)

The only new Value Line Dow 30 report this week was WMT. The analyst (David Cohen) tells you that Wal-Mart's future lies in China. I think most traders agree.

Happy reading.

To new readers of this blog, I urge you to print out and file a hard copy of Value Line on each of these Dow 30 components. Value Line does an excellent job of analyzing and reporting on these important companies. I keep this list in hard copy, and I review the pages every few days.

---

This week was a stabilizing one for me. I am finding more hours for trading and blogging. The universe is unfolding as it should.

BCara@BillCara.com