After being in negative territory following the FOMC decision, the Dow (+137.54), S&P (+18.36), and Nasdaq (+42.41) closed strongly. There were a few reasons why the market should have tanked, including the oil price, which jumped over $94/bbl, some negative economic data and earnings reports, and guidance from the Fed that likely this second rate cut would be the last this year. But many banks cut their prime rate, and there were some good earnings reports, at least superficially.

On the earnings front, MasterCard (MA) 3Q net income jumped +63 pct to $314.5 million vs $193 million a year earlier. Deutsche Bank (DB) 3Q net profit rose +31 pct to EUR1.62 billion vs EUR1.24 billion a year earlier, as tax and capital gains were taken in order to outweigh the bank’s sub-prime write-downs. Kraft Food (KFT) 3Q net income fell -20 pct to $596 million, from $748 million a year earlier, mostly due to higher dairy costs.

On the deals front, Penn West Energy Trust (PWE) agreed to acquire Canetic Resources Trust (CNE) for ~$3.8 billion in stock. After Garmin offered EUR2.38 billion for Tele Atlas, the GRMN tanked -10.9 pct.

Crude Oil closed the day +$4.15 higher at $94.15/bbl after the US Dept of Energy data surprised for a second week. For last week, Crude Oil inventory fell by -3.9 million barrels to 312.7 million barrels, gasoline inventory unexpectedly rose +1.3 million barrels to 195.1 million barrels, and distillates inventory (heating oil and diesel fuel) rose 800,000 barrels to 135.3 million barrels. Refinery use fell -0.9 pct to 86.2 pct of capacity.

US Treasury yields surged up on the strong +3.9 pct 3Q GDP report plus an indication from the Fed they would stop easing for the foreseeable future. Those developments strengthened the USD against the Yen, but the USD still dropped vs the Euro, which boosted precious metals.

Basic Materials (XLB +2.51 pct), led by the metals and precious metals, and Energy (XLE +2.49 pct) were the top performers on the day. The Consumers (Staples XLP +0.50 pct and Discretionary XLY +0.57 pct) were the laggards. That always happens when the Fed cuts rates.

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International Economics Review

Yesterday, in addition to the Fed rate cut, the Commerce Department reported 3Q GDP rose at a seasonally adjusted +3.9 pct annual rate due to surging exports and strong consumer spending that outweighed the housing drag.

The employment cost index for the 3Q rose +0.8 pct as US labor cost growth slowed.

US Economic Calendar.

Today and Friday morning there will be a ton of US economic data being reported and certain media (they know who they are) will be using it to jack the emotions of traders. We traders on the other hand must get a grip. We must focus on prices.

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International Equity Markets Review

In the past hour (7:40am ET), European markets (FTSE, DAX and CAC) are negative. Asia-Pacific markets were mixed although Tokyo’s Nikkei 225 index was up +0.79 pct on the session.

Europe

Here is the latest session data for the bourses of Europe.

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Here is the latest session data for the London stock exchange FTSE.

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Here is the latest session data for the German DAX.

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Here is the latest session data for the French CAC 40.

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Here is the latest session data for the Milan Italy stock exchange MIBTEL.

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Here is the latest session data for the Swiss market index.

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Asia-Pacific

Here is the latest session data for the Asia-Pacific stock exchanges.

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Here is the latest chart for the Japanese Nikkei 225 index.

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Here is the latest chart for the Singapore index .

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Here is the latest chart for the Shanghai Composite index .

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Here is the latest chart for the Hong Kong Hang Seng index .

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Here is the latest chart for the India BSE 30 index .

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Here is the latest chart for the Australian All Ordinaries index .

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US and the Americas

Here is the latest session data for the exchanges of the Americas.

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Here is the latest chart for the Brazilian Bovespa stock exchange in Sao Paulo.

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Here is the latest session data for the Toronto Stock Exchange composite index.

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Relative Strength Index (RSI) analysis of the Cara 100 company stocks

RSI > 70 (12 of 26)

RSI < 30 (2)

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US Equity Markets Review

DJIA (interactive) chart

The Dow 30 average gained +137.54 points (+0.99 pct) to close at 13930.01, but traders are nervous as they figure that prices are being pumped up by HB&B (with help from their friends at Treasury and the Fed). Nobody knows when the axe is going to fall.

The action between 2:15 pm and 3:15 pm ET yesterday served to take out stops above and below the market, and to push traders into doing the opposite of what they had planned. So, it is key to stick to the plan.

I have pointed out for several weeks that “selling into strength the stocks in your portfolio that have already had a Sell Alert and then a subsequent big run-up in price to a second Sell Alert is usually the right decision.”

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NASDAQ Composite (interactive) chart

The Nasdaq Composite gained 42.41 points (+1.48 pct) to close at 2859.12.

There is some technical support at 2725 should there be a pull-back.

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The US equity market Sector ETF Summary

The tables I show in this section 2007_10_31 are for ten (GICS) Sector Index Funds (ETF’s) only, but they cover the full spectrum of the US equity market.

Table 1: Cara ETF List is sorted by price performance Week over Week (W/W), i.e. 1W%N.

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
XLU	42.45	0.49	1.17%	6.13%	4.04%	5.18%	15.29%	12.60%	1.92%	18.61%
XLB	43.77	1.07	2.51%	3.84%	3.57%	4.09%	26.47%	11.09%	13.34%	30.50%
XLF	33.66	0.24	0.72%	2.22%	-1.15%	-4.62%	-8.83%	2.31%	-9.05%	-5.08%
XLE	76.55	1.86	2.49%	1.94%	-1.29%	2.79%	35.30%	10.59%	20.80%	37.36%
IYH	72.01	0.60	0.84%	1.58%	1.04%	0.69%	8.35%	7.73%	1.17%	9.12%
XLP	28.34	0.14	0.50%	1.50%	1.00%	1.80%	7.84%	7.67%	3.43%	9.72%
XLY	36.74	0.21	0.57%	1.07%	-0.92%	-2.05%	-4.62%	-0.65%	-5.63%	-1.26%
XLI	40.55	0.35	0.87%	0.87%	-0.93%	-1.07%	15.10%	2.81%	9.01%	18.29%
SMH	34.62	0.40	1.17%	0.49%	-5.92%	-9.28%	3.13%	-8.34%	-5.44%	1.82%
IYZ	32.32	0.29	0.91%	0.03%	-2.77%	-4.77%	8.97%	-2.88%	1.70%	12.61%

You can do this table yourself by entering the following string into the Summary window at Billcara2.com and then clicking on the link for Performance. XLE XLB XLI XLY XLP IYH XLF SMH IYZ XLU . You can also add more ETF’s – up to 30 in total.

For a list of components to any ETF, go to the AMEX.com web site, and click on ETF’s.

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The two weakest sectors on Tuesday, Energy (XLE -3.40 pct) and Basic Materials (XLB -2.42 pct) were Wednesday’s winners: Energy (XLE +2.49 pct) and Basic Materials (XLB +2.51 pct). The Consumers, both Staples and discretionary, were the laggards.

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)

55 (utilities: XLU)

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Bonds & Yields Review

Table 10: US Treasury Yields

US Treasury Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
3 Month	3.77	3.81	3.68	3.76
6 Month	3.92	3.88	3.82	3.97
2 Year	3.94	3.80	3.73	3.99
3 Year	3.91	3.79	3.73	4.01
5 Year	4.16	4.05	3.98	4.22
10 Year	4.47	4.38	4.34	4.54
30 Year	4.74	4.67	4.64	4.78

Municipal Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
2yr AA	3.36	3.32	3.34	3.43
2yr AAA	3.35	3.34	3.35	3.48
2yr A	3.37	3.36	3.37	3.46
5yr AAA	3.44	3.44	3.44	3.49
5yr AA	3.42	3.40	3.40	3.49
5yr A	3.61	3.59	3.60	3.71
10yr AAA	3.78	3.77	3.76	3.80
10yr AA	3.74	3.72	3.68	3.84
10yr A	4.01	3.98	3.89	3.93
20yr AAA	4.39	4.38	4.38	4.43
20yr AA	4.59	4.57	4.57	4.62
20yr A	4.40	4.38	4.39	4.43

Corporate Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
2yr AA	4.73	4.60	4.51	4.83
2yr A	4.83	4.71	4.68	4.94
5yr AAA	4.91	4.82	4.76	5.01
5yr AA	5.13	5.02	4.96	5.11
5yr A	5.14	5.00	4.93	5.19
10yr AAA	5.34	5.21	5.27	5.46
10yr AA	5.63	5.57	5.59	5.74
10yr A	5.77	5.66	5.57	5.77
20yr AAA	5.76	5.66	5.65	5.91
20yr AA	5.94	5.87	5.83	6.29
20yr A	6.10	6.00	5.99	6.25

Yesterday, bond prices surged and yields plunged as the strong July through September GDP data combined with the rate cut seemed to impress. That’s temporary because the Fed is cutting for a reason, which is that the economy this quarter is slowing rapidly.

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Here is the $USB 30-year Treasury Bond chart.

Interactive Daily data charts:

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Interactive Chart of Interest rates and bond yields.

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US Bond Funds -- Interactive Daily Data Charts

SHY Daily data series chart:

IEF Daily data series chart:

TLT Daily data series chart:

AGG Daily data series chart:

LQD Daily data series chart:

TIP Daily data series chart:

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Table 11: Interest-sensitive securities

Sorted by 1-Week Price Performance.

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
CFC	15.52	-0.42	-2.63%	12.22%	-10.55%	-22.82%	-63.14%	-44.91%	-58.14%	-59.29%
FRE	52.23	0.28	0.54%	2.31%	-7.10%	-16.39%	-23.07%	-8.80%	-19.37%	-24.29%
FNM	57.04	0.05	0.09%	1.49%	-8.28%	-13.63%	-4.71%	-4.68%	-3.19%	-3.75%
SHY	81.35	-0.13	-0.16%	-0.17%	0.30%	0.41%	1.64%	0.96%	1.17%	1.24%
TIP	102.81	-0.48	-0.46%	-0.33%	0.99%	1.04%	3.61%	1.99%	1.45%	2.19%
AGG	100.61	-0.28	-0.28%	-0.49%	0.63%	0.91%	0.70%	1.65%	0.15%	0.18%
IEF	84.47	-0.57	-0.67%	-0.81%	0.70%	0.81%	2.16%	2.26%	1.44%	1.44%
TLT	89.98	-0.82	-0.90%	-1.14%	1.51%	1.21%	1.02%	2.65%	1.39%	0.19%

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Countrywide Financial (CFC -2.63 pct) dropped on news that shareholders are suing CEO Angelo Mozilo for insider sales of stock at a time he was saying the condition of his company was in pretty good shape when it was not. Fannie Mae (FNM +0.09 pct) and Freddie Mac (FRE +0.54 pct) did not move much.

Consumer Finance -USA -- Interactive Daily Data Charts

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Commodities Review

$CRB gained +6.82 (+1.98 pct) to 351.01 after the Fed dropped rates. A new record. Somehow the US authorities are not embarrassed in stating there is no inflation.

$CRB Index

Open Futures Contracts

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Interactive Chart of Daily CRB Commodities Index:

Interactive Chart of Weekly CRB Commodities Index:

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Oil Review

According to StockCharts.com, December Crude Oil (e-MiNY) futures dropped -0.68 (-0.75 pct) on the day. The chart at INO.com is accurate. The December futures closed the day +$4.15 higher at $94.15/bbl after the US DoE data surprised for a second straight week. For last week, Crude Oil inventory fell by -3.9 million barrels to 312.7 million barrels.

Here is the e-miNY Dec-07 Crude Oil chart.

Interactive Chart of Daily Crude Oil:

Interactive Chart of Weekly Crude Oil:

As you can see, some of these charts from StockCharts.com are inaccurate. Nobody’s perfect!!! Despite many errors at times, I like this charting service.

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Gold & Precious Metals Review

Everybody it seems is talking up gold, which means that the bull run is close to being exhausted, for now. Yesterday, the run-up that followed the Fed rate cut was expected. But now there will be talk of no further rate cuts, and that will be negative for gold.

Yesterday $GOLD futures ran to 796.30, up +8.50 (+1.08 pct). Every Talking Head was mentioning it was at 800 on its way to 900, 1000, ...

Spot gold chart for the week

Spot Gold this morning is presently (8:21am ET) at 791.80, about 6.00 higher as at this time yesterday, but down from the close at 797.05.

In this space yesterday, I wrote, “Yesterday, the price dropped to about 776 from about 795 Monday morning as traders are nervous the FOMC might not drop rates. If they do today at 2:15 pm ET, then Gold will boom once again. But, that will be an opportunity to sell into strength some of your positions, or to buy some puts to protect your gains. I still believe the price could drop to (just a guess) $700 in the next month or two, and that after a basing period, where smart money will be accumulating positions, there will be a subsequent run to over $1,000 per oz in 2008-9.”

Yes, the gold market today is a good market to trade for day traders only, in my opinion, despite what most others are telling you. What the public is hearing is nothing but talk of 900 and 1000 gold NOW!

The point I have been making is that the USD and Gold have made spectacular runs, and I think the monetary authorities will have to step into the fray and put a stop to the speculation before it overwhelms capital markets. So, be careful at this point.

As I wrote yesterday, “If the FOMC decision is to cut, there will likely be a final bump to the gold price in this cycle, but I think that will be the peak.” I would have been certain of it had the Fed cut by 50bp. Now, I just feel very strongly.

Time will tell. Maybe cxoadvisory can tell you. Do you think? (LOL)

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Interactive Chart of Daily Gold EOD Continuous Contract Index:

Interactive Chart of Weekly Gold EOD Continuous Contract Index:

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Spot silver is 14.29 at 8:27am ET today, same as yesterday at this time. It is down sharply from the 14.46 opening and 14.51 high this morning.

Yesterday, I wrote, “Silver will pop if the Fed cuts rates, but that will be the obese lady singing for this performance.” That happened, but check the chart for Monday. Yesterday’s pop did not surpass the previous day’s peak. Bad sign for the Bulls.

I also wrote yesterday, “I think we’ll see (say) a 13 price for silver at the next intermediate-term cycle bottom, and then, sometime in 2008-9, a high of 18-20, possibly higher.” No change in my thinking.

So take care of your gains. No gain, all pain.

Spot silver chart for the week

Interactive daily charts for the silver miners, royalty companies and bullion ETF

Interactive Chart of Daily Silver EOD Continuous Contract Index:

Interactive chart of the Silver Bullion index.

Interactive Chart of Weekly Silver EOD Continuous Contract Index:

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Spot platinum chart for the past three days

Spot Platinum is presently 1445 (8:30am ET). Traders will have to watch the spreads between the spot and futures.

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The Weekly chart shows an indication that Palladium is struggling to surpass the previous intermediate-term cycle peaks of 390.45 (Apr 2007) and 410.89 (May 2006). I think the price is extended to the upside here, and that a test of the 320 level is likely over the next three months.

The spot price this morning (8:05am ET) is 368.00, up +1.00 since yesterday at this time.

Spot palladium chart for the week

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$COPPER closed at 349.20 on the contracts, which I take as a small loss on the day. In early October, the price hit a cycle high of 378.00.

From the Weekly chart you can see there are a series of intermediate-term cycle highs at 394.90 (May 2006), 380.70 (Apr-May 2007), 374.80 (July 2007) and 378 this month.

I think the North American, Western Europe and Japanese economies are too weak, and the production of copper too high to support a break-out to higher prices. The 2007 low of 238.50 could be tested in the next six months.

Interactive Chart of Weekly Copper EOD Continuous Contract Index:

Interactive Chart of Daily Copper EOD Continuous Contract Index:

Interactive chart of the Copper metal index.

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Table 12: Senior gold equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
KGC	19.68	0.70	3.69%	13.43%	21.26%	33.70%	72.33%	51.62%	47.64%	49.09%
BVN	57.41	1.66	2.98%	10.60%	11.69%	23.62%	107.93%	43.85%	76.21%	122.09%
NEM	50.90	4.46	9.60%	10.27%	12.29%	13.74%	15.16%	21.92%	22.06%	12.44%
AEM	56.89	2.00	3.64%	9.66%	5.72%	17.23%	46.17%	33.73%	61.25%	53.88%
GG	35.13	1.36	4.03%	9.27%	10.61%	17.97%	28.49%	38.25%	44.33%	33.68%
AUY	15.02	0.23	1.56%	7.29%	9.56%	33.99%	21.82%	35.68%	7.52%	51.41%
MDG	40.96	0.91	2.27%	6.11%	8.22%	28.76%	55.80%	45.09%	62.22%	61.83%
ABX	44.13	1.74	4.10%	5.35%	8.40%	11.98%	47.94%	34.13%	56.99%	42.35%
GFI	18.07	0.34	1.92%	0.67%	1.06%	4.33%	-1.42%	9.38%	0.56%	7.82%

To watch the moves in precious metal miners, you will have to monitor the individual stock charts, preferably in real-time, as follows:

NEM ABX AU GFI GG HMY AUY KGC BVN
Interactive Daily data
Interactive Weekly data

MDG LIHRY AEM BGO IAG EGO RGLD GOLD CDE GRS
Interactive Daily data
Interactive Weekly data

CBJ SSRI SIL NG KRY UXG GRZ TSE_HRG TSE_GUY TSE_AGI
Interactive Daily data
Interactive Weekly data

NXG GSS MNG DROOY MFN RNO RANGY MRB CLG
Interactive Daily data
Interactive Weekly data

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Here are the key Silver miners and the SLV ETF:

SLV SIL CDE HL PAAS SSRI SLW MGN

Interactive Daily data
Interactive Weekly data

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Here are the Weekly and Daily Data charts of the indexes:

Yesterday, the Philly Gold & Silver Miners Index rallied as expected on the Fed rate cut to close at 188.10, up +7.40 (+4.10 pct).

The previous report I wrote stated, “Yesterday, the price dropped -4.76 (-2.57 pct) to close at 180.70. The previous close was a new high of 185.46, with an intra-day high of 186.67. Prices are now extended on the upside. The risk of a pull-back is very high. Should the FOMC decide to cut rates 25 or especially 50 basis points, the gold and silver miners will likely rock and roll some more, but I would be looking at the growing risk in these stocks. I would be watching the market closely here.”

No change in my outlook.

Interactive Chart of Daily U.S. Goldminers Index:

Weekly U.S. Goldminers Index:

Interactive Chart of Weekly U.S. Goldminers Index:

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The U.S. goldminer share trust ETF trades under the ticker symbol GDX.

Here are the U.S. Goldminer ETF (GDX) index Weekly and Daily data charts:

GDX Daily data:

GDX Weekly data:

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The Toronto Exchange-listed goldminer iUnits S&P/TSX Capped Gold Index ETF trades under the ticker symbol TSE:XGD. Yes, just like GDX on the AMEX, you can trade XGD on Toronto.

Here are the Weekly and Daily data charts for the TSX Goldshares (XGD) index:

Interactive Chart of XGD Daily data:

Interactive Chart of XGD Weekly data:

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Forex Review

Here is the chart of the week’s trading in the $USD.

The $USD index closed at 76.55, down -0.18 (-0.24 pct).

Pretty soon the foreigners will be taking delivery of Boeing Dreamliners at dream-like prices. Who would have thought?

Interactive Chart of Daily U.S. Dollar Index:

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Yesterday, the Euro Index closed up +0.30 (+0.21 pct) to 144.56. This is a fresh record since the Euro started trading in 1999.

As I say, European exporters are suffering a lot. This will hit employment and start to cause unrest as people will find that they cannot afford their mortgages, and so forth. At some point, the authorities must intervene, but they are in a tough spot. If they drop rates, they are inviting inflation.

Maybe they’ll decide to put tariffs on US goods? Do you think? Well, after all, a 75 cent USd is the equivalent of predatory pricing, which the Americans call “Dumping” when they accuse other countries of doing when their currencies happened to fall.

You see, what’s good for the goose is good for the gander. What goes around, comes around. The US is now in a currency war, trying to make the rest of the world pay for its dumb political and economic decisions of this Millennium.

No good will come of this, I assure you all.

Interactive Chart of Daily Euro Dollar Index, priced in USD:

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Daily British Pound Index:

The British Pound closed yesterday at 207.85, up +1.13 (+0.55 pct), which is a new 27-year record.

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Daily Japanese Yen Index:

The Japanese Yen weakened again by -0.19 to close at 86.89.

As I say, there are discussions everywhere it seems that the Yen will strengthen and break out above the recent short-term cycle highs of 89.18, 88.28 and 88.04, but the trend seems to be down since mid-August.

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Daily Canadian Dollar Index:

The Cdn Loonie is still driving manufacturers and tourist operators loony. The pain is palpable. There are pleas for the Bank of Canada to cut rates and let some steam off the Cdn Dollar before it hits $1.10 American. This is a quite serious matter in Canada as I am sure it is in Europe.

Even after Canada’s minority govt finance Minister introduced a mini-budget that is basically a give-away of personal and corporate income taxes and federal sales taxes, the Cdn Dollar lifted to a new record yesterday.

Yesterday, the close was US1.0525, up +0.34 (+0.32 pct).

Yesterday, I stated, “The Cdn Dollar will likely drop back to about par with the USD, although if the Fed cuts rates again today, that pullback in the Cdn Dollar will be slowed somewhat.” So, the Fed rate cut boosted the Cdn Dollar, but that will likely be short-lived. As Crude Oil and Gold prices start to sag, so too will the Loonie.

If you doubt that, then look at the chart since Sept 10. I know Johnny Canuck was pleased to welcome me back, but that’s ridiculous. I mean, I didn’t bring my money! (LOL)

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International Equity Market USD-denominated ETF Review

Table 13: International equities via the USD-denominated ETF perspective

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
IFN	64.75	2.85	4.60%	13.66%	16.60%	21.92%	42.81%	41.53%	62.57%	36.89%
EWZ	85.52	2.35	2.83%	8.94%	8.79%	16.58%	83.13%	35.10%	62.71%	103.72%
TRF	74.89	2.39	3.30%	6.99%	5.78%	10.77%	-15.43%	11.64%	6.53%	10.46%
EWC	36.08	1.27	3.65%	6.68%	6.75%	10.81%	46.07%	20.71%	30.87%	43.52%
FXI	218.72	7.67	3.63%	5.92%	0.11%	21.88%	87.90%	57.06%	107.73%	155.54%
EWU	27.29	0.46	1.71%	4.48%	2.86%	5.41%	15.88%	10.93%	9.82%	19.17%
IEV	124.60	1.66	1.35%	3.66%	2.49%	4.18%	17.99%	9.78%	8.44%	24.04%
EWJ	14.35	0.09	0.63%	2.87%	1.70%	-0.83%	1.06%	-0.62%	0.49%	3.91%
QQQQ	55.03	0.77	1.42%	2.34%	2.76%	6.54%	27.27%	15.78%	19.73%	29.24%
SPY	154.65	1.59	1.04%	2.09%	0.24%	0.57%	9.39%	6.16%	4.29%	12.24%

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Japanese equity market ETF: EWJ

Here is the Japanese (EWJ) equity market ETF Daily data charts:

Interactive EWJ Daily data:

Interactive EWJ Weekly data:

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U.K. equity market ETF

Here is the United Kingdom (EWU) equity market ETF Daily data charts:

Interactive EWU Daily data:

EWU Daily data:

Interactive EWU Weekly data:

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Canada’s equity market

Here is the Canadian (EWC) equity market ETF Daily data charts:

Interactive EWC Daily data:

Interactive EWC Weekly data:

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US Equity Markets Review

Table 14: Dow 30 List

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
MSFT	36.81	1.24	3.49%	17.79%	18.44%	24.99%	23.28%	26.97%	22.95%	28.21%
BA	98.59	1.26	1.29%	4.59%	3.14%	-5.85%	10.56%	-4.68%	6.01%	23.45%
MCD	59.75	0.57	0.96%	4.55%	4.90%	6.49%	36.20%	24.82%	23.76%	42.53%
DD	49.51	1.28	2.65%	4.14%	2.48%	0.26%	0.96%	5.95%	0.69%	8.10%
VZ	46.07	0.71	1.57%	3.71%	1.79%	1.83%	21.81%	8.09%	20.67%	24.51%
MRK	58.26	0.40	0.69%	3.67%	9.06%	11.72%	32.35%	17.34%	13.26%	28.27%
AA	39.59	0.22	0.56%	3.64%	4.27%	5.18%	34.98%	3.64%	11.55%	36.94%
INTC	26.90	0.63	2.40%	3.42%	0.67%	4.22%	32.19%	13.89%	25.12%	26.05%
AXP	60.95	0.65	1.08%	3.41%	1.45%	1.82%	0.98%	4.12%	0.46%	5.43%
WMT	45.21	-0.16	-0.35%	3.05%	-1.70%	0.18%	-4.92%	-1.61%	-5.66%	-8.26%
HON	60.41	0.50	0.83%	2.88%	-0.48%	0.83%	33.95%	5.04%	11.50%	43.42%
IBM	116.12	2.00	1.75%	2.81%	0.29%	-0.24%	19.38%	4.94%	13.61%	25.77%
PFE	24.61	0.16	0.65%	2.63%	0.24%	-1.87%	-6.39%	4.68%	-6.99%	-7.65%
KO	61.76	0.03	0.05%	2.63%	4.52%	7.28%	27.13%	18.52%	18.34%	32.19%
GE	41.16	0.68	1.68%	2.31%	0.39%	-0.94%	8.40%	6.19%	11.67%	17.23%
HD	31.51	0.05	0.16%	2.04%	-0.85%	-6.97%	-23.28%	-15.23%	-16.79%	-15.59%
JPM	47.00	0.44	0.95%	1.58%	1.36%	0.00%	-2.23%	6.79%	-9.79%	-0.93%
GM	39.19	0.97	2.54%	1.29%	1.32%	4.53%	33.07%	20.96%	25.49%	12.23%
JNJ	65.17	0.35	0.54%	1.13%	0.49%	-1.41%	-1.85%	7.72%	1.48%	-3.31%
MO	72.93	0.17	0.23%	0.79%	2.75%	4.36%	12.34%	9.72%	5.82%	19.48%
T	41.79	0.38	0.92%	0.58%	-0.33%	-0.31%	19.57%	6.72%	7.93%	22.01%
MMM	86.36	0.57	0.66%	0.30%	-8.38%	-8.31%	10.35%	-2.88%	4.34%	9.54%
C	41.90	-0.21	-0.50%	0.19%	-6.18%	-12.51%	-24.16%	-10.03%	-21.86%	-16.47%
HPQ	51.68	0.09	0.17%	0.16%	-1.64%	2.62%	24.17%	12.27%	22.64%	33.40%
UTX	76.59	0.77	1.02%	0.13%	-0.27%	-3.87%	21.94%	4.96%	14.09%	16.54%
XOM	91.99	0.85	0.93%	-0.15%	-2.96%	0.72%	24.13%	8.06%	15.89%	28.80%
AIG	63.12	0.31	0.49%	-1.13%	-4.07%	-8.40%	-12.52%	-1.65%	-9.71%	-6.03%
DIS	34.63	0.34	0.99%	-1.23%	-2.12%	-0.26%	1.26%	4.94%	-1.00%	10.08%
CAT	74.61	1.15	1.57%	-1.56%	-3.27%	-5.03%	21.99%	-5.32%	2.74%	22.90%
PG	69.52	0.57	0.83%	-2.61%	-1.52%	-1.26%	7.72%	12.38%	7.95%	9.67%

You can do this table yourself by entering the following string into the Summaries window at www.billcara2.com 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 T UTX VZ WMT XOM

Here are the links to interactive Dow charts from Billcara2.com that I broke into groups of ten, which you can add technical indicators for as well. (list one) (list two) (list three)

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Wrap up:

An option straddle would have worked out well in the bizarre trading action that followed yesterday’s release of the FOMC decision to lower the Fed Rate by 25 basis points. Today, however, the gnomes will have their toadies in Financial Entertainment TV pushing and pulling, sucking and blowing, simultaneously.

I still feel there is a cycle top being put in here, based on an economic slowdown, earnings and guidance “issues” to come this month, and the pricing in of risks associated with write-downs to come by HB&B.

At any cycle top there are bought-and-paid-for Talking Heads whose job it is to mislead the masses while the classes are distributing their stock positions. So be careful. Watch the RSI (cycle studies) and MACD (trend studies). There is absolutely no need to be caught up in the emotions or be fooled by the prices.

Have a good day. It’s now November, the time when certain media (they know who) are going to tell “you” that you are spending a gazillion dollars on holiday purchases. The spin will be incredible. I say, set up a monitor of all the retailers, like I did in June or July for you (somebody please find that blog article) after I saw the share prices of these retailers collapsing.

It is disappointing, I know, when trading prices has to be such a search for the truth. But, this community seems to be up to the challenge. Thank you.

ps, Thanks t