Last week, I felt that the DOW would run up to 11550 and have difficulty going further and that is exactly what happened.  (See chart comments on the INDU for week ending 9-5-2008)  After the Hammer Candlestick on Friday 9/5, the DOW briefly tested the 11550 plus level on Monday 9-8 and retraced to close at 11510 and did not regain that level all week.  The SPX followed my script and made a run to close at 1268 on Monday 9-8 which ended up being the highest close for the week on that index.  My upside target was 1265-1270 (see chart comments for SPX week ending 9-5-2008).  Finally, the NDX exhibited much indecision as I pointed out last week.  I felt that there was a sight upside bias to this index, however indecision won the day as the Nasdaq ended the week virtually unchanged.

            It looks like Hurricane Ike did a bunch of damage but left the oil infrastructure fairly unscathed.  There continues to be great uncertainty in the financials and as you know, the market does not like uncertainty.  My outlook remains sideways to bearish.  I feel that any move to the upside will be short lived.  Well, I wish you all a marvelous weekend and I look forward to chatting with you next week.  Robin

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