USO (Daily) Nice Bounce Off The Median Line

Bear Hat

• Got A Very Nice Bounce
• Break Below Median Line = Trouble For Oil
• Oil Goes Down SP-500 Will Be Right There Too

XHB (Daily) Still In The Dog House

Bear Hat

• XHB Needs To Close Above  14.70 To Give The Bulls Hope
• Break Below 13.50 Would Be Very Bearish

SP-500 (Weekly) 8-30

Bear Hat

• SP-500 Breaking Down Fast
• Close Above 1075 Would Give The Bulls Some Room
• Close Below 1040 Would Bring The Bears Out
• 968 Target Still In Play
• Will All Come Down To Fridays Job Report

What To Watch Week of 8-30-2010

• Consumer Confidence Aug 31 at 10:00am
• Briefing Forecast 49.5
• Market Expects 50.0
• ISM Index Sep 1st at 10:00am
• Briefing Forecast 53.0
• Market Expects 52.9
• Looking For A Miss Here and a Number Closer to 51
• Unemployment Rate Sep 3 at 8:30
• Briefing Forecast 9.6
• Market Expects 9.6
• Looking For A Miss Here
• Watch For 9.7 or Higher, Unless more people leave the work force