Thoughts....

The Index Watch, Weekend Review and the Trading Spreadsheet are complete and posted. As far as the market is concerned, the charts suggest a short term top is near (1120 - 1125 area). Once we get there, I think we'll back and fill for a month or so (downside risk in the 1075 to 1050 area) before exploding to the upside with a target in the 1300 - 1350 area.

Index Watch for October 26, 2009:

Review for Week of October 26, 2009:

Breakout Setups
(Click on Symbol for Annotated Chart)

AHD Atlas Pipeline Holdings
NYX NYSE Euronext
JEC Jacobs Engineering
SUNV Sunovia Energy
APL Atlas Pipeline Partners
VM Virgin Mobile
XTXI Crosstex Energy
CEP Constellation Energy
DRYS Dry Ships
SGMS Scientific Games
SIMO Silcon Motion
IO ION Geophysical
HERO Hercules Offshore
ERES eResearch Technology
LOPE Grand Canyon Education
SB Safe Bulkers
SKIL SkillSoft
PNSN Penson Worldwide
CENX Century Aluminum
PCX Patriot Coal
TESO Tesco
TWI Titan Intl
EXM Excel Maritime Carriers
FLOW Flow Intl
PRGN Paragon Shipping
CFX Colfax
QRCP Quest Resource
SD Sandridge Energy
TBSI TBSI Intl
QMM Quaterra Resources
ACAS American Capital
KHD KHD Humboldt Wedag
AKRX Akorn
PRXI Premier Exhibitions
OME Omega Protein
GMXR GMX Resources
DMAN DemandTec
CDII China Direct Industries
LYG Lloyds Group
HALO Halozyme Therapeutics
IMN Imation
KDE 4Kids Entertainment
ULTR Ultrapetrol
URRE Uranium Resources
PEIX Pacific Ethanol
GKK Gramercy Capital
CPE Callon Petroleum
NM Navios Maritime
CWST Casella Waste
PINN Pinnacle Gas
KND Kindred Healthcare
KOOL Thermogenesis
KRG Kite Realty Group
CCTR China Crescent
EGT Elixir Gaming
HW Headwaters
MMPIQ Meruelo Maddux Properties
GNH Global Energy Holdings
CXZ Crosshair Exploration & Mining

Long Setups
(Click on Symbol for Annotated Chart)

MPEL Melco PBL Entertainment
NDAQ Nasdaq OMX Group
AMR AMR Corp
DAL Delta Airlines
UTEK Ultratech
OPXT Opnext
APAC APAC Customer Services
AAI AirTran Holdings
CETV Central European Media
NPP Nippon Telephone
OMNI Omni Energy
CGX Consolidated Graphics
LIOX Lionbridge Technologies
LF Leap Frog
ALJ Alon USA Energy
GTLS Chart Industries
CTFO China TransInfo
AMD Advanced Micro Devices
MI Marshall & Isley
CNXT Conexant Systems
ERTS Electronic Arts
FCE/A Forrest City
HYTM Hythiam
PETD Petroleum Development
PNX Phoenix Cos
SMOD SMART Modular
SPWRA SunPower
ABK Ambak Financial
AHR Anthracite Financial
AIB Allied Irish Banks
AIMC Altra Holdings
AMFI Amcor Financial
AMLN Amylin Pharma
AXL American Axle
BEE Strategic Hotel & Resorts
BPHX BluePhoenix Solutions
CCO Clear Channel
CPX Complete Production Services
EMKR Emkore
HL Hecla Mining
LAVA Magma Design
MBI MBIA
SIMG Silicon Image
TMR Meridian Resources
TOMO Tomo Therapy
TSCM TheStreet.com
WRES Warren Resources

ETF Setups
(Click on Symbol for Annotated Chart)

RTH Retail Holders (S)
DIG ProShares Ultra Oil & Gas (L)
DXD ProShares UltraShort Dow 30 (L)
EEM iShares Emerging Markets (S)
IXC iShares Global Energy (S)
IYR iShares Real Estate (S)

Short Setups
(Click on Symbol for Annotated Chart)

Technology:
ACS Affiliated Computer
ADBE Adobe
ADSK Autodesk
ADTN ADTRAN
AMKR Amkor Technology
AMX American Movil
APSG Applied Signal
BMC BMC Software
BCSI Blue Coat Systems
CNQR Concur Technologies
CPHD Cepheid
CSIQ Canadian Solar
CTV Commscope
DNEX Dionex
FISV Fiserv
JNPR Juniper Networks
LOGI Logitech
MCRS Micros Systems
MIL Millipore
MSCC Microsemi
SOHU Sohu.com
TMO Thermo Fisher
TSL Trina Solar

Biotech:
ACL Alcon
AGN Allergan
ALXN Alexion Pharma
AZN Astrazenaca
CHSI Catalyst Health
DVA DaVita
HLF Herbalife
HMSY Health Management
HSIC Henry Schein
HSP Hospira
IMA Inverness Medical Technology
JNJ Johnson & Johnson
LH Laboratory Amer
LIFE Life Technologies
TECH Techne

Materials:
ABX Barrick Gold
ACH Aluminum Corp of China
BVN Companhia de Minas
CCJ Cameco
CMC Commercial Metals
GFI Goldfields
GG Goldcorp
GOLD Randgold Resources
IVN Ivanhoe Mines
NEM Newmont Mining

Industrial:
CAT Caterpillar
DE Deere & Co
GR Goodrich
ITT ITT Industries
KMT Kennametal
MDU MDU Resource
PCP Precision Castparts
SEE Sealed Air

Oil & Gas:
CEO China National Offshore
CLB Core Labs
ETP Energy Transfer Partners
HAL Halliburton
HK Petrohawk Energy
TPP Teppco Partners

Retail:
BBY Best Buy
BKE Buckle
CAB Cabela's
COST Costco
DKS Dick's Sporting Goods
GYMB Gymboree

Consumer Goods:
DECK Deckers Outdoor
EBF Ennis Business Forms
K Kellog
KMB Kimberly Clark
PCAR PACCAR
PEP Pepsico
RAI Reynolds American

Finance:
TROW T. Rowe Price
EV Eaton Vance
FAF First American
ITUB Itau Unibanco
JLL Jones Lang Lasalle
SF Stifel Financial

Other:
BWLD Buffalo Wild Wings
CAKE Cheesecake Factory
CVC Cablevison Systems
DLR Digital Realty
MCD McDonalds
MMM 3M
PPG PPG Industries
RYN Rayonier
WAB Wabtec

Index Watch for October 19, 2009:

S&P 500 Index ($SPX) -- On the Daily Chart, the next area of resistance will be in the 1120 - 1125 area. The first area of support to be aware of is 1060, the lower trendline in the wedge. I think we're going to test the lower part of the wedge (at a minimum) or the 50 MA until we make a run for the 1120 - 1125 area. Even though I think we're going to be much higher in 10 months, I think that will mark an intermediate term top and the correction everyone has expected will occur. This Daily Chart of the index should be kept overhead for those who like to short the market. Until the 8 MA goes under the 50 MA, it's going to be difficult to stay the course with anything more than a day or three. Once they do cross, I'll be more aggressive going short on rallies to resistance. As my Bull / Bear chart illustrates, we are clearly in a Bull Market.

Dow Industrials ($INDU) -- The intermediate term target on the Daily Chart is at the upper trendline in the Rising Wedge that began in March 2009, currently at 10,200. A move to the 50 MA and possibly the lower trendline could occur before we make a run for it.

Bank Index ($BKX) -- The Weekly Chart still has clear resistance at 50.00 with support at 44.00.

Dow Transports ($TRAN) -- A run to the 4300 - 4350 area on the Weekly Chart is likely before a meaningful correction occurs.

Crude Oil Index ($WTIC) -- Crude has broken out on the Weekly Chart and measures to $88.00. Initial support is located at $74.00.

Oil Services Index ($OSX) -- A move to 220 - 230 is likely on the Monthly Chart before it runs into resistance.

Gold Bugs Index ($HUI) -- The miners and gold have obviously broken out. The next areas of resistance on the Weekly Chart are at 460 and 520.

US Dollar Index ($USD) -- The greenback could potentially pop here, but I think the destruction will continue until it reaches the 74.00 area on the Weekly Chart.

Review for Week of October 19, 2009:

Breakout Setups
(Click on Symbol for Annotated Chart)

LOPE Grand Canyon Education
NYX NYSE Euronext
ACAS American Capital
APL Atlas Pipeline Partners
DPDW Deep Down
OME Omega Protein
XTXI Crosstex Energy
VM Virgin Mobile USA
PCX Patriot Coal
CEP Constellation Energy Partners
AHD Atlas Pipeline Holdings
SD Sandridge Energy
SIMO Silicon Motion Technology
GMXR GMX Resources
AKRX Akorn
QMM Quaterra Resources
IO ION Geophysical
DAKT Daktonics
KRG Kite Realty
AVID Avid Technology
DRYS Dry Ships
HALO Halozyme Therapeutics
IMN Imation
TIVO TiVo
ERES eResearch Technology
QRCP Quest Resource
MMPIQ Meruelo Maddux Properties
FLOW Flow Intl
AEHR Aehr Test Systems
WRES Warren Resources
KHD KHD Humboldt Wedag
AMCN AirMedia
AERG Applied Energetics
SKIL SkillSoft
PEIX Pacific Ethanol
PINN Pinnacle Gas Resources
PRXI Premier Exhibitions
CPE Callon Petroleum
CXZ Crosshair Exploration & Mining
ABK Ambak Financial
AHR Anthracite Capt
AI Arlington Asset Investment
ALXA Alexza Pharma
ANR Alpha Natural Resources
CDII China Direct Industries
CENX Century Aluminum
CFX Colfax
DBLE Double Eagle Petroleum
DLIA Delia's
DMAN DemandTec
DRL Doral Financial
EGT Elixir Gaming
EMKR EMKORE
EXM Excel Maritime Carriers
FR First Industrial
FTK Flotek
GKK Gramercy Capital
GNH Global Energy Holdings
GPXM Golden Phoenix Minerals
GRT Glimcher Realty Trust
HERO Hercules Offshore
INAP InterNap Network
KDE 4Kids Entertainment
KND Kindred Healthcare
KOOL Thermogenesis
MGM MGM Mirage
MVG MAG Silver
NM Navios Maritime Holdings
RF Regions Financial
SB Safe Bulkers
SII Smith Intl
SPWRA SunPower
TBSI TBSI Intl
TWI Titan Intl
ULTR Ultrapetrol
URRE Uranium Resources

Long Setups
(Click on Symbol for Annotated Chart)

ALJ Alon USA Energy
AMIE Ambassadors Intl
PETD Petroleum Development
AXL American Axle
EK Eastman Kodak
AMD Advanced Micro Devices
CNXT Conexant
GTLS Chart Industries
AIB Allied Irish Banks
AIMC Altra Holdings
PMI PMI Group
PNX Phoenix Cos
QTWW Quantum Fuel Systems
BPHX BluePhoenix Solutions
CAEI China Architectural
CCO Clear Channel
GMET GeoMet
CPSL China Precision Steel
CPX Complete Production Services
CRTX Critical Therapeutics
CTIC Cell Therapeutics
JMBA Jamba
LAVA Magma Design
CWST Casella Waste

ETF Setups
(Click on Symbol for Annotated Chart)

RTH Retail Holders (S)
DXD ProShares UltraShort Dow 30 (L)
EEM iShares Emerging Markets (S)
KRE Regional Banking Index ETF (L)
OIH Oil Services Holders (S)
PBW PowerShares Clean Energy (L)

Short Setups
(Click on Symbol for Annotated Chart)

Technology:
CNQR Concur Technologies
DLB Dolby Labs
CRNT Ceragon Networks
GOOG Google
CTV Commscope
BMC BMC Software
ADSK Autodesk
CSIQ Canadian Solar
MICC Millicom Intl
MIL Millipore
RSTI Rofin-Sinar
CYBS Cybersource
CPHD Cepheid
KNOL Knology
LOGI Logitech
FISV Fiserv
GLW Corning
VSEA Varian Semiconductor
JNPR Juniper Networks
AMKR Amkor Technology
APSG Applied Signal
BIDU Baidu

Restaurants:
BWLD Buffalo Wild Wings
CAKE Cheesecake Factory
CMG Chipotle Mexican Grill
MCD McDonalds
PFCB P.F. Changs China Bistro

Retail:
BKE Buckle
COST Costco
DKS Dick's Sporting Goods
GYMB Gymboree
ORLY O'Reilly Automotive
LTD Limited
NFLX Netflix
NRGY Inergy
AN Autonation
BBY Best Buy
PETS PetMed Express
SHOO Steven Madden
SPLS Staples

Materials:
ABX Barrick Gold
GOLD Randgold Resources
ACH Aluminum Corp of China
AEM Agnico Eagle Mines
BVN Compania de Minas
GFI Gold Fields
IFF Intl Flavors & Fragrances
IVN Ivanhoe Mines
NEM Newmont Mining
SSRI Silver Standard Resources
GG Goldcorp

Financials:
EV Eaton Vance
JEF Jefferies Group
JLL Jones Lange Lasalle
PHH PHH Corp
PJC Piper Jaffrey
GHL Greenhill & Co
ITUB Itau Unibanco

Biotech & Health:
ALXN Alexion Pharma
CHSI Catalyst Health Solutions
DVA DaVita
JNJ Johnson & Johnson
EW Edwards Lifesciences
LIFE Life Technologies
NUVA NuVasive
HSIC Henry Schein
HSP Hospira
IMA Inverness Medical Technology
AZN Astrazenaca

Consumer Goods:
BDK Black & Decker
PEP Pepsico
PTV Pactiv
RAI Reynolds American
EBF Ennis Business Forms
GMCR Green Mountain Coffee
HAS Hasbro
BG Bunge
CCK Crown Holdings
CLX Clorox
CSTR Coinstar
KMB Kimberly Clark
PM Philip Morris

Industrial:
CMCO Columbus McKinnon
GR Goodrich
ITT ITT Industries
PCP Precision Castparts
SEE Sealed Air

Oil & Gas:
ETP Energy Transfer
HAL Halliburton
NXY Nexen
STO StatoilHyrdro
TPP Teppco Partners
XEC Cimarex Energy

Other:
AGU Agrium
CF CF Industries Holdings
CVC Cablevision Systems
DLR Digital Realty
HGG HHGregg
MDP Meredith
MMM 3M
NNN National Retail Properties
PPG PPG Industries
SKT Tanger Factory Outlet
TEG Integrys Energy
TJX TJX Corp