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Stock market preview for the week of July 14, 2014

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The S&P 500 slipped in three sessions and finished the week 0.90% lower. Even after an off week, the index has still increased in 41 of the past 62 sessions.

Average daily volume levels increased 6.13% compared to the average daily volumes of the holiday shortened four days in the previous week. The five day volume variance decreased 91.57% below that of the previous week to 23.16%. The large decrease in the five day variance was reflective of a return to more normal volumes after seeing extremely low volume during the holiday shorted trading session on Thursday of the previous week. The week’s highest volume was seen on Tuesday and lowest on Monday.

Monday saw the index begin to slip lower from likely resistance within the 100 L. Tuesday reversed from the previous week’s largest gains, to the post the week’s largest losses. The index rebounded on Wednesday but fell lower on Thursday, with the session’s low rebounding a little below but near the upper level of the 1940 to 1955 MRL. Friday started higher but dipped back before rebounding above the upper level of the 1940 to 1955 MRL to finish with a small gain.

Major Stock Market Indexes

The index charts of the Dow Jones Industrial Average, S&P 500, NASDAQ, New York Stock Exchange and Russell 2000 all saw losses for the week, but appeared to find bullish support near the end of the week.

The Russell 2000 had the most bearish week, dropping 3.99% from the near record close seen on the previous Thursday. Although Thursday’s close was only $0.50 short, it failed to regain the March 4 highest close of 1208.65 and move higher prior to seeing a second significant pullback. Most rebounds that were as bullish as that seen on the Russell prior to this drop regain prior highs and move higher, but not all. By itself this failure is not necessarily a bearish indication, just not normally seen.

The Russell’s drop started rather steeply Monday, dipping and finishing slightly below the 13 EMA. Tuesday started slightly lower and continued lower giving it a second day of fairly large losses. Wednesday started higher but finished lower than it started, although the Russell managed to finish the session with its only gain of the week. Thursday opened with a large gap lower, falling below the 50 EMA. It finished the session higher than it started, but still at a loss and below the 50 EMA. Friday opened slightly lower and finished slightly lower but traded well above the session lows seen Thursday. The past week’s drop carried the Russell well below the previous cycle’s low. Even though the Russell fell steeply during the week and finished the last two sessions with losses, it was showing signs of finding support in this drop late in the week.

The New York Stock Exchange also fell in four sessions, but faired better than the Russell in its retreat. It opened with gaps lower on Monday and Tuesday, finishing each session lower than it opened. Tuesday also slipped and closed below the 13 EMA. Wednesday opened higher and continued higher breaking back above the 13 EMA and finished above it. Thursday gapped lower again, starting the session below the 13 EMA and after falling more deeply, it finished the session about where it started. Friday opened lower and finished higher than the open, yet still at a small loss.

The Dow Jones slipped Monday, but managed to rebound back above 17,000 before the close for the week’s only close above this level. Tuesday fell more steeply, providing the week’s largest loss with the fall dropping and finishing below the 13 EMA. Wednesday opened slightly higher and pushed higher through the session finishing back above the 13 EMA. Thursday opened slightly lower and fell fairly steeply before rebounding and regaining more than half of the day’s losses by the close, but was still a little under the 13 EMA. Friday saw the Dow slip early in the day, but it rebounded to finish with a gain near session highs and back above the 13 EMA. The Dow appears to have turned higher at a low higher than the previous cycle.

The S&P 500 slipped lower on Monday, giving up most of the previous Thursday’s gains. Tuesday saw the largest losses of the week, as the index finished just slightly under the 13 EMA. Wednesday opened back above the 13 EMA, and pushed higher into the close for the week’s first gain. Thursday opened lower starting just above the 13 EMA and after falling fairly steeply it rebounded strongly to finish with a small loss, but slightly below the 13 EMA. Friday opened at about the 13 EMA, and after slipping lower early it rebounded to finish the session with a gain and back above the 13 EMA. The S&P appears to have turned higher at a low higher than the previous cycle.

The NASDAQ started lower and continued lower Monday. Tuesday gapped slightly lower and continued lower, breaking below the 13 EMA in the fall and giving the NASDAQ its first finish below the 13 EMA since May 20. Wednesday opened slightly higher and continued higher to finish back above the 13 EMA. Thursday opened near session lows in a deep gap lower but regained most of the losses before the close, yet still finished below the 13 EMA. Friday opened slightly higher and after slipping lower first, rebounded to finish the session with a gain and back above the 13 EMA. The NASDAQ also appears to have turned higher from a higher low.

It appears the indexes may have begun rebounds off support levels. The indexes have fallen from overbought levels and some are in oversold conditions. Many stocks are also fully oversold. It seems possible they could continue higher in the week ahead.

US Treasury Charts

The 20 year US Treasury Bond finished all five sessions with gains during the week. It opened with gaps higher on Monday and Tuesday that finished higher. Wednesday opened lower, but finished with a small gain. Thursday opened with a large gap higher, but finished near session lows and only a slight gain. Friday gapped higher again and finished higher. So far the 20 year Treasury has failed to reach a high higher than the previous cycle and is overbought.

At the moment the long term Treasury charts appear neutral for stocks.

The interest rate on the 10 year US Treasury Note slipped in all five sessions, reaching a low lower than the previous cycle on Thursday, although the session finished well above these lows. It broke below the 13 and 50 EMA in Tuesday’s gap lower and continued drop. Although Wednesday broke back above both levels during the session, it slipped to finish near session lows and the 10 year rate has not broken above them since. This chart is fully oversold.

Gold

Gold traded fairly steeply lower Sunday night before leveling out after the Hong Kong open finishing the night a little under 1316.

Monday continued to trade tightly to 1316 until breaking lower to 1312 in Hong Kong. It bounced a couple times before starting to trend higher in New York, reaching 1320 by the close. It trended lower in the Asian markets finishing the night a little over 1317.

Tuesday started to trend slowly higher before spiking higher from 1318 to about 1323 in London a couple hours before the New York open. It trended slowly higher from there to about 1325 in New York before falling very quickly and steeply to 1314. It trended mostly up from there until beginning to slip from about 1320 in Sydney and dropping back to 1317 just after the Hong Kong open. It trended higher from there to finish the night above 1322.

Wednesday traded between 1323 and 1326 until a surge higher late in the New York session carried it to about 1331. It then trended lower to 1326 before kicking a little higher at the Hong Kong open and then flattening to finish the night at a touch over 1319.

Thursday gold traded within a couple points of 1320 until spiking higher to 1343 about an hour after the London open. It traded mostly flat into a slight spike higher at the New York open to 1345, then mostly lower to 1335 at the Sydney open. It pushed slowly higher to just short of 1340 early in Hong Kong, then traded flattish lower to finish the night just shy of 1338.

Friday gold trended slowly lower to about 1335 just after the London open. It traded mostly above that low but within a couple points of it until breaking higher late into the New York session and into a Spot close of 1339.00, with that being a fair amount higher than the New York Spot close of 1320.50 last week.

Gold finished with a higher New York Spot close for the fifth straight week. Gold has outperformed stocks so far this year, but not during the past 52 weeks. Gold’s gains in the past 52 weeks are lower than the S&P 500 gains since Jan 1.

S&P 500 Constituent Charts

The constituent charts began to show some bearishness in the past week, although many continue to hold bullish trends.

A few of the constituents that have been in flattish patterns broke lower in the past week, some fell below earlier lows in these patterns. Many of these constituents saw the lowest closes in six or more months in this down turn. Many of these stocks were in what appear to be long term topping patterns.

There are a fairly large number of constituent stocks showing possible topping patterns in their long term charts as they have stalled at long term resistances near previous highs. This includes several of the high flyers mentioned in the previous article, but includes many of the stocks trading at lower prices too. These patterns are not uncommon in normal market conditions, as stocks often trade flatly for fairly long periods waiting for the next reason to push higher, however it appears many of these patterns have lasted longer than normal without breaking above these resistances.

The numbers reaching long term resistances at previous highs is increasing, while the numbers breaking above them is small. A few had broken lower in these patterns earlier and now appear to be in established trends lower, but these numbers are also relatively small. The presence of a possible increase in failures in these patterns into a drop that was not as great as some of those seen earlier is something to take note of and keep watch over. It could also be reason to show a little extra caution.

At the same time there were some constituents that broke above short term or long resistance in these patterns during the week, although several of these breaks appeared to lose momentum quickly, it could have been the result of the overall downturn in stocks seen during the week.

Others appear to be forming wedges against long and short term resistances in these patterns. The bulk of these wedges are upward biased, although wedge breaks do not always break in the direction of bias, it seems fairly likely that these stocks could break from these wedge formations in one direction or the other in the not so distant future.

Earnings results in the past week were sparse. Although not the first constituent to report earnings for the quarter, the Alcoa (AA) earnings report has long been considered the unofficial earnings season kickoff. Being so Alcoa began earnings season with a very upbeat report on Tuesday including better than expected earnings with a $0.06 beat. The only other constituents to report during the week included Family Dollar (FDO) that followed with a miss of $0.04 on Thursday and Fastenal (FAST) and Wells Fargo (WFC) that reported in line with expectations on Friday.

Earnings season will heat up later in the month as large numbers of the S&P 500 begin to report. It still seems fairly likely overall constituents earnings could come in better than expected for the quarter.

Some of the flatness in these charts could be attributed to investors waiting for this quarter’s reports before adding, but flatness in many of these charts have lasted several quarters already and some have failed to move above these resistances in over a year.

Although this is a very small sample, let’s take a look at the charts of the constituents reporting earnings this week.

Alcoa moved considerably higher during the week, but is not yet near their previous long term highs. They are nearing a lower resistance area in their long term charts. The other three broke lower or continued lower after they reported. All three were near earlier long term highs.

Fastenal lost $2.00 and Family Dollar lost $1.97 on Friday and finished with the fifth and sixth largest share price losses of the current constituents for the session. Both of these stocks continued lower in a drop from an earlier failure at short term resistance found below previous long term highs. It seems possible these stocks could trend lower, but it also seems possible these drops could become opportunities to add later if they do.

Wells Fargo is near but still somewhat short of previous long term highs. It turned lower near short term resistance built over the past month. It still seems possible Wells Fargo could rebound from the recent pullback and continue higher. It held within trend in its retreat and rebounded fairly strongly from a drop below its 50 EMA to finish back above this level on Friday. It does seem possible Wells could react like many other stocks have and stall as it reaches previous highs though.

Although far from a sample size that these conclusions could reasonably expected to be drawn from, it seems possible those near previous highs will need to produce better than expected earnings to break above these resistances, even though many currently have earnings well above those seen in the initial run into these highs.

A relatively small number of the constituents may have exhausted recent upward tensions during the past couple weeks, but it is too early to say if these moves have actually expired due to the overall downturn in stocks. Many of these moves continue to appear intact, and most look likely to continue higher at this point. Some also appear to extend moves past levels it seemed likely they would exhaust at. This makes a significant drop at current resistance continue to seem somewhat unlikely at this time.

The index broke lower from a possible resistance within the 100 L during the week. The resistance at the 100 L appears to have significant drop potential. Even though many constituents are near long term resistances, the constituent charts do not appear to be positioned for a drop of this magnitude at the current time. Late week rebounds in many of the constituents and indexes coming off or near potential support levels makes it seem possible stocks have begun a move higher. Long term chart formations in the constituents suggest added caution if the index continues to move higher.

Indicators

Although the indicators featured in these articles are not always correct, they have been many times and being so they are worth reading about and taking note of.

The +2% L, -2% L, 90 E and 100 L indicators are currently active. See a more detailed description of most of the indicators developed through research and featured in these articles here. The descriptions of these indicators were recently updated to more closely reflect the current level of development of these indicators.

The +2% L did not provide a correct indication in the past week.

The –2% L did not provide a correct indication in the past week.

Although the 90 E is a potentially bearish indicator, it is also occasionally bullish. Many of the other indicators continue to hold bullish postures. The 90 E will expire in 6 trading days. If no volatile moves are seen during this time period, the +2% L and -2% L indicators would also normally fall dormant, although they may be held open if the index remains within a potentially volatile resistance area.

Monday’s retreat on the S&P 500 found support near the 1975 MRL at 1974.88 and rebounded to finish at 1977.65. Tuesday continued lower, providing the week’s largest loss, rebounding above the 1940 to 1955 MRL at 1959.46 to finish at 1963.71. Wednesday opened higher at the session low of 1965.10 and continued higher to finish at 1972.83. Thursday opened lower at 1966.67 and continued lower before finding support near the upper resistance of the 1940 to 1955 MRL at 1952.86 and rebounding from that low to finish at 1964.68 and lower for the session, but well off the low. After starting slightly higher Friday, the index retreated to rebound above the 1940 to 1955 MRL at 1959.63 and went on to finish with a small gain at 1967.57.

The pullback on the S&P 500 during the past week began from the previous week’s high seen on Thursday at 1985.59 and within likely resistance in the lower level of the 100 L. The rebound seen late in the week near a previous resistance level is often a bullish indication.

As the index works its way into the 100 L at 2000 (from 1975 to 2025) it will begin to enter the level identified as a potential topping area during data evaluation beginning in 2008. These data evaluations make it appear resistances met between 2000 and about 2140 could have the potential to cause a large drop, possibly reaching crash proportions.

These data evaluations do not mean a crash is certain within the 2000 to 2140 range. The data evaluations only identified this level as one with high potential to cause a large drop, possible reaching the 25% to 35% range; although a fall seen low in this range might not reach these levels. This range also holds most of the specifications identified in the first crashes of a market entering into a secular bull.

At the current time there does not appear to be a catalyst for this crash.

Although the 100 L resistance at 2000 has the potential to produce a large drop, these evaluations suggest it is probably the least likely level within the range that a drop reaching crash proportions would be seen at. It is still possible a crash could be seen there, it is just not as probable as at other resistances within this range.

The resistance within the 100 L at 2000 does appear to have the potential to cause a significant drop, possibly nearing the 5% level, but probably remaining within or near the 3% to 5% range if a significant drop is seen there.

Upward tensions in constituent stocks appear to remain mostly intact, making a significant drop at this level seem somewhat less likely. At the same time, some constituents that have been trading flatly over the past six months or so took somewhat bearish turns lower in the pullback this past week, and some broke below previous support levels they had held during this flatness. If a continued increase is seen in these breaks, these failures could aid in a larger retreat. Failures from long term topping patterns are common in large index pullbacks.

A fairly large number of the constituents appear to be in long term topping patterns. Relatively few of these patterns have failed, but few have broken higher too. Some that made moves above these resistances appeared to lose momentum quickly during the past week, although this could have been a reflection of the overall downturn in stocks seen during the time period.

It looks likely the bulk of the resistance in the lower half of the 100 L could be seen from 1980 to 1995 with last week’s pullback beginning from within this likely resistance. A fall to and rebound from a significant drop in the lower half would probably soften resistance in the upper half of this level likely to be seen from 2010 to 2020 considerably. Although the climb would likely slow as it reaches the upper resistance in this rebound, it seems fairly likely the index could move past it without further incidence.

If the index moves into the upper resistance level without first seeing a significant pullback, the resistance in the upper half becomes somewhat more potentially dangerous due to entering into the level research has identified as a possible topping area from 2000 to 2140. Since this research suggests the resistance of the 100 L at 2000 is probably the least likely area this top would occur, it still seems fairly likely a significant drop from this level probably remains within or near the 3% to 5% range, but the move above 2000 increases the risk it could fall deeper, possibly to crash levels.

Current Cautions

The index pulled back from likely resistance within the lower half of the 100 L during the week. It looks possible the index and many of the constituents found and rebounded off support levels late in the week.

As the index works its way into the 100 L at 2000 (from 1975 to 2025) it will begin to enter the level identified as a potential topping area during data evaluation beginning in 2008. These data evaluations make it appear resistances met between 2000 and about 2140 could have the potential to cause a large drop, possibly reaching crash proportions.

Although the 100 L at 2000 does not appear to hold crash potential, it does have the potential to provide a significant drop. It seemed possible earlier upward tensions in many of the constituent stocks could exhaust as the index moves through this level. It currently appears most of these tensions remain intact. This makes it look like these upwards tensions could continue past the 100 L and in turn make it seem somewhat less likely a significant drop could be seen at this level. If in fact a drop is seen within the 100 L, it seems possible it could reach near 5% and probably remain within or near the 3% to 5% range.

The index moved into and pulled back from likely resistance within the lower half of the 100 L at 1980 to 1995. A fall to and rebound from a significant drop in the lower half would probably soften resistance in the upper half of this level likely to be seen from 2010 to 2020 considerably. Although the climb would likely slow as it reaches the upper resistance in this rebound, it seems fairly likely the index could move past it without further incidence.

If the index moves into the upper resistance level of the 100 L (or past it into a higher resistance level) without first seeing a significant pullback, the resistances above 2000 becomes more potentially dangerous due to entering into the level research has identified as a possible topping area from 2000 to 2140. Since this research suggests the resistance of the 100 L at 2000 is probably the least likely area this top would occur, it still seems fairly likely a significant drop above 2000 within the 100 L would probably still remain within or near the 3% to 5% range, but the move above 2000 increases the risk it could fall deeper, possibly to crash levels.

The next higher resistance once the index moves past the 100 L is likely to be seen in the midrange resistance from 2035 to 2055. This level appears to have the potential to cause a very large drop possibly reaching crash potential. This resistance level also holds the level of concern at 2040. Recent data evaluation pointed to resistance at 2040 as the most likely area that a crash would be seen between 2000 and 2140. The research also suggested if this crash were to occur, it probably finds bullish support somewhere near the two previous tops in 2000 and 2007. Although the crash potential is within the 25 to 35% range, this evaluation makes a fall from near 2040 seem more likely to produce a drop of less than 30%.

A large drop seems possible within the 2035 to 2055 MRL, depending partly on the outcome within the lower resistance level, but a drop that reaches crash levels seems somewhat remote at this time.

A possible signal that an area of resistance could hold potentially larger drop potentials would be the presence of several volatile daily moves (those of 2% or greater ) within a relatively short time period, for instance three or four within a few weeks. The larger the number of volatile moves, the more potentially dangerous a resistance becomes.

Some concerns as the index moves above the 2000 level include:

The index appears to be running high in the trend off crash lows. Although runs above the upper trend line have extended for several months in the past, when a pullback is seen from above the trend line it tends to be deeper than those normally seen during the run. These pullbacks often fall to or below the lower trend line.

Several high flying stocks appear to be showing possible topping patterns common prior to large drops, although these patterns could be partially explained by the lack of splits in these stocks. These patterns do not always lead to large drops and several of these stocks appear to be in moves higher that could reach new highs.

In addition, a fairly large number of stocks trading below the $100 level are also stalling at long term resistance levels, with the numbers of stocks in these potential topping patterns increasing as stocks that are in runs reach previous highs. Breaks higher or lower from these patterns are currently relatively small but the durations stocks have held these patterns are increasing. Stocks that fail to move higher for long durations generally tend to lose investors over time, and this generally tends to set downtrends in motion. The longer these stalls persist, the more likely they are to begin fail and to trend lower.

Although the numbers of constituents in this category is not large, chances seem remote that some of the constituents that have continued in runs or held high prices could produce earnings to justify their current stock prices in timeframes investors are normally willing to wait. These runs higher could continue, but any sign that longer term earnings projections are too high, failures or continued failures to meet expectations, or an overall change in market direction could cause stocks trading well forward of current earnings to see large fold backs.

Some constituents appear to be over extending moves higher caused by earlier upward tensions. This could increase downward pressure on these stocks when they finally turn lower. These numbers are also small at this time.

At the current time there does not appear to be a catalyst for a crash. Many crashes occur due to stocks becoming overpriced to earnings. Without a substantial reduction in earnings, it would be difficult to consider stocks overpriced based on the actual unadjusted average P/E’s during the time the S&P 500 was an index. Although some are overpriced, most are not and the average P/E is still fairly low.

Early earnings reports for the second quarter have been somewhat mixed with some doing much better than expected and others not as well as expected. Early reports are sparse and a real feel for the quarter’s earnings won’t come until later in the month. It seems fairly likely that overall earnings could be very good for the quarter, possibly reaching 2% to 6% above the current projections.

The absence of an apparent catalyst for this crash does not mean one would not materialize as the index reaches this level. There is also the possibility investors could overreact to news events that probably should not take the market to these depths. Pullbacks seen during the summer of 2010 and 2011 were much deeper than rational evaluation of the data indicated they probably should have been. These falls also came during a time when huge increases in earnings were being seen, with near or over 70% of the constituents beating their earnings projections. This makes it seem somewhat possible this fall could come even if earnings are reported higher than expected.

The 90 E indicator is active and a potentially bearish indicator. The S&P 500 has often exhibited bearish traits during the active periods of the 90 E in the past, but most other indicators continue to exhibit bullish tendencies. The presence of this indicator does not necessarily mean that the market will turn bearish. Although not as frequently seen, the 90 E has also been seen during very bullish times.

The +2 L and –2 L indicators are also active. The presence of these indicators is generally a somewhat bearish indication as these indicators show an increased chance of volatility. However, this volatility is not always bearish and their presence also increases the chances that an offsetting move higher could be seen on the index.

The overall number of active indicators is decreasing, another will expire in the not so distant future and two others could become dormant with this expiration. Decreasing numbers of active indicators generally indicates a decreasing chance of volatility. Periods of low volatility are generally bullish. This decrease has occasionally been acted contrarian to the norm in the past.

The long sideways move at the 1883 resistance appears to have increased upward tensions in many of the constituent stocks. Many of these upward tensions appeared to remain intact. It still seems possible many could remain intact past the 100 L at 2000. These tensions could work to reduce bearish volatility at the potential resistances within the 100 L at 2000.

Ultimately the direction that the stock market takes from here could be influenced by news events.

Average daily volume levels increased 6.13% week over week and the five day volume variance decreased 91.57% to 23.16%. Although the index saw a somewhat bearish drawdown during the week, volume and variance levels returned to more bullish levels after the prior Thursday’s holiday shortened trading session skewed these results.

There continues to be many reasons to be bullish at the current time; however the index is nearing an area of potential concern and some caution should be exercised. Any pullbacks in stock prices seen along the way are probably a good opportunity to add although some flexibility in these investments could become necessary later. If a large pullback is seen on the index, it could be prudent to increase equities holdings into this drop. It could also provide the best remaining opportunity to take profits in gold holdings.

If the index continues within the trend established off the crash lows, it seems possible it could reach the 2000 to 2100 level in five to 14 months if it reaches this level near the upper trend line and within 32 to 38 months if it reaches this level near the lower trend line. The data suggests the Midrange Resistance Level (MRL) at 2035 to 2055 could hold the resistance level of concern within this range at 2040. More details of this potential resistance can be seen in past articles.

It appears the index is running somewhat ahead of the projection to reach 2000, indicating it is running above the upper trend line.

These data evaluations do not mean a crash is certain within the 2000 to 2140 range. The data evaluations only identified this level as one with a high potential to cause a large drop, possible reaching the 25% to 35% range; although a fall seen low in this range might not reach these levels. This range also holds most of the specifications identified in the first crashes of a market entering into a secular bull.

Please note there is no established resistance in the MRL levels before the index has reached these levels. Several instances have proven to hold resistance once reached; however MRL levels that the index has not yet reached are only the most likely levels that resistance will be seen based on research. Back tests of the data used to project these resistance levels work well, but they are not always exact, and these resistances could react sooner or later than expected, it is also possible the resistance will not be seen at all.

If the market should fall to crash levels, the blue chips, stocks with very low or no debt, and stocks with histories of stable dividends tend to fair best in pullbacks on a percentage basis. Caution should be used in stocks that have seen dividend increases well beyond those normal seen. Moderately priced stocks tend to lose less on a dollar per share basis. From a psychological standpoint this could be an important consideration, it is easier for an investor to hold a stock that falls from $50 to $25 without selling than it is to hold a stock that falls from $100 to $50. Even though the percentage lost was the same, the larger dollar value erosion of share price gives many the perception of a greater loss and a much larger distance for the stock to rebound to regain these losses, and this perception could lead to further sales of higher priced stocks in a downturn.

A crash in stock prices could be the last hurray for gold investors for many years to come.

Many of these sources of information were used in this article.

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Have a great day trading,
ronz

Access link to all of Ron’s past articles.

Disclosure: Ron currently has investments in AA, but currently has no investments in FDO, FAST or WFC. Ron is currently about 76% invested long in stocks in his trading accounts, reflecting a decrease in his investment level over the past week. This reduction was the result the sale of three issues and dividend payments. Ron feels comfortable with his investment level at the current time. However he has and will continue to sell stocks that reach long or short term targets and also continue to add stocks he feels are at a great value through a variety of buy orders. Ron will receive dividend payments from 11 issues in the coming week and seven in the following week. If no further investment changes are made during this timeframe his investment level would not change.

Some of the trades made during the past week may have been due to repositioning investments as discussed in previous articles.

Disclaimer: The information provided in the Stock Market Preview is Ron’s perception of the current conditions and what he thinks is the most probable outcome based on the current conditions, the data collected and extensive research he has done into this data along with other variables. It is intended to provoke thought of the possible market direction in his readers, not foretell the future. Ron does not claim to know what the stock market will do. If the stock market performs as expected, it only means he is applying the stock market history to the current conditions correctly. His perception of the data is not always correct.

This article is intended to provoke thought about investment possibilities. Acting on the information provided is at your own risk. You are urged to do your own research, and where appropriate, seek professional investment advice before acting on any information contained in these articles.

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