Chart of the Week: NYSE Making New Highs

The DOW and NASDAQ continue to make higher lows and the
NASDAQ recently held critical support recently and bounced. Couple these near
term positive factors with the NYSE Composite Index making new highs and it is
very hard to call for any severe corrections. So we still remain oscillating
back and forth from a midpoint line within a trading range.

NYSE Making New Highs
click for larger chart

Nyse_new_highs

Source: Redwood-Technimentals

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Kevin Lane notes that “It is hard to envision a harsh
sell-off while the NYSE Composite Index is making new highs. All this recent
activity suggests to us that we may be able to challenge the upper end of the
range again.”

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Quote of the Day:

"It is curious that physical courage
should be so common in the world and moral courage so rare." -Mark Twain

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Economic, Market Impact Of Hurricane Katrina

Good round up from Dow Jones:

Over a week after making
landfall, the broad economic fallout from Hurricane Katrina continues to
unfold. Economists are downgrading their third quarter growth forecasts for
the U.S. economy and not all think that rebuilding in the wake of the storm
will bring things back in the fourth quarter. Markets have stabilized
however, taking their cue from the price of oil and other refined energy
products, which have been hit by a major international effort to release
emergency energy reserves in an attempt to alleviate a supply crunch.
Estimates of the economic loss from the hurricane exceed $100 billion, with
the Senate’s top Democrat putting it closer to $150 billion.

Here
are some of the main market and economic impacts:

Read More

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Katrina’s Oil Impact (and $4/gal gas)

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Overnight Holdings

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