The Market Direction…

Hillbent.com’s stock market condition summary provides technical analysis of market trends over the short, intermediate, and long term for major u.s. equity indices and select correlated and non-correlated asset indices that influence the price movement and direction of stocks. The report also analyzes price & volume reladtionships, market strength, and support & resistance levels to help gauge the probability of continuation or reversal patterns of the market direction.

 >>>Stock Market Conditon Summary>>>

Market Summary: DJ-30 Industrials +36.08 @ 8479.47; SP-500 +5.58 @ 857.39; Nasdaq -7.39 @ 1464.73; Russell 2000 +6.38 @ 443.18; VIX -3.80 @ 60.90; Put/Call Ratio +0.05 @ 0.79

NYSE A/D: 2114 / 1073; Nasdaq A/D: 1551 / 1338

NYSE & Nasdaq 52 Week New Highs vs. 52 Week New Lows: 9 / 81

Industry Group Breadth: Positive  /  Negative  / Unchanged

ETF Sector Performance:  Consumer Discretionary (XLY) +1.26%; Consumer Discretionary (XLP) +0.56%; Energy (XLE) +1.57%; Financials (XLF) +5.51%; Health Care (XLV) +0.66%; Industrials (XLI) +1.41%; Basic Materials (XLB) +3.54%; Technology (XLK) +1.35%; Telecom (IYZ) +3.14%; Utilities (XLU) +1.95%

Credit Markets:  Fed Funds: 1.00;  10-Yr Bond Yld: 3.09;  TedSpread: 2.09;  2-10 Yr Yield Curve Spread: 2.01;  Tips Spread: 0.38;  Commercial Paper: 0.56

Economic Bellweathers:  Real GDP Revised (Q3 @ -0.05%);  Unemployment Rate (October @ +6.5%);  Industrial Production (October @ +1.3%); Purchasing Managers Index (October @ 38.9); Consumer Condidence (November @ 44.9);  Consumer Prices (October @ +3.7%);  Producer Prices (October @ +5.2%);  Housing Starts (Ocotboer @ 791k); Existing Home Sales (October @ 4.98mm);  Trade Deficit: September @ $56.47bn;  Baltic Dry Index @ 824

The Man on the Street Says:  Consumer Confidence (3% Positive vs. 76% Negative); Economic Conditions (9% Excellent/Good vs. 60% Poor); Economic Outlook (15% Getting Better vs. 78% Getting Worse); Job Market (28% Hiring vs. 46% Not Changing vs. 21% Letting Go)

>>>Market Direction Trend Analysis>>> 1) Equities: Short-term trends for SP-500 and DJ-30 Industrials are up; Volatility: short-term trend is down. 2) Bonds: no changes to trend analysis; Treasury Bond Yields: no changes to trend analysis. 3) Alternative Assets: Gold’s intermediate trend is up; U.S. Dollar Bullish Fund short-term trend is down; Euro Currency Trust short-term trend is up; and Japanese Yen Currency Trust short-term trend is lateral.

Equities

SP-500: Short-term trend is up; intermediate and primary trends are down.

Nasdaq: Short-term, intermediate and primary trends are down.

Russell 2000: Short-term, intermediate and primary trends are down.

DJ-30 Industrials: Short-term trend is up; intermediate and primary trends are down.

VIX (Volatility): Short-term trend is down; intermediate and primary trends are up.

Treasury Bonds & Bond Yields

TLT (iShares 20 Yr+ Treasury Bond Fund): Short-term, intermediate and primary trends is up.

TIP (iShares Treasury Inflation Protection Bond Fund): Short-term, intermediate and primary trends are down.

10 Year Yields: Short-term, intermediate and primary trends are down.

30 Year Yields: Short-term, intermediate and primary trends are down.

Alternative Assets

DBC (DB Commodity Index): Short-term, intermediate and primary trends are down.

Gold: Short-term and intermediate trends are up; primary trend is down.

Oil: Short-term, intermediate and primary trends are down.

IYR (DJ Real Estate Index): Short-term, intermediate and primary trends are down.

UUP (DB U.S. Dollar Index Bullish Fund): Short-term trend is down; intermediate and primary trends remain up.

FXE (Rydex Currency Euro Trust): Short-term trend is up; intermediate and primary trends are down.

FXY (Rydex Currency Japanese Yen Trust): Short-term trend is lateral; intermediate and primary trends are up.

>>>Price Volume Analysis (Russell 3000)>>>  Not surprising, most of today’s trading revolved around distribution of stocks as the majority of traders unwound profitable positions heading into the holiday weekend.

-Price Up & Volume Up (Bullish): moving @ 20.73%

-Price Up & Volume Down (Distribution): moving @ 42.30%

-Price Down & Volume Up (Capitulation): moving @ 13.93%

-Price Down & Volume Down (Bearish): moving @ 21.70%

>>>Market Strength Analysis (Russell 3000)>>>  The percentage of stocks trading above their 20 and 50 day moving averages increased again, but momentum for stocks trading above their 200 day moving average decreased to signal a negative divergence and confirmation of solid resistance.

 -HB Oversold Meter (Contrarian –> Bullish): moving up @ N/A

-HB Overbought Meter (Contrarian –> Bearish): moving down @ N/A

-% Stocks > 20 Day Moving Average: moving up @ 18.73%

-% Stocks > 50 Day Moving Average: moving up @ 9.63%

-% Stocks > 200 Day Moving Average: moving down @ 5.11%

>>>Equity Support & Resistance Levels: 11-19-2008 >>>

-DJ-30 Industrials –> S2 @ 8130 & S1 @ 8305; R1 @ 8631 & R2 @ 8782

-SP-500 –> S2 @ 820 & S1 @ 839; R1 @ 873 & R2 @ 888

-Nasdaq –> S2 @ 1402 & S1 @ 1433; R1 @ 1493 & R2 @ 1521

-Russell 2000 –> S2 @ 421 & S1 @ 432; R1 @ 449 & R2 @ 454

*Disclosures: None

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