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Thursday's Strength Makes It Difficult To Confirm A Market Top.

|Includes: DIA, GLD, QQQ, SPY, iShares 20+ Year Treasury Bond ETF (TLT), XLE

10-Year Note - (2.152) Tuesday's high was 2.293 with annual and semiannual value levels are 2.476 and 3.063 with daily, weekly and monthly pivots at 2.184, 2.151 and 2.092, and annual and semiannual risky levels at 1.981 and 1.413.

Comex Gold - ($1383.3) Daily and weekly value levels are $1368.8 and $1327.1 with a monthly pivot at $1379.5, and annual, semiannual, quarterly and annual risky levels at $1599.9, $1719.2, $1808.3 and $1852.1.

Nymex Crude Oil - ($95.12) Monthly and quarterly value levels are $92.32 and $79.66 with daily, weekly and annual risky levels at $97.42, $97.07 and $115.23.

The Euro - (1.3363) Weekly, semiannual and quarterly value levels are 1.2982, 1.2797 and 1.2169 with annual and monthly pivots at 1.3257 and 1.3322, and daily risky level at 1.3434.

Thursday's strength pulls the major averages away from the cliff of having weekly closes below the five-week modified moving averages at 15,026 Dow Industrials, 1619.9 S&P 500, 3400 Nasdaq, 6291 Dow Transports and 969.50. Monthly value levels remain 14,739 Dow Industrials, 1602.8 S&P 500, and 3288 Nasdaq, with a monthly pivot at 978.21 Russell 2000, and monthly risky level at 6734 Dow Transports. The May 20 / May 22 highs are 15,542.40 Dow Industrials, 1687.18 S&P 500, 3532.04 Nasdaq, 6568.41 Dow Transports and 1008.23 Russell 2000.

Daily Dow:(15,176) Daily, monthly, semiannual, quarterly and annual value levels are 14,998, 14,739, 14,323, 13,755 and 12,696 with a weekly risky level at 15,273, and the May 22 all time high at 15,542.40.

S&P 500 - (1636.4) Daily, monthly, semiannual, quarterly and annual value levels are 1617.4, 1602.8, 1566.9, 1448.7 and 1348.3 with a weekly risky level at 1660.1, and the May 22 all time high at 1687.18.

NASDAQ - (3445) Daily, monthly, quarterly and annual value levels are 3411, 3288, 3106 and 2806 with a weekly risky level at 3517, the May 22 multi-year high at 3532.04, and semiannual risky level at 3583.

NASDAQ 100 (NDX) - (2963) Daily, quarterly, monthly and annual value levels are 2932, 2819, 2784 and 2463 with a weekly risky level at 3039 and the May 22 multi-year high at 3053.51.

Dow Transports - (6341) Daily, semiannual, annual and quarterly value levels are 6254, 5955, 5925, 5469 and 5324 with a weekly risky level at 6449, the May 20 all time high at 6562.85, and a monthly risky level at 6734.

Russell 2000 - (989.69) Daily, semiannual, annual and quarterly value levels are 974.59, 965.51, 860.25, 809.54 / 807.82 with a monthly pivot at 978.21, a weekly risky level at 994.32, and the May 22 high at 1008.23.

The SOX- (467.38) Daily, monthly, quarterly and annual value levels are 463.58, 458.41, 357.61 and 338.03 with a weekly risky levels at 480.33, a semiannual risky level is 520.17 and the July 2007 high at 549.39.

Dow Utilities:(484.98) My semiannual value level is 474.32 with a daily pivot at 482.63, monthly and weekly risky levels at 491.15 and 493.33 and quarterly risky level at 524.16 and annual risky level at 540.37.

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