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Rising Yields Are A Huge Negative For The Stock Market.

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

10-Year Note - (2.518) Weekly and semiannual value levels are 2.569 and 3.063 with annual and daily pivots at 2.476 and 2.405 and monthly, annual and semiannual risky levels at 2.092, 1.981 and 1.413.

Comex Gold - ($1293.4) No value levels with weekly and daily pivots at $1299.4 and $1317.2, and monthly, annual, semiannual, quarterly and annual risky levels at $1379.5, $1599.9, $1719.2, $1808.3 and $1852.1.

Nymex Crude Oil - ($93.93) Monthly and quarterly value levels are $92.32 and $79.66 with daily, weekly and annual risky levels at $97.46, $97.22 and $115.23.

The Euro - (1.3123) Semiannual and quarterly value levels are 1.2797 and 1.2169 with weekly, annual and daily pivots at 1.3119, 1.3257 and 1.3251, and monthly risky level at 1.3322.

Higher yields make stocks less undervalued and more overvalued. The Nasdaq did not end last week with momentum declining below 80.00, so confirming a market top will have to wait another week. All major averages ended last week below their five-week modified moving averages at; 14,988 Dow Industrials, 1615.6 S&P 500, 3395 Nasdaq, 6259 Dow Transports and 970.32 Russell 2000. This week's closes are also monthly closes, quarterly closes and semiannual closes. It appears that we will have new quarterly value levels with new monthly and semiannual risky levels. My annual value levels will remain at 12.696 Dow Industrials, 1348.3 S&P 500, 2806 Nasdaq, 5469 Dow Transports and 809.54 Russell 2000. 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.

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Daily Dow:(14,799) Semiannual, quarterly and annual value levels are 14,323, 13,755 / 12,696 with monthly pivot at 14,739, daily risky level at 14,924, weekly risky level at 15,461, and May 22 all time high at 15,542.40.

S&P 500 - (1592.4) Semiannual, quarterly and annual value levels are 1566.9, 1448.7 / 1348.3 with a monthly pivot at 1602.8, a daily pivot at 1611,3, a weekly risky level at 1673.5, and the May 22 all time high at 1687.18.

NASDAQ - (3357) Monthly, quarterly and annual value levels are 3288, 3106 and 2806 with a daily risky level at 3391, the May 22 multi-year high at 3532.04, and weekly and semiannual risky levels at 3573 and 3583.

NASDAQ 100 (NDX) - (2878) Quarterly, monthly and annual value levels are 2819, 2784 and 2463 with a daily risky level at 2908, the May 22 multi-year high at 3053.51 and weekly risky level at 3075.

Dow Transports - (6110) Semiannual, annual and quarterly value levels are 5955, 5925, 5469 / 5324 with daily and weekly risky levels at 6217 and 6485, the May 20 all time high at 6562.85, and monthly risky level at 6734.

Russell 2000 - (963.68) Annual / quarterly value levels are 860.25, 809.54 / 807.82 with semiannual pivot at 965.51 / daily / monthly risky levels at 975.35 / 978.21, May 22 high at 1008.23, weekly risky level at 1018.23.

The SOX- (460.85) Monthly, quarterly / annual value levels are 458.41, 357.61 / 338.03 with a daily risky level at 469.81, a weekly risky level at 492.78, a semiannual risky level is 520.17 and the July 2007 high at 549.39.

Dow Utilities:(471.77) My weekly value level is 458.38 with semiannual and daily pivots at 474.63 and 476.84, and a quarterly risky level at 524.16 and a annual risky level at 540.37.

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