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    7/15/2014    The DJI seems stuck in its17500-18200 trading range and
                        between the narrow +2% and -2% bands around the 21-day ma.
                        Meanwhile, the high-performance crowd are still buyers of
                        biotechs.  Continue to watch AAPL and QQQ for signs
                        that they will rise further.  At the end of the long 1991-2000
                        and 2003-2008 bull markets, biotechs and QQQ kept
                        rising for months after the DJI topped out. 

                        DJI could not surpass its hourly resistance at 18100, but it should
                        jump at the opening; the Greek Parliament's approval today of a new
                        round of austerity in exchange for the EURO funds to re-open its banks
                        is certainly an outcome that is more favorable to Big Banks than might
                        reasonably have been expected last week when 61% of the Greek people
                        vote "NO" to more austerity.  But Tsipras' betrayal of all those who believed
                        he would never accept more austerity and foreign privatization of Greek
                        ports, etc actually might have been anticipated when his lead negotiator
                        resigned and Tsipras proclaimed Greek was not printing Drachmas as
                        part of any plan "B" if negotiations failed.   So, the extent of market's advance
                        on this news may be limited.

                        The problem for the market is its internal weakness now.  The biggest part of the
                        current advance is coming from jumps at openings on average, not extraordinary
                        volume as might mean a Summer take-off has started.  Breadth was not good today.
                        But most important, if the DJI were to rally 200 points more this week, we would
                        almost certainly get a classic Peerless Sell S12 and a Sell S9v.  The IP21 now stands
                        at a very negative -.183 and the V-I is - 129.                          

HOURLY DJIA and Peerless DJI chart

                        We also have to go back to worrying about the Chinese markets,
                        which turned down today.  See YING's chart below. Another test
                        of its lows is coming again.  It better hold, or else!

ETF - YING |

                        
                        The Biotech ETFs, IBB and BIIB again madenew all-time highs.
                        FAS made good gains.  If  QQQ can advance past 111, biotechs
                        and leading smaller companies will get a nice further boost.

                         It may turn out that the DJI will again fall back from its overhead
                         resistance, but Biotechs and more speculative smaller tech stocks
                         as represented by IWM and QQQ could well keep rising.  This is exactly
                         what happened between mid-January and March 2000.  And,
                         keep in mind, biotechs also topped out nine months after the DJI did
                         in October 2007.  I think that it's reasonable to expect biotechs again
                         to be among the "last men standing" again. Note how many biotechs are
                         among the Bullish MAXCP stocks.

                         For the rest of this week, we want to watch to see if QQQ can score a break out
                         past its flat resistance at 111.  This would be a boost to the market.  in this,
                         it is very important that AAPL get back above its overhead resistance

7/15/2015   200+ TigerSoft Charts                                     Go to http://tigersoftware1.com/HH/ to see them. New Highs: NASD  56          NYSE  39 New Lows:  NASD  35         NYSE   63 (Bearish plurality)                                                   41 -9  Bullish MAXCPs                     ETH, BHLB                  Biotechs/Biomed:                                 ANAC - 100 employees                                 RARE (secondary announced) 140 employees                                 NWBO - only 12 employees,                                 ACAD - 118 employees                                 LJPC - 25 employees                                 MYGN 174 +81   Bearish MINCPs  Gold/Silver stocks frequent this list. ABX, SLW, NUGT                        FUEL, KNDI (China), FSTR, WYNN, DLNG, AHC, BLT, CENX, VC