Stocks at New Highs

Stocks at New Highs, 8/15/08

AAWW Atlas Air Worldwide Hldg
ACI Arch Coal Inc
ACL Alcon Inc
ADEP Adept Technology Inc
AKS A K Steel Holding Corp
AMCP Amcomp Inc
AMSC American Superconductor
ANR Alpha Natural Resources
ANSS Ansys Inc
ANST Ansoft Corp
APC Anadarko Petroleum Corp
APWR A-Power Engy Generation
ARA Aracruz Celulose Adr
ARD Arena Resources Inc
AREX Approach Resources Inc
ARG Airgas Inc
ARO Aeropostale Inc
ASIA Asiainfo Holdings Inc
ATLS Atlas America Inc
ATVI Activision Inc
AXYS Axsys Technologies Inc
BABY Natus Medical Inc
BAP Credicorp Ltd
BAS Basic Energy Services
BBG Barrett Bill Corp
BBL B H P Billiton Plc Ads
BEAT Cardionet Inc
BEXP Brigham Exploration Co
BHP B H P Billiton Ltd Adr
BKE Buckle Inc
BNCL Beneficial Mutual Bancrp
BRY Berry Petroleum Co Cl A
BTE Baytex Energy Trust
BUCY Bucyrus International
BWA Borg Warner Inc
CAP C A I International Inc
CBD Companhia Brasileira Adr
CE Celanese Corp
CHD Church & Dwight Inc
CHK Chesapeake Energy
CHRW C H Robinson Worldwide
CLF Cleveland Cliffs Inc
CLHB Clean Harbors Inc
CLR Continental Res Inc
CLS Celestica Inc
CNQ Canadian Natural Res Ltd
CNX Consol Energy Inc
COG Cabot Oil & Gas Corp
COST Costco Wholesale Corp
COV Covidien Ltd
CPE Callon Petroleum Co
CQB Chiquita Brands Intl
CRK Comstock Resources
CRM Salesforce.Com Inc
CRZO Carrizo Oil & Gas Inc
CSIQ Canadian Solar Inc
CSTR Coinstar Inc
CTRP Ctrip.Com Intl Ltd Adr
CVX Chevron Corp
CWEI Clayton Williams Energy
DAR Darling International
DBE Powershares Db Energy
DBO Powershares Db Oil Fund
DKA Wisdomtree Intl Energy
DMLP Dorchester Minerals Lp
DRS D R S Technologies Inc
DTV Directv Group Inc
DVN Devon Energy Corp
E Eni Spa Ads
EAC Encore Acquisition Co
EL Estee Lauder Cos Cl A
ELN Elan Plc Adr
ENER Energy Conversion Device
EOG E O G Resources Inc
EP El Paso Corp
EQT Equitable Resources Inc
ERES Eresearch Technology Inc
EXXI Energy Xxi Ltd
FDG Fording Canadian Coal Tr
FEED Agfeed Industries Inc
FLO Flowers Foods Inc
FMC F M C Corp
FRO Frontline Ltd Adr
FST Forest Oil Corp
FTI F M C Technologies Inc
FXN First Tr Energy Alphdx
GDI Gardner Denver Inc
GENC Gencor Industries Inc
GEOI Georesources Inc
GGB Gerdau S A Adr
GHM Graham Corp
GIFI Gulf Island Fabrication
GILD Gilead Sciences Inc
GMXR G M X Resources Inc
GNA Gerdau Ameristeel Corp
GNK Genco Shipping & Trading
GSG Ishares S&P Gsci Commod
GTI Graftech International
GWR Genesee & Wyoming Inc
GYMB Gymboree Corp
HAL Halliburton Company
HCH Merrill Lynch Canada Inc
HE Hawaiian Electric Inds
HES Hess Corp
HGT Hugoton Royalty Trust
HK Petrohawk Energy Corp
HOMB Home Bancshares Inc
HP Helmerich & Payne Inc
HUSA Houston American Energy
Intl Business Machines
ICLR Icon Plc Ads
IEO Ishares Dj Us Oil&Explr
IEZ Ishares Dj Us Oil&Equpmt
IGE Ishares S&P Gssi Nat Res
ILF Ishares S&P Latin Am 40
IPAR Inter Parfums Inc
IPHS Innophos Holdings Inc
IRW I B T Bancorp Inc Pa
IXC Ishares S&P Glb Energy
JBHT Hunt J B Trans Svcs Inc
JOYG Joy Global Inc
JRCC James River Coal Company
JST Jinpan International Ltd
KMR Kinder Morgan Mgmt Llc
KOL Market Vect Coal
KOP Koppers Holdings Inc
KWK Quicksilver Resources
LG Laclede Group Inc
LMDIA Liberty Media Enter Cl A
LUK Leucadia Natl Corp
MA Mastercard Inc Cl A
MCF Contango Oil & Gas Co
ME Mariner Energy Inc
MEE Massey Energy Company
MLNM Millennium Pharmaceutcls
MMR Mcmoran Exploration Co
MT Arcelor Mittal Cl A
MVL Marvel Entertainment Inc
MWE Markwest Energy Partners
MXI Ishares S&P Glb Material
NBL Noble Energy Inc
NBR Nabors Industries Ltd
NE Noble Corp
NETM Netmanage Inc
NFG National Fuel Gas Co
NSC Norfolk Southern Corp
NUCO Nuco2 Inc
NUE Nucor Corp
NWPX Northwest Pipe Company
NXY Nexen Inc
OCFC Oceanfirst Financial Cp
OIS Oil States International
OMI Owens & Minor Inc
OTEX Open Text Corp
OXY Occidental Petroleum
PBR Petroleo Bras Sa Ptr Adr
PCLN Priceline.Com Inc
PCX Patriot Coal Corp
PDE Pride International Inc
PETD Petroleum Dev Corp
PHTN Photon Dynamics Inc
PHX Panhandle Oil & Gas Inc
POWL Powell Industries Inc
PQ Petroquest Energy Inc
PTEN Patterson-Uti Energy Inc
PVA Penn Virginia Corp
PVTB Privatebancorp Inc
PXD Pioneer Natural Resource
PXI Powershares Dyn Energy
PXJ Powershares Dyn Oil Svcs
PXP Plains Explor & Prod
R Ryder System Inc
REXX Rex Energy Corp
RIG Transocean Inc
RIO Comp Vale Do Rio Adr
ROST Ross Stores Inc
RTP Rio Tinto Plc Adr
SBR Sabine Royalty Tr Ubi
SBS Comp De Saneamento Adr
SCHN Schnitzer Steel Inds A
SCX Starrett L S Co
SD Sandridge Energy Inc
SFY Swift Energy Co
SGY Stone Energy Corp
SID Companhia Siderurgic Ads
SII Smith International
SLH Solera Holdings Inc
SLX Market Vect Steel
SM St Mary Land & Exloratn
SMS Sims Group Ltd Ads
SOHU Sohu.Com Inc
SOL Renesola Ltd Ads
SPN Superior Energy Svcs
SSL Sasol Ltd Adr
STO Statoilhydro Asa Adr
STR Questar Corp
SU Suncor Energy Inc
SUTR Sutor Technology Grp Ltd
SVNT Savient Pharmaceuticals
SVR Syniverse Holdings Inc
SWN Southwestern Energy Co
TACT Transact Tech Inc
TAP Molson Coors Brewing B
TE Teco Energy Inc
TKLC Tekelec
TLM Talisman Energy
TTES T Three Energy Services
UCR Macroshares Oil Up
UFPT U F P Tech Inc
UNP Union Pacific Corp
UNT Unit Corp
UPL Ultra Petroleum Corp
USO United States Oil Fnd Lp
USPH U S Physical Therapy
V Visa Inc Cl A
VISN Visionchina Media Ads
VITL Vital Signs Inc
WAB Wabtec
WFT Weatherford Intl Ltd
WLL Whiting Petroleum Corp
WLT Walter Industries Inc
WTI W & T Offshore Inc
WW Watson Wyatt Worldwide
X United States Steel Corp
XCO Exco Resources Inc
XEC Cimarex Energy Co
XES Spdr S&P O&G Equip
ZEUS Olympic Steel Inc

Key battles

The Bulls remain in control as they drive the major indexes to just under their 200-day moving averages.

We anticipate key battles at the 200-day averages.

And until those levels are resolved we are hesitant to raise the Green Flag for a buyer’s bias.

Whether or not the economy is in a recession or the credit crisis is behind us is pretty much undeterminable.

What we know is that the stock market is often the best leading indicator for the underlying business cycle.

And we need to respect that even bear markets have drawn out periods of relief rallies and vice versa.

In the bigger technical picture this market is far from good.

With the major indexes’ 50-day averages trending below the 200-day averages it’s easy to see that the underlying trend is down.

This is most convincing with the Semiconductors, Banks, Broker Dealers and Retailers, which have fallen hardest over the past several months.

These sectors, which are correlated strongly with general market strength, have far to go before they reclaim new highs.

The Transportation Index has shown surprising strength over the past two months, and is just 3% under its high made last summer.

And the Defense sector is not far behind.

Dow theorists place great emphasis on transportationas an indicator of the health of the economy for its role in moving goods.

If transportation becomes a new leader it will bode well for the market. But as fuel prices also rise it seems unlikely both will remain on the same path.