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RECAP FOR THE WEEK OF: AUG 23, 2010

I am expecting a drop lower for the markets in the first part of the week.

Using the low in July and the high in August, the 61.8% retracement levels are:
DJI -- 10,050
SPX -- 1058
OEX -- 480

Expect a short-time bounce off these levels, but remember the trend is down from now until Nov.

If you are looking to short some stocks. LNC, WFC, and BBY have made 52-week lows, and all 3 look like they are breaking to the downside of a Head-and-Shoulders.

Mercury went retrograde on Friday. Last time it went retrograde (4/11-5/11) we saw the Deepwater Horizon accident of 4/20 and the Flash Crash on 5/6. Should be interesting.

Time to take another look at the metals?
Big Autumn Silver Rally Ahead
Fear and Uncertainty Should Keep Gold Firm Next Week
Indian Demand for Gold during Festival Season Expected to Improve
Personally, I increased my holding in Silver last week. Hoping to see a good profit by the end of the year.

	OSS INDICATORS SERVICE for the OEX week beginning 08/23/10 DATE R V T CHG CHG% HIGH HIGH% LOW LOW% Negative and volatile in the beginning of the week, then positive 08/23/10   2 - -1.50 -0.31 4.57 0.94 -1.66 -0.34 08/24/10 2 - -6.92 -1.43 1.92 -0.40 -8.87 -1.83 08/25/10 A   (+) 1.23 0.26 3.13 0.66 -5.02 -1.05 08/26/10   1 + -3.90 -0.81 2.28 0.48 -4.64 -0.97 08/27/10   1 + 7.18 1.51 7.51 1.58 -3.05 -0.64 FOLLOW UP: Negative in the beginning of the week Positive in the latter part of the week Wednesday was positive Biggest move of the week was up. Friday was the big mover, not Monday or Tuesday

FORECAST FOR THE WEEK OF: AUG 30, 2010

Most likely down the first part of the week. Biggest move this week should be to the down side.

I've notice the calls for a double dip recession have greatly increased.

Even with Friday's reversal up, the markets have not made a clear breakout from the short term bearish channel, formed in the August trading month, but it could happen this week. Personally, I don't think it will before the markets give back some ground.

A couple of weeks back, I said it was time to be looking at the metals. Silver's low this week was 1773; Firday it hit 1934. I continue to expect higher prices. Of note: Australian gold production in the June quarter rose to its highest level in six and a half years.

Any changing curcumstances will be noted in the Wall Street Forecaster Blog/

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