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STOCK MARKET DIRECTION by Steve Zito Newsletter on Market Direction
Technical Indicator Analysis of the Dow and Nasdaq Composite Index
Redistribution only with permission of webmaster writer Steve Zito
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STOCK MARKET DIRECTION by Steve Zito Newsletter for Monday, Sept. 13, 2004

Information in this newsletter based on prices from Friday, Sept. 10, 2004
Dow Jones Industrial Average
---------------------------------------- 10,313.07 +23.97 (+0.23%)
Nasdaq Composite Index
----------------------------------------- 1,894.31 +24.66 (+1.32%)
Standard and Poors 500 Index
----------------------------------------- 1,123.92 + 5.54 (+0.50%)
10-Year Treasury Note yield
-------------------------------------------- 4.18% - 0.019

DOW JONES INDUSTRIAL AVERAGE analysis:
Dow Jones Industrial Average closed 10,313.07 +23.97 after trading lower until
after 2 PM when the crude oil market collapsed sending crude to its lowest close
in weeks. What prompted crude oil to slide was OPEC promise to increase production
in order to help George W. Bush win his November election. For those who drive and
pay $1.86 a gallon to get to work or the store, more money to spend elsewhere will
not only keep the economic recovery on track, but make undecided voters happier.

Americans don't vote for Bush because he freed Iraq. They don't vote for Bush for
any health insurance, nor for cleaner air. Tens of millions of Americans will vote
for George W. Bush because they believe he will put more money into their pockets.

When considering that the primary reason millions of immigrants come to the U.S.A.
legally or illegally is to get more money from higher paying jobs or from stealing,
it should be no surprise that many illiterate penniless who get to stay in America
and make their fortune would support Bush, who offers them amnesty for their votes.

Just ask George W. Bush's most loyal supporter, Arnold Schwarzenegger, who after
speaking two weeks ago on the merits of Bush for 4 more years, also praised Nixon.
Not only was Nixon a disgraced criminal who resigned his Presidency, Nixon had to
be pardoned by Gerald Ford to avoid further scandal taking down other Republicans.

The point is, George W. Bush has a tremendous amount of support from voters who
were not even in the USA when Nixon was President (through 1974) and who, for the
record, can be functionally illiterate like the 84% illiteracy rate in South Los
Angeles bears out. Newcomers in Los Angeles can't read bus schedules or newspapers,
but they have jobs, they want more money, and they may vote for G.W. Bush who pays.

While Bush has opened U.S. borders to 4 million illegal aliens entering each year,
so far, John Kerry has uttered nothing but generalisms which don't raise heartbeats
for anyone but 55-year-old hippies wearing Tie-dye T-shirts protesting animal abuse.

Why don't more American citizens speak up about rising illegal immigrant invasion?
The U.S. Constitution has Amendments to it. The very First Amendment is the right
of free speech. That right is reserved for those with power. Anyone without power
who exercises First Amendment rights can expect to never get a decent paying job.
Ask a woman who was recently fired by her boss for her Vote Kerry bumper sticker.

The Second Amendment is the right to bear arms, and the more ardent supporters
of George W. Bush are gun-toting members of the U.S. National Rifle Association,
who want everyone to own a gun, and practice how to use it. After Ronald Reagan
was shot, it took years but assault rifles such as the Colt AR-15 were banned for
ten years, until last month when the ban expired and Bush did not renew it again.

No matter, since gun makers just reconfigured the Colt AR-15 into a Bushmaster 15
which looks almost the same as Colt's assault weapon, with slight cosmetic changes
so it is not classified as an assault weapon. The Bushmaster is the weapon that the
teenage John Malvo known as the D.C. sniper used to pick off 18 in shopping malls.

George W. Bush believes in freedom, his most often used word, as long as freedom
in question is for carrying weapons. People don't kill people, rifles kill people.

The number of murders in the U.S. rivals the number of murders of all other top
industrialized countries combined, because the U.S. is the only country to allow
those of average intelligence to carry legal guns in an auto's glove compartment.

With so many striving for money (the American dream) while allowed to own weapons,
it is inevitable that the U.S. would become a land of criminals, all the way up to
the President, which is why Richard Nixon became the greatest U.S. criminal of all.
Bush is criticized for invading Iraq at the cost of 1,000 U.S. troops dead at cost
of some 25,000 Iraqis sent to Allah. That pales in comparison to the 50,000 Nixon
obliterated in peasant Cambodia with B-52 carpet bombing, the 55,000 Americans dead
in Vietnam, and over 1 million Vietnamese killed by U.S. troops in a losing cause.

Since American people don't want to get their priorities right, by chasing money
and shooting anyone in the way to get ahead, instead of setting leadership example,
they should vote G.W. Bush back into office. They deserve him. The stock market will
reflect the Bush resurgence for up to a week or two, which is what Friday's two-hour
rally off declines most of the day was all about. But 12% of the trading is foreign
and that money will pull out very soon to buy China and India, or return to Europe.

While U.S. investors are waiting to see Bush take a double-digit lead in the polls,
Europeans and Asians regard Bush and advisers as destabilizing forces for next year.
Not only is military expansion out of control, nothing was done for the environment.
Bush does not give a rat's behind about people, or he would realize that pollution
and a greenhouse effect of SUV's and factory emissions is causing horrible weather.
Bush likes to say he answers to a higher authority, yet he ignores mother nature.
Bush has about the foresight of a golfer on the 18th tee faced with a 2-foot putt.

Readers bought Dow Jones (DJX) put options for Dow 10,300 at 0.60 late Thursday.
These DJVUY closed 0.65 -0.05 Bid 0.45 Ask 0.60 volume 903 open 4882. A week left.
Most of Friday, DJVUY traded at 0.90 (+50%) until 3 pm, when falling to low 0.55.

NASDAQ COMPOSITE INDEX analysis:
Nasdaq Composite closed 1,894.31 +24.66 led by semiconductors and biotechnology.
Many large brokerages downgraded the semiconductor stock group last week, prior to
Thursday - Friday, so traders called it a case of, when everyone is bearish, buy.

Intel did not do very much but rival AMD just rallied from about 10.50 to 12.21.
Recently, I wrote to remain short on Intel and buy call options with AMD at 10.50.
Intel is trying to keep 32-bit microprocessor PC world installed and AMD is going
to 64-bit technology, to leave Intel and Dell Computer in its dust. Sun is 64-bit.
INTC closed 20.57 +0.40 (+1.98%) and Sun Micro SUNW closed at 4.03 +0.11 (+2.81%).

QQQ last 35.12 +0.53 (+1.53%) after opening at 34.62 with daily range 34.47-35.19.
Sept. 37 call QQQIK at 0.05 unch No Bid Ask 0.05 volume 10 open interest 231,845.
Unless a miracle in the capture of Bid Laden happens, QQQIK will expire worthless.
The Pakistani government is hinting Bin Laden is dead, which rallied stocks Friday.
Monday, that hope should be offset if Hurricane Ivan hits the Gulf of Mexico hard.
Most of the U.S. shallow water oil rigs are in the waters south of LA. and Texas.

Thanks for reading this edition of Stock Market Direction by Steve Zito.
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