Weekly Commentary Charts through July 18th 2008

Here are a few charts that caught my eye.  The first is from the Trading Godess site.  It is from a post called, "Did someone ring a bell."  It shows that a break above the downtrend, on volume, with MACD turning up.  In other words, it has the makings of a decent long set-up.

On the other hand Phil Erlanger had this chart, which shows that the Dow has re-traced 50% of the move off its 2003 lows, but that it might have a little more to go.