Nidec Corporation Inc(NYSE:NJ)

Nidec Corporation Inc(NYSE:NJ) is the world's number 1 in the manufacture of precision comprehensive drives technology with worldwide offices . Research & Developemnt Offices:- 1) Singapore,Loyang Way. 2)Vietnam,Saigon Hi-Tech Park. 3) China,Dalian Economic & Technical Zone. 4)Taiwan,Tapei Production: 1)Thailand,Wangnoi district in Ayuthhaya Province & Bangkadi Industrial Park in Patthumthani Province. 2)Thailand,Rojana Industrial Park in Ayutthaya & Rangsit Factory near Bangkok.Also at Rayong. 3)Pinghu Economic Development Zone, Pinghu City, Zhejiang. The Peoples Republic of China. 4)P.T. NIDEC INDONESIA,in the Riau Province. 5)NIDEC PHILIPPINES CORPORATION, Laguna Technopark Special Economic Zone, Binan, Laguna and Subic Techno Park in The Philippines. 6)Vietnam ,Saigon Hi-Tech Park and Quang Minh Industrial Zone, Me Linh District, Hanoi 7)NIDEC COPAL (MALAYSIA) SDN. BHD.,Nilai Industrial Estate. LONGMONT OFFICE in the United States of America is the R&D CENTER at Colorado while headquarter is at Braintree and office in Torrington,Connecticut. Main Products: 1) manufactures ultra-high-precision pivot assemblies, which support the control arms governing the subtle movement of HDD read/write heads. 2)small precision brushless DC motors are used in various storage devices ranging from CD-ROM, DVD, DVD+RW, DVD-RW, DVD Multi, GAME, Blu-Ray, high-capacity floppy disc drives to laser printers. 3)developed as the general-purpose lines of small brushless DC motors with built-in driving circuits. 4)Nidec currently supplies world's renowned automobile manufacturers with mid-size brushless DC motors for their power assisted steering systems. 5)UltraFlo cooling series fans as new standard cooling fans which possess excellent air capacity, static pressure, and efficiency, whose noise and vibration levels are both low, and which are environmentally conscious. NIDEC CORPORATION Location: 338 Tonoshiro-cho, Kuze Minami-ku, Kyoto 601-8205, Japan. CEO:Shigenobu Nagamori Established:23July 1973 Paid-in capital:Yen 66,551,220,790 Total shares issued: 145,075,080 Financial Year End:March 31 Sector:Industrial Goods I ndustry:Industrial Electrical Equipment Top Instituitional Shareholders @31December 2010 SCOUT INVESTMENTS, INC.=4,198,849=0.72% LAZARD ASSET MANAGEMENT LLC=1,463,555=0.25% Invesco Ltd.=1,173,132=0.20% Managed Account Advisors, LLC=578,023=0.10% JP MORGAN CHASE & COMPANY=285,747=0.05% GRATRY & COMPANY=278,637=0.05% TODD-VEREDUS ASSET MANAGEMENT LLC=201,360=0.03% KENTUCKY (STATE OF) TEACHERS RETIREMENT SYSTEM=200,000=0.03 Bank of New York Mellon Corporation=196,105=0.03 PARAMETRIC PORTFOLIO ASSOCIATES=175,974=0.03 Balance sheet at March 31,2010 Total Assets =7,414,000 Total Liabilities =3,117,000 Total Stockholder Equity =3,642,000 Net Tangible Assets =2,869,000 Change In Cash and Cash Equivalents :(831,000) Nett Income Applicable To Common Shares :$556,000 Upcomin events:- 25-Apr-11,Earnings announcement This stock has been showing signs of weakness for the pass two months and by March,the candlestick formation has shown a word of caution. Despite the natural disaster being happened in the company's home country,its overseas production facilities and subsidiaries are still performing and the impact will not be that significant. On Friday,it has been hanging on the 52 weeks MAV support line and waiting to dive.Meanwhile it is a speculative play and when it has approached the bear pivot support area,time to accumulate as the risk is very low. Again the pattern is your friendly companion during investment. Dow Friday is 4 market days to start of Q2 & 3 months 4 market days to Quantitative Easing dateline. GDP & Consumers Sentiment main news. 9:30am:--Tech shares Oracle upbeat forecast.Bullish 40.0 points gap up. 10:30am:--Opening gap has been filled early,safe for futher bullish trend.Thre powerfull bulls strike. 11:30am:--In its final estimate for the fourth quarter of 2010, US economic growth was stronger than the 2.8 percent the department had previously reported.Index is now spinning at near session high. 12:30noon:--The morning high has been established,the GDP report confirmed a pick-up in inflation pressures on surging food and gasoline prices.Hangman formed. 1;30pm:--Bears are now overwhelming the bulls,the bull pivot support has been breached. 2:30pm:--A double attack at the bull pivot support nearly threatening the MAV support line. 3:30pm:--A sluggish rangebound movement near the bull pivot support for the 3rd time. 4:00pm:--Gone!the bears attacking,bulls giving way but attempted to perform a last minute shortcovering. The overall March candlestick has a very long lower shadow which will be the weapon to be use by hedge funds pirates in the following months. In fact Friday's bullish inverted hammer can also be portrayed as a shooting star taking into account the previous session uptrend. The United States is flush with liquidity and any further stimulus will not help and could even harm the U.S. economy, Dallas Federal Reserve Bank President Richard Fisher said on Friday. Fisher, regarded by economists as one of the most hawkish policymakers at the U.S. central bank, said the Federal Reserve 's $600 billion bond-buying programme should end as planned in June, with no extension or replacement scheme. "It's time to call a spade a spade. We did our job as a central bank. We may have overdone our job. We have done enough. We are at risk of doing too much. I don't believe we will," Fisher said at a Bruegel Institute think tank event in Brussels.

Boyd Gaming Corporation.

The Stardust opened on June 2, 1958 with 1,065 rooms (worlds largest hotel), a 16,500 square foot casino (largest in Nevada) a huge neon sign as its facade (worlds largest electric sign) 216 feet long and 37 feet high, the sign contained over six miles of wiring, 7,100 feet of neon tubing and 11,000 lamps. There was also a large round free-standing sign on the strip.
The famous Stardust was moved to the Neon Museum on Fremont Street costing $80,000 to move it to the museum.
The Stardust was officially closed on November 1, 2006 after operating continuously for 48 years. It was imploded on March 13, 2007.In 2007, construction began on Echelon Place, which replaced The Stardust.
Founded more than 30 years ago, Las Vegas-based Boyd Gaming Corporation is a leading casino entertainment company, owning and operating nine properties in Las Vegas, NV. The Company is also developing Echelon, a world-class destination resort on the Las Vegas Strip. One of the most respected names in the casino industry, Boyd Gaming is well-known for offering its customers a distinctive entertainment experience, coupled with an unrivaled attention to customer care.
In 1941, when Sam Boyd arrived in Las Vegas with his family and just $80 in his pocket. He worked up through the ranks of the Las Vegas gaming industry, moving from dealer to pit boss to shift boss. It wasn’t long before Sam had saved up enough money to buy a small interest in the world-renowned Sahara Hotel. He then moved on to become general manager and partner at The Mint in downtown Las Vegas, where he introduced a number of successful marketing, gaming and entertainment innovations.
The birth of Boyd Gaming came on January 1, 1975, when Sam and his son Bill Boyd founded the Company to develop and operate the California Hotel and Casino in downtown Las Vegas.
Sam Boyd passed away in 1993, but the Company he founded continued to grow and thrive under Bill’s leadership.


Top Institutional Holders in Boyd as at financial year end 31 December 2010
LMM, LLC==4,751,190==5.51%
DIMENSIONAL FUND ADVISORS LP==3,965,627==4.60%
Capital Research Global Investors==3,734,000==4.33%
PAR CAPITAL MANAGEMENT, INC.==3,383,863==3.92%
H Partners Management, LLC==3,100,000==3.59%
FMR LLC==3,000,000==3.48%
VANGUARD GROUP, INC. (THE)==2,476,325==2.87%
BlackRock Fund Advisors==1,990,506==2.31%
GAMCO INVESTORS INC==1,804,150==2.09%
STATE STREET CORPORATION==1,773,671==2.06%


Top Mutual Fund Holders
Legg Mason Capital Management Opportunity Trust Fd==4,500,000==5.22%
SMALLCAP WORLD FUND==3,349,000==3.88%
FIDELITY MID-CAP STOCK FUND==3,000,000==3.48%
DFA U.S. SMALL CAP VALUE SERIES==1,452,948==1.68%
VANGUARD SMALL-CAP INDEX FUND==787,290==0.91%--Sep 30, 2010
ISHARES RUSSELL 2000 INDEX FD==710,561==0.82%== Jan 31, 2011
SPDR S&P Mid Cap 400 ETF Trust==577,755==0.67%==Sep 30, 2010
VANGUARD TOTAL STOCK MARKET INDEX FUND==577,446==0.67%==Sep 30, 2010
VANGUARD SMALL CAP VALUE INDEX FUND==483,781==0.56%==Sep 30, 2010
ISHARES S&P MIDCAP 400 INDEX FD==483,781==0.56%==Jan 31, 2011

Balance sheet fiscal year end 31 December 2009
Total Assets =$4,459,957
Total Liabilities =$3,303,588
Total Stockholder Equity =$1,156,369
Net Tangible Assets =$520,667

Cash Flow:-
Change In Cash and Cash Equivalents =($4,950)

Latest news events:-
(1/3/10) For the fourth quarter 2010, the company reported a net loss of $7.1 million, or $0.08 per share, compared to a net loss of $1.0 million, or $0.01 per share, in the same period last year.
Adjusted Earnings(1) for the fourth quarter 2010 reflect a loss of $3.9 million, or $0.05 per share, compared to earnings of $0.2 million, or less than $0.01 per share, for the same period in 2009.
Commenting on the quarter, Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, "As expected, fourth-quarter comparisons were the best of the year, as business conditions and consumer confidence continued to improve. As the economic recovery gains momentum, we anticipate we will see increases in both visitation and spend-per-visit, resulting in a return to consistent growth across our business this year."
Stock Code:NYSE:BOYD
Sector:Services
Industry:Resorts & Casino
Last December the stock closes the year 2010 with a bang.Thereafter in January,a graveyard dojistar follows.
During middle of first quarter,it found its early high for the year but ended for that particular month (February) with another graveyard doji.
By March current season,it is now very bearish so even if there is a short term rebound,do not fall into the dead cat bounce.
Strategy:-It is better to hold your cash and wait till the beginning of next quater to plan the move.Again wait for the first three market days for it to dictate the type of candlestick pattern.By the end of the first week on Friday where most traders will unwind position and if there is a general weakness it will be the best chance.Better be late than never.Anything below the bear pivot support region is an opportunity to move in and a rebound to MAV resistance sell to take the first profit.
Tracking the Dow on Quadraple Witching Day.
Quantitative Easing:3 months 9 market days to go.
No major economic news.
9:30am:--Heftey 140 points gap up opener. Gains supported by a rush of dividend announcements from major banks.
10:30am:--A shooting star after the opening bell has stocks pulling back to session MAV support line.
Decision by global central banks to intervene in currency markets, moderately chipped away at losses of more than 1% for the week.
11:30am:--Another Bearish hit at the MAV support.
12:30noon:--It's a triple bearish hit at the MAV support line.
1:30pm:--MAV support line has been breached.Hangman noticeable.
2:30pm:--The bear pivot support line has been hit but bulls were hanging on.Libya’s foreign minister announced a cease-fire and said the government would halt military operations in the North African nation.
3:30pm:--Bullish spike but failed to even hit the MAV resistance.
4:30pm:--Closes with a bullish unshaven candlestick far below the MAV resistance.Not a very good sign.
The hedge funds have systematically clean up the US market right till the eve of Quagdraple Witching Day.
Their final hammering sign was on Tuesday where they deliberately leave a long lower shadow with intention to create a bigger pullback. Now they have short-covered but failed to deliver above the current month MAV resistance. Scary outside risk from Japan, the Middle East and Libya are still haunting the market.
Now that the witches have celebrated their blood sucking days,hopefully Friday's inverted bull is not translated into a shooting star again.

A summit of G-8 in France.

The earthquake disaster in Japan looks set to dominate a Group of Eight foreign ministers meeting this week in Paris as members discuss ways to coordinate help for the only Asian country in the group.
The crisis over Libya will also be a key issue, with the international community seeking to agree on how to stop a violent crackdown in the North African state by leader Muammar Gaddafi's government forces.
With no headquarters, budget or permanent staff, the Group of Eight is an informal but exclusive body whose members set out to tackle global challenges through discussion and action.It was founded in 1975, Rambouillet, France.
The G8's roots lie in the oil crisis and global economic recession of the early 1970s.
The countries are the United States,Canada,Great Britain,France,Italy,Germany,Russia and Japan.
G8 members can agree on policies and can set objectives, but compliance with these is voluntary. The G8 has clout in other world bodies because of the economic and political muscle of its members.
Nevertheless, G8 leaders strive to keep at least some of their encounters free from bureaucracy and ceremony. On the second day of their summit the leaders gather for an informal retreat, where they can talk without being encumbered by officials or the media.
The presidency of the G8 rotates between the group's member nations on an annual basis.
The country holding the presidency in a given year is responsible for hosting the annual summit and for handling the security arrangements.
As the foremost economic and political power in the G8, the US is regarded as the dominant member of the group, although this position is not formally enshrined.
Important countries with fast-growing economies and large populations, including China and India, are not represented. There are no African or Latin American members.
The Dow is 5 market day to Witching Day.(first quarter ending)
Highlight today: Retail Sales(moving news),Business Inventories,Consumer Sentiment.
Quantitative Easing:3 momths 14market days to go.
10:30am:--Japanese earthquake fear.Bearish open.
11:30am:--Bullish engulfing at session low.Crude-oil futures set a bearish tone in the energy sector
12:30noon:--Bullish inverted hammer near morning low.
1:30pm:--Index spike to session high.
2:30pm:--Pullback to bull pivot support.
3:30pm:--A bullish rebound.
3:00pm:--Closes at near day's high.
March being the end of fiscal year first quarter seems to be a bearish month.The bears are in control and any rebound will test the current month MAV resistance line at 12,109.71 which is very near to Friday's closing.
U.S. stocks advanced Friday as shares of energy and materials companies bounced on relief that large protests in Saudi Arabia failed to materialize and on expectations they could benefit from Japan’s rebuilding efforts.

Oilfields in Libya

Location:
Libya also called the Great Socialist People's Libyan Arab Jamahiriya is a country in North Africa became independent from Italian colonial rule in 1951.At that time it was called Italian North Africa.
Bordering the Mediterranean Sea to the north, Libya lies between Egypt to the east, Sudan to the southeast,Chad and Niger to the south, and Algeria and Tunisia to the west.
With an area of almost 1.8 million square kilometres (700,000 sq mi), 90% of which is desert, Libya is the fourth largest country in Africa by area, and the 17th largest in the world.
The capital, Tripoli, is home to 1.7 million of Libya's 5.7 million people. The three traditional parts of the country are Tripolitania, the Fezzan and Cyrenaica.
History
On September 1,1969,a small group of military officers led by the then 27 year old army officer Muammar Abu Minyar al-Gaddafi staged a coup d’état against King Idris. At the time, Idris was in Europe for medical treatment. His nephew, Crown Prince Sayyid Hasan ar-Rida al-Mahdi as-Sanussi, became King. It was clear that the revolutionary officers who had announced the deposition of King Idris did not want to appoint him over the instruments of state as King. Gaddafi was at the time only a captain and his co-conspirators were all junior officers. Nevertheless the small group seized Libyan military headquarters (due to the sympathies of the stationed men) and the radio broadcasting station with 48 rounds of revolver ammunition. Before the end of September 1, Sayyid Hasan ar-Rida had been formally deposed by the revolutionary army officers and put under house arrest. Meanwhile, revolutionary officers abolished the monarchy, and proclaimed the new Libyan Arab Republic. Gaddafi was, and is to this day, referred to as the "Brother Leader and Guide of the Revolution" in government statements and the official press.
Oil fileds

1) The Bouri Offshore Field
Located 120 kilometers (70 miles) north of the Libyan coast in the Mediterranean Sea.It was first discovered in 1976 at a depth of 8,700 feet (2,700 m) and is estimated to contain 2 billion barrels (320,000,000 m3) in proven recoverable crude oil reserves and 2.5 trillion cubic feet (71 km3) of associated natural gas with an annual production potential of 6 billion m³. Bouri is considered the largest producing oilfield in the Mediterranean.
2) The Elephant field (also known as the El Feel)
An oil field located in onshore in Libya's Murzuq Basin(southwestern Libyan desert about 465 miles (800 km) south of Tripoli, Libya).The Operator of the Elephant Field is Agip(Azienda Generale Italiana Petroli) - General Italian Oil Company, a company equally owned by National Oil Company and Eni.
3) The Gialo High
A relatively small horst block in the eastern Sirte Basin( bordered on the north by the Gulf of Sidra) of the Libyan oil fields. It is most important and best known for the stacked oil fields in rocks ranging from Early Cretaceous to Oligocene age. There are several billion barrels of oil reserves associated with the structure both over the crest of the horst as well as flanking the high in the adjacent graben.
The Sirte Basin ranks 13th among the world’s petroleum provinces, having proven oil reserves estimated at 43.1 billion barrels of oil equivalent, an amount that constitutes 1.7% of the world’s known oil reserves.

4) NC186 oil field.
Located in the southwest of Libya near Ubari in the Targa Valley. It operated by Repsol.Repsol YPF, S.A. (originally an initialism for Refineria de Petróleos de Escombreras Oil - Yacimientos Petrolíferos Fiscales Sociedad Anónima, BMAD: REP) is an integrated Spanish oil and gas company with operations in 29 countries.
5) The Raguba field.
Central part of Libya's Sirte Basin. The Sirte Oil Company (SOC),a state-owned operates the Raguba field. The field is connected by pipeline to the main line between the Nasser field, one of the largest in Libya, and Marsa El Brega.
Libya's onshore oil has been discovered mainly in three geological trends of the Sirte Basin:
a) the western fairway, which includes several large oil fields (Samah, Beida, Raguba, Dahra-Hofra, and Bahi);
b) the north-center of the country, which contains the giant Defa-Waha field and Nasser fields, as well as the large Hateiba gas field; and
c) an easterly trend, which has large fields like Sarir, Messla, Gialo, Bu Attifel, Intisar, Nafoora-Augila, and Amal. Overall, the Sirte Basin contains approximately 80% of Libya's proven oil reserves and accounts for 90% of production.
5) The Sarir Field
It was discovered in southern Cyrenaica during 1961 and is considered to be the largest oil field in Libya, with estimated oil reserves of 12 Gbbl (1.9 km3).Sarir is operated by the Arabian Gulf Oil Company (AGOCO), a subsidiary of the state-owned National Oil Corporation (NOC).
6) Waha field
It is an oil field located in the Libya sirte basinand owned by the Waha Oil Company (WOC), which is a subsidiary of the National Oil Corporation (NOC).
7) The Zelten oil field (now known as the Nasser field)
Located in the town of Zelten, at the foot of the Zelten Mountains, about 105 miles (169 km) south of Marsa El Brega in Concession 6. Zelten holds the title as the largest oil field in the Gulf of Sirte. The 229 wells in Zelten use a gas lifting system.Discovered in 1956, Zelten was Libya's first major oil well.
Conclusion
Oil reserves in Libya are the largest in Africa and the ninth largest in the world with 41.5 billion barrels (6.60×10^9 m3) as of 2007.
The Dow is 8 market days to index/options expiry. Sign of rollover of contracts happen 7 days before expiry.
Quantitative Easing:3 months 17 days to go.
Today:ICSC-Goldman Store Sales
Tomorrow:EIA Petroleum Status(market moving news)

9:30am:--A bullish inverted hammer opener. Easing world oil prices after Saudi Arabia promised it could offset any supply disruption in the Middle East.
10:30am:--Ascending bulls bringing the index to session peak.Leadership from the financial sector has helped the advance.
11:30am:--Another hourly high.Bullish harami.
12:30noon:--The morning high being set.
1:30pm:--Bearish pullback.Softening oil price are hurting energy stocks.
2:30pm:-A sudden flurry of selling pulled the index to the bull pivot support line.Bullish harami formed.
3:30pm:--Retracement to near day's high.Double Top.
4:00pm:--Three Black Crows looking for dead cat bounce.

The index movement in March is within a very tight range.Despite the short-coverings activities today which is normal a week before index/options expiry,the overall March Candlestick is like a hangman with a long bearish lower shadow beneath.
There is already a leakage on the EIA Petroleum Status Report so today movement has already priced in the report.
This is the 2nd time(duplicate news) that Opec is "planning" to increase production but where is the call for extraordinary meeting to get the proposals moving.Another a second round of comfort news that Libyan leader is negotiating a truce.
All these are part of the theme play this month.

Hercules Offshore benefiting from oil price hike.(Nasdaq:HERO)

Hercules Offshore, Inc.,founded in 2004 with its headquarter in Houston,Texas is a leading global provider of offshore contract drilling, liftboat and inland barge services.
Their fleet of jackup rigs is the fourth largest in the world and the largest in the U.S. Gulf of Mexico. Apart from this it also own and operate the largest liftboat and inland barge drilling fleets in the world namely Middle East,West Africa,India Mexico and Malaysia.
The latest crude oil price hike breaching the $100 mark is benefiting the company in the short term due to geo-political uncertainty currently happening in Libya.
Top Institutional Shareholders @31 Dec 2010(fiscal year)
VANGUARD GROUP, INC. (THE)=5,953,161=5.19%
DIMENSIONAL FUND ADVISORS LP=5,675,079=4.94
Ameriprise Financial, Inc.=4,271,093=3.72
BlackRock Fund Advisors=3,333,857=2.90
SCEPTER HOLDINGS, INC.=3,325,571=2.90
PRICE (T.ROWE) ASSOCIATES INC=3,230,979=2.81
STATE STREET CORPORATION=3,191,265=2.78
BlackRock Institutional Trust Company, N.A.=3,130,259=2.73
PIONEER INVESTMENT MANAGEMENT INC.=3,068,622=2.67
FMR LLC=3,025,000=2.64

Top Mutual Fund Holders:
FIDELITY LOW-PRICED STOCK FUND=2,600,000=2.27
PIONEER HIGH YIELD FUND=2,437,937=2.12
DFA U.S. SMALL CAP VALUE SERIES=2,245,908=1.96
PRICE (T.ROWE) SMALL-CAP VALUE FUND=2,000,000=1.74
VANGUARD TOTAL STOCK MARKET INDEX FUND=1,685,024=1.47
VANGUARD SMALL-CAP INDEX FUND=1,612,876=1.41
ISHARES RUSSELL 2000 INDEX FD=1,504,449=1.31
RiverSource Equity Ser-Columbia Mid Cap Growth Opportunitiy=1,499,851=1.31
VANGUARD SMALL-CAP GROWTH INDEX FUND=971,697=0.85
ISHARES RUSSELL 2000 VALUE INDEX FD=936,284=0.82

Balance Sheet @31 december 2009:
Total Assets =2,277,476
Total Liabilities =1,298,964
Total Stockholder Equity =978,512

Net Tangible Assets =978,512

Cash Flow:
Net Income =(91,734)
Total Cash Flow From Operating Activities =138,919

Total Cash Flows From Investing Activities =(60,510)
Total Cash Flows From Financing Activities =(44,036)

Change In Cash and Cash Equivalents =34,373

In the news:

An announcement in February says that it is to acquire rig assets from Seahawk Drilling Inc(Nasdaq:HAWK) which is in Chapter 11 bankruptcy proceedings.

HAWK is selling 20 shallow-water jackup rigs for US105million effectively liquidating the company.

With this acquisition,HERO will be cornering more oil drilling jobs thus enhancing the company's profitability.

On the 9-Mar-11,the company will be making its earnings announcement so investors are buying ahead in anticpation of a good financial report.The share price has been on the upward bias and is currently hoovering near the 52 weeks high.

January was a bearish spin within December's upper candlestick body(that is the bullish section.)

The current month candlestick is a bullish inverted hammer and it stands a positive chance of a major breakout of the 52 weeks high.

The Dow Friday is 10 market days to index/options expiry.
We are now 3 months 26 days to Quantitative Easing expiry withdrawal.

Economic calender today:Employment situation{market moving indicator}:Factory Orders.

9:30am:-A bearish shooting star candlestick opening.

10:30am:--The Labor Department said Friday the economy added 192,000 jobs last month, triple the number in January, and the unemployment rate fell to 8.9 percent from 9.0 percent.Index holding near session low but there were hammer candlestick.

11:30am:--A second failed attempt near session bear pivot resistance.

12:30noon:--Higher oil price is causing s sudden spike down.

1:30pm:--A new day's low,a bullish engulfing hold back further slide.

2:30pm:--Bulls holding positon near the bear pivot resistance.

3:30pm:--A triple dip,bullish engulfing.The ISM Service index rose to 59.7, the highest level since 2005.

4:00pm:--A last minute ascending bulls ending with a bearish spin.

Fed Chairman Bernanke delivered his semi-annual policy report to lawmakers. He was optimistic about the economic outlook but made no real revelations.Meanwhile, unrest in the Middle East continues to stir up the commodity market. Oil prices rallied 7.3% hitting a multi-year high of $105.17 per barrel. Gold increased 1.6% to an all-time nominal high of $1441 per ounce.

Friday's market has wiped off previous day's gain but has recovered and held comfortably within current month bullish zone.It is in a bearish hammer pattern.Another dip will be the lower shadow range till Wednesday's bullish spin coverage before it stabilizes.Meantime fasten your seat belt.

In the event geopolitical tension in Libya is still not being solved,the current oil shock will continue till October's Hurricane season in the Gulf of Mexico and we are all in trouble.