Morning Update based on the August 1, 2007 close.

1. YI: -3.5
2. To a buy: The XAU hourly at yesterday's close.
3. Possible bottom here for: ERS
4. Trying to bottom out in this area: AIG, ALC, AMD, BHI, the BKX index, BMY, the DJ-30,  the E-Mini 500, and ERF
5. Extremely oversold: BKS
6. Standard oversold: CLF
7. Moderately oversold: CSL, CSTR, and ERIC
8. Trying to hold some rising trend line support: AAPL, AU, BHP, CBK, COP, DELL, and GE
9. Trying to hold horizontal trend line support: EWA and EWJ
10. Trying to hold falling trend line support: AA, CPB, and GG
11. Attempting to hold the 28 DMA here: AAPL
12. Trying to break above some falling trend line resistance: BGF, EWP, EWU,  and heating oil.
13. More later. Anything here could be off base.