Market Soapbox 04/15/05

DJIA -191 10087;SP500 -19 1142;Nasdaq -39 1908;NDX -33 1408
Resistance: DJIA 10370; SP500 1170; Nasdaq 1975; NDX 1460
Support: DJIA 9900 ; SP500 1125 ; Nasdaq 1870; NDX 1375
Positive: biotech, drug, healthcare
Negative: technology, materials, telecom svc, energy, consumer discretionary, utility, hardware, semi, software, retail
Dollar: vs Yen: -0.4300 107.75 ; vs Euro: -0.0104 1.2916
Bonds: 10-yr note +21 yielding -.080 4.23%;
Gold: XAU -0.91%; $426.40 -0.10 CRB: 298.83 -0.55
Oil: XOI -3.18%, Cushing Crude $50.49; -$0.64; -1.25%
52 Week HiLo: NYSE 32/173; Nasdaq 27/241; Amex 15/54
A/D Volume: NYSE 1/5.5, Nasdaq 1/6.5, Amex 1/8
Volume: NYSE 2.66B, Nasdaq 2.29B

Upcoming Notable reports.
MON: Quarterly reports start in volume for 3 weeks
TUE: PPI, Housing Starts, Redbook
WEN: CPI, EIA Petroleum, Beigebook
THU: Jobless Claims, Leading Indicators, Philly Fed, MSupply

This weeks market action looked like the south bound end of a north bound jackass. For the first time in over 2 years, the DJIA had its third consecutive triple digit loss day. Since Tuesdays head fake, on high volume the DJIA has lost 451 points. All 10 sectors in the red, Energy -3.9 % and Technology -3.1% lost big.

Import Prices 1.8% (Feb 0.8%); Export Prices 0.7%, (Feb 0.0%); TIC Foreign Inflows $84.5 billion (Jan $92.5 billion), Industrial Production 0.3% (Feb 0.3%), NY Empire State Index 3.12 (Mar 19.60), Capacity Utilization 79.4% (Feb 79.4%), Consumer Sentiment 88.7 (Mar 92.9).

Dollar lost vs. Yen/Euro. This year the dollar is +5.5% vs. euro +5.6% vs. yen. Contra action: Dollar, gold, oil, stocks down, bonds up, driving interest rates down.

DJIA yesterday let go of 150DMA & sliced 180DMA; today sliced 52 WMA; SP500 yesterday sliced 150DMA, today sliced 180DMA; Nasdaq today sliced 52 WMA; NDX today sliced 180DMA & 52WMA. SOX resting on 150DMA, tested 6 month low spurred by multiple downgrades on chip equipment stocks, surprise, surprise.

A/D volume and 52 week hilo is getting very negative, overall volume is increasing. The brown shoe boys on the street keep trying to put lipstick on this pig by making recommendations and upgrades. Sorry, no takers, there is a slim chance the market may get a breather Mon. Certainly, Tues its onward and downward to 9900, and then down to last years Oct low.

Comments