Market Soapbox 04/26/05
DJIA-91 10151;SP500-10 1152;Nasdaq-23 1927;NDX-17 1420
Resistance: DJIA 10370; SP500 1170; Nasdaq 1975; NDX 1460
Support: DJIA 9900 ; SP500 1125 ; Nasdaq 1870; NDX 1375
Positive: biotech .01%
Negative: everything
Dollar: vs Yen: +0.3300 106.0050 ; vs Euro: +0.0016 1.2988
Bonds: 10-yr note -3 ticks yielding +.014 4.26%
Gold: XAU -1.73%; $438.60 -0.40 CRB: 309.78 +1.10
Oil: XOI -1.36%, Cushing Crude $54.20; +$2.13; +4.09%
52 Week HiLo: NYSE 55/78; Nasdaq 39/130; Amex 19/23
A/D Volume: NYSE 1/3, Nasdaq 1/4, Amex 1/8
Volume: NYSE 1.83B, Nasdaq 1.65B
Upcoming Notable reports:
WEN: Durable Goods, EIA
THU: GDP, Jobless
FRI: Personal Income
European & Asian markets (Nikkei 225 -0.34%) were down. Dollar up vs. Yen/Euro, gold & bonds down, commodities & oil up. Contra action: $, oil, CRB up. All 10 sectors down on increased volume. 22 of 31 SP500 companies reporting beat the number. Oil whipsawing after + 6.4% last week, - 4% yesterday, +4% today. Metal commodities & materials stocks -1.8% suffered.
New home sales +12.2% @1.43 mln (est. 1.19M). PHLX Housing Sector Index did not catch a bid. Notable homebuilders reporting this week Pulte Homes after the bell tomorrow, Beazer Homes before the market opens on Thursday. Homebuilders -0.35%.
Today's Sooey!! awards go to:
UBS for (ALTR) Altera, 2Q04 through 4Q04, EPS - 25% QoQ EPS growth - 200%, YoY EPS growth - 80%, increased costs, decreased margins, upgraded to BUY on solid fundamentals, stock up 7.01%.
Lehman for (TSM) Taiwan Semiconductor, QoQ Q105 net income - 24.2%, EPS - 25.3%. YoY EPS growth since 1Q04 - 68%, TSM has warned this is due to inventory excess, upgraded to strong BUY, stock up 5.15%. Semis -0.72%; Pity the fools who bought into these.
It was a gap to crap day, as the market gapped up, then gave back yesterdays gains on high volume, leaking into the close. I suspect tomorrow will be a pivotal day. Today's internals and action were not indicative of a market in an upturn.
However, the ping pong, whipsaw, schizophrenic action will probably dictate a bounce up day tommorrow. Just when you think you know where its going, they suck you in and move it the other way. Despite all the volatile thrashing about, the market has gone nowhere since 4/19.
This leaves the DJIA to cover his gap @ 10278.75. Lets see if we catch a non sequitur bounce up tommorrow and part of Thursday, just enough to squeeze him through the gap. That would satisfy another 2 days of net zero effect for a total of 7 days, that's a very nice step to roll off of.
On the other hand, a large move to the downside tomorrow, could signal an immediate roll off the step and down to a new low. Either way, if we don't start down tomorrow, we probably do by Friday. Like I said, tomorrow is pivotal. Just my opinion, I could be wrong.
Resistance: DJIA 10370; SP500 1170; Nasdaq 1975; NDX 1460
Support: DJIA 9900 ; SP500 1125 ; Nasdaq 1870; NDX 1375
Positive: biotech .01%
Negative: everything
Dollar: vs Yen: +0.3300 106.0050 ; vs Euro: +0.0016 1.2988
Bonds: 10-yr note -3 ticks yielding +.014 4.26%
Gold: XAU -1.73%; $438.60 -0.40 CRB: 309.78 +1.10
Oil: XOI -1.36%, Cushing Crude $54.20; +$2.13; +4.09%
52 Week HiLo: NYSE 55/78; Nasdaq 39/130; Amex 19/23
A/D Volume: NYSE 1/3, Nasdaq 1/4, Amex 1/8
Volume: NYSE 1.83B, Nasdaq 1.65B
Upcoming Notable reports:
WEN: Durable Goods, EIA
THU: GDP, Jobless
FRI: Personal Income
European & Asian markets (Nikkei 225 -0.34%) were down. Dollar up vs. Yen/Euro, gold & bonds down, commodities & oil up. Contra action: $, oil, CRB up. All 10 sectors down on increased volume. 22 of 31 SP500 companies reporting beat the number. Oil whipsawing after + 6.4% last week, - 4% yesterday, +4% today. Metal commodities & materials stocks -1.8% suffered.
New home sales +12.2% @1.43 mln (est. 1.19M). PHLX Housing Sector Index did not catch a bid. Notable homebuilders reporting this week Pulte Homes after the bell tomorrow, Beazer Homes before the market opens on Thursday. Homebuilders -0.35%.
Today's Sooey!! awards go to:
UBS for (ALTR) Altera, 2Q04 through 4Q04, EPS - 25% QoQ EPS growth - 200%, YoY EPS growth - 80%, increased costs, decreased margins, upgraded to BUY on solid fundamentals, stock up 7.01%.
Lehman for (TSM) Taiwan Semiconductor, QoQ Q105 net income - 24.2%, EPS - 25.3%. YoY EPS growth since 1Q04 - 68%, TSM has warned this is due to inventory excess, upgraded to strong BUY, stock up 5.15%. Semis -0.72%; Pity the fools who bought into these.
It was a gap to crap day, as the market gapped up, then gave back yesterdays gains on high volume, leaking into the close. I suspect tomorrow will be a pivotal day. Today's internals and action were not indicative of a market in an upturn.
However, the ping pong, whipsaw, schizophrenic action will probably dictate a bounce up day tommorrow. Just when you think you know where its going, they suck you in and move it the other way. Despite all the volatile thrashing about, the market has gone nowhere since 4/19.
This leaves the DJIA to cover his gap @ 10278.75. Lets see if we catch a non sequitur bounce up tommorrow and part of Thursday, just enough to squeeze him through the gap. That would satisfy another 2 days of net zero effect for a total of 7 days, that's a very nice step to roll off of.
On the other hand, a large move to the downside tomorrow, could signal an immediate roll off the step and down to a new low. Either way, if we don't start down tomorrow, we probably do by Friday. Like I said, tomorrow is pivotal. Just my opinion, I could be wrong.
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