Market Soapbox 4/18/05
DJIA -16 10071;SP500 +3 1146; Nasdaq +5 1913; NDX +2 1410
Resistance: DJIA 10370; SP500 1170; Nasdaq 1975; NDX 1460
Support: DJIA 9900 ; SP500 1125 ; Nasdaq 1870; NDX 1375
Positive: materials, energy, financial, semi, telecom, banks, retail, utility, industrials
Negative: health care, hardware, software, drug, consumer staples, biotech
Dollar: vs Yen: +0.0100 107.505 ; vs Euro: +0.0010 1.3014
Bonds: 10-yr note -08 yielding +.034 4.28%
Gold: XAU +1.92%; $428.80 -0.20 CRB: 297.69 -1.14
Oil: XOI +1.48%, Cushing Crude $50.37; -$0.12; -0.24%
52 Week HiLo: NYSE 36/158; Nasdaq 33/252; Amex 15/71
A/D Volume: NYSE 1.5/1, Nasdaq 1.25/1, Amex 2.5/1
Volume: NYSE 2.14B, Nasdaq 1.86B
Upcoming Notable reports.
MON: Quarterly reports start in volume for 3 weeks
TUE: PPI (est. +0.6%) and core PPI (est. +0.2%), Housing Starts (est. 2090) , Redbook
WEN: CPI, EIA Petroleum, Beigebook
THU: Jobless Claims, Leading Indicators, Philly Fed, MSupply
Not even gains from two thirds of the Dow's 30 components were enough to shrug off a thrashing in shares of 3M, which dragged the DJIA -16. Asian (Nikkei 225 -3.8%) and European markets got whupped upside the head today.
Last week's dump got todays pump: Energy + 1.8% and Materials +1.5% held up the market. Stocks in Steel +5.7%, Gold +2.7% and Diversified Metals +2.9%. Thurs & Fri: Energy -10%; Materials -7.7%.
Last weeks pump got todays dump: Health Care Facilities -2.9%, HMOs -2.3%, Drug Wholesalers -2.3% and Pharmaceutical -0.7%
Dollar gained vs. Yen/Euro. oil, bonds, gold & commodities were down. Contra action: Steel, Gold & Metals stock prices up, the commodity prices were down. Bears watching.
Todays recommendations and upgrades were in the Semis on AMAT and INTC, semis up +0.8%. The brown shoe boys on the street keep trying to put lipstick on this pig, guess theres a lot of pig lovers who like lipstick out there.
After the bell today, a bunch of high tech and smaller financial institutions report. Tommorow before the bell, watch the homebuilders (DRHorton), tech (Lucent), pharma (Pfizer), financial (US Bancorp), consumer staples (JNJ, Coca-Cola), auto (GM). After the bell, watch Intel, Juniper, Kraft, Yahoo, Wells Fargo and WaMu.
Today's split tape and sideways market action was a head fake, don't fall for it, keep your eyes on the ball. Read between the lines, tepid volume (no conviction) and the 52 week hi/lo sez it all.
Tommorrow, negativity in reporting & forward estimates coupled with an increase in the PPI could make a WWF slapdown look tame. This should send us downward towards DJIA 9900. 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: materials, energy, financial, semi, telecom, banks, retail, utility, industrials
Negative: health care, hardware, software, drug, consumer staples, biotech
Dollar: vs Yen: +0.0100 107.505 ; vs Euro: +0.0010 1.3014
Bonds: 10-yr note -08 yielding +.034 4.28%
Gold: XAU +1.92%; $428.80 -0.20 CRB: 297.69 -1.14
Oil: XOI +1.48%, Cushing Crude $50.37; -$0.12; -0.24%
52 Week HiLo: NYSE 36/158; Nasdaq 33/252; Amex 15/71
A/D Volume: NYSE 1.5/1, Nasdaq 1.25/1, Amex 2.5/1
Volume: NYSE 2.14B, Nasdaq 1.86B
Upcoming Notable reports.
MON: Quarterly reports start in volume for 3 weeks
TUE: PPI (est. +0.6%) and core PPI (est. +0.2%), Housing Starts (est. 2090) , Redbook
WEN: CPI, EIA Petroleum, Beigebook
THU: Jobless Claims, Leading Indicators, Philly Fed, MSupply
Not even gains from two thirds of the Dow's 30 components were enough to shrug off a thrashing in shares of 3M, which dragged the DJIA -16. Asian (Nikkei 225 -3.8%) and European markets got whupped upside the head today.
Last week's dump got todays pump: Energy + 1.8% and Materials +1.5% held up the market. Stocks in Steel +5.7%, Gold +2.7% and Diversified Metals +2.9%. Thurs & Fri: Energy -10%; Materials -7.7%.
Last weeks pump got todays dump: Health Care Facilities -2.9%, HMOs -2.3%, Drug Wholesalers -2.3% and Pharmaceutical -0.7%
Dollar gained vs. Yen/Euro. oil, bonds, gold & commodities were down. Contra action: Steel, Gold & Metals stock prices up, the commodity prices were down. Bears watching.
Todays recommendations and upgrades were in the Semis on AMAT and INTC, semis up +0.8%. The brown shoe boys on the street keep trying to put lipstick on this pig, guess theres a lot of pig lovers who like lipstick out there.
After the bell today, a bunch of high tech and smaller financial institutions report. Tommorow before the bell, watch the homebuilders (DRHorton), tech (Lucent), pharma (Pfizer), financial (US Bancorp), consumer staples (JNJ, Coca-Cola), auto (GM). After the bell, watch Intel, Juniper, Kraft, Yahoo, Wells Fargo and WaMu.
Today's split tape and sideways market action was a head fake, don't fall for it, keep your eyes on the ball. Read between the lines, tepid volume (no conviction) and the 52 week hi/lo sez it all.
Tommorrow, negativity in reporting & forward estimates coupled with an increase in the PPI could make a WWF slapdown look tame. This should send us downward towards DJIA 9900. Just my opinion, I could be wrong.
Comments