Market Soapbox 06/15/05
Resistance: DJIA 10600; SP500 1210; Nasdaq 2075; NDX 1550
Support: DJIA 10400 ; SP500 1180 ; Nasdaq 2000; NDX 1500
European markets were down, Nikkei up. Dollar down vs. Yen/Euro, commodities, oil & gold up, bonds down. Contra action: None.
Today's Soohey Pig Pig!! Award goes to the media for trashing todays TIC report. Quote from MSN...
"the report has shown that international investors bought $47.4 bln in dollar-denominated assets, well below expectations of around $70.0 bln, suggesting that the real "soft patch" during March and April was in net capital flows, not in the U.S. economy."
Oh please, foreign investors took a break in April because they were allowed to by our budget deficit reduction and a stronger dollar. Soohey, Pig Pig!!!!
A mild down day on lite volume, profit taking was nominal. Oil at a 7 week high over $56, Gold Bugs bounced back today after yesterdays sell off.
The CPI report confirmed that stagflation via energy costs has been assimilated into the price structure. Total CPI fell for the 1st time since last July.
Semis and tech continue to downtrend since June 2nd, DJIA has gone nowhere since May 18th, SP500 has struggled since June 1st.
The dollar fell for the 1st time in 5 sessions. We are heading into a sideways or downtrending market being pushed down by energy prices. Interest rate fears are at bay as the Fed will pause this summer.
Perhaps this is where oil & energy step back in. If the dollar should weaken or go flat, precious metals will get a bigger bid than it already has.
Tommorrow and Friday should see some mild consolidation, especially in the tech sector, as there is no reason for short covering with options expiring on Friday.
We take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us. Just my opinion, I could be wrong.
Support: DJIA 10400 ; SP500 1180 ; Nasdaq 2000; NDX 1500
European markets were down, Nikkei up. Dollar down vs. Yen/Euro, commodities, oil & gold up, bonds down. Contra action: None.
Today's Soohey Pig Pig!! Award goes to the media for trashing todays TIC report. Quote from MSN...
"the report has shown that international investors bought $47.4 bln in dollar-denominated assets, well below expectations of around $70.0 bln, suggesting that the real "soft patch" during March and April was in net capital flows, not in the U.S. economy."
Oh please, foreign investors took a break in April because they were allowed to by our budget deficit reduction and a stronger dollar. Soohey, Pig Pig!!!!
A mild down day on lite volume, profit taking was nominal. Oil at a 7 week high over $56, Gold Bugs bounced back today after yesterdays sell off.
The CPI report confirmed that stagflation via energy costs has been assimilated into the price structure. Total CPI fell for the 1st time since last July.
Semis and tech continue to downtrend since June 2nd, DJIA has gone nowhere since May 18th, SP500 has struggled since June 1st.
The dollar fell for the 1st time in 5 sessions. We are heading into a sideways or downtrending market being pushed down by energy prices. Interest rate fears are at bay as the Fed will pause this summer.
Perhaps this is where oil & energy step back in. If the dollar should weaken or go flat, precious metals will get a bigger bid than it already has.
Tommorrow and Friday should see some mild consolidation, especially in the tech sector, as there is no reason for short covering with options expiring on Friday.
We take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us. Just my opinion, I could be wrong.
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