Market Soapbox 06/28/05
Resistance: DJIA 10600; SP500 1225; Nasdaq 2100; NDX 1550
Support: DJIA 10200; SP500 1180; Nasdaq 2000; NDX 1500
European and Asian markets were up. Dollar up vs. Yen/Euro, bonds, commodities, oil & gold down. FTSE and consumer confidence at a 3 year high.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke after a 3 day poking.
The election results are in, as if they were ever in doubt, a landslide for the conservative. Policy rhetoric by both sides and media slant is not indicative of the direction we are attempting to head in with the new "regime". Whether we finesse or use brute force will be determined in the intermediate term.
A bouncy day, a nice rebound on lower volume. Gold bugs, semi mfg and oil services got drilled & XOI and XAU indexes were down. Small Caps and Transports bounced back with a vengence.
The NDX indicates a further potential for downside over the longer term. The MID and RUT should be watched carefully, as the DJIA followed the NDX down and the SP500 gets support from the MID & RUT. Be cognizant of the potential camel hump or "double top" forming on the indices.
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 10200; SP500 1180; Nasdaq 2000; NDX 1500
European and Asian markets were up. Dollar up vs. Yen/Euro, bonds, commodities, oil & gold down. FTSE and consumer confidence at a 3 year high.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke after a 3 day poking.
The election results are in, as if they were ever in doubt, a landslide for the conservative. Policy rhetoric by both sides and media slant is not indicative of the direction we are attempting to head in with the new "regime". Whether we finesse or use brute force will be determined in the intermediate term.
A bouncy day, a nice rebound on lower volume. Gold bugs, semi mfg and oil services got drilled & XOI and XAU indexes were down. Small Caps and Transports bounced back with a vengence.
The NDX indicates a further potential for downside over the longer term. The MID and RUT should be watched carefully, as the DJIA followed the NDX down and the SP500 gets support from the MID & RUT. Be cognizant of the potential camel hump or "double top" forming on the indices.
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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