Market Soapbox 06/30/05 UPDATED
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 and split vs. Yen/Euro, bonds up, commodities, oil & gold down, oil stocks & precious metals stocks down.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke after 6 months of poking.
From 06/28: "The MID and RUT should be watched carefully, as the DJIA followed the NDX and the SP500 gets support from the MID & RUT." Yesterday, the MID, RUT and XAU were the few indices in the green.
Today, the MID & RUT clung on for dear life, a down day on higher volume. Transports, Utilities, Natural Gas, Biotech, SemiMfg strong. Everything else weak.
If the MID & RUT collapse, it could get really ugly.
Today, the market did not like the FED maintaining its position on measured rate hikes. Unless the FED pulls a rabbit from up its sleeve, I do not expect July to be a very kind month to the markets.
Upcoming events to watch for: Options unwind July 6th & 13th, 5 year note auction July 13th, 10 year TIPS auction July 14th, options expiration July 15th, 2Q05 earnings season gets into full swing starting July 18th through August 12th.
Based on the timing of events mentioned above and an expectation that 2Q results will be disappointing, if this market is going to make another run up, it doesn't have much time to do it in.
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 and split vs. Yen/Euro, bonds up, commodities, oil & gold down, oil stocks & precious metals stocks down.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke after 6 months of poking.
From 06/28: "The MID and RUT should be watched carefully, as the DJIA followed the NDX and the SP500 gets support from the MID & RUT." Yesterday, the MID, RUT and XAU were the few indices in the green.
Today, the MID & RUT clung on for dear life, a down day on higher volume. Transports, Utilities, Natural Gas, Biotech, SemiMfg strong. Everything else weak.
If the MID & RUT collapse, it could get really ugly.
Today, the market did not like the FED maintaining its position on measured rate hikes. Unless the FED pulls a rabbit from up its sleeve, I do not expect July to be a very kind month to the markets.
Upcoming events to watch for: Options unwind July 6th & 13th, 5 year note auction July 13th, 10 year TIPS auction July 14th, options expiration July 15th, 2Q05 earnings season gets into full swing starting July 18th through August 12th.
Based on the timing of events mentioned above and an expectation that 2Q results will be disappointing, if this market is going to make another run up, it doesn't have much time to do it in.
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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