Market Soapbox 07/25/05
Resistance: DJIA 10625; SP500 1230; Nasdaq 2175; NDX 1600
Support: DJIA 10200 ; SP500 1210 ; Nasdaq 2100; NDX 1550
European & Asian markets up. Dollar up vs. Yen/Euro, oil, commodities & gold up, bonds down.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke.
Friday's performance was a prelude to today's sell off on low volume. Energy XOI & the XAX did well the rest was not pretty.
As we have said for the last 2 or 3 days, perhaps a short position on QQQQ or select tech stocks due to report is in order. Oil stocks should roar, watch XOM's report this week.
RUT, MID, TRANSPORTS, INTERACTIVE, GOLD & SILVER all got beat like a drum. It is interesting to note that the AMEX XOX roared today while all major indices except the XOI were in the RED.
Market action this week should be watched carefully, the RUT and MID hit all time highs today, the NDX went over 1600, then poof.
We may have peaked, but another up day or two would not surprise in this low volume, range bound and manipulated market.
FYI, reports out of China indicate that over the next 5 years the float will continue to be adjusted, in a measured fashion, as the Chinese are not about to let the hedge funds have their way with the Yuan or RMB.
We may become scarce Wend through Mon as some Parisian activity demands our attention.
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 1210 ; Nasdaq 2100; NDX 1550
European & Asian markets up. Dollar up vs. Yen/Euro, oil, commodities & gold up, bonds down.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke.
Friday's performance was a prelude to today's sell off on low volume. Energy XOI & the XAX did well the rest was not pretty.
As we have said for the last 2 or 3 days, perhaps a short position on QQQQ or select tech stocks due to report is in order. Oil stocks should roar, watch XOM's report this week.
RUT, MID, TRANSPORTS, INTERACTIVE, GOLD & SILVER all got beat like a drum. It is interesting to note that the AMEX XOX roared today while all major indices except the XOI were in the RED.
Market action this week should be watched carefully, the RUT and MID hit all time highs today, the NDX went over 1600, then poof.
We may have peaked, but another up day or two would not surprise in this low volume, range bound and manipulated market.
FYI, reports out of China indicate that over the next 5 years the float will continue to be adjusted, in a measured fashion, as the Chinese are not about to let the hedge funds have their way with the Yuan or RMB.
We may become scarce Wend through Mon as some Parisian activity demands our attention.
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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