Market Soapbox 07/27/05 UPDATED
Resistance: DJIA 10625; SP500 1230; Nasdaq 2175; NDX 1600
Support: DJIA 10200 ; SP500 1210 ; Nasdaq 2100; NDX 1550
European & Asian markets up. Dollar down vs. Yen/Euro , oil down & commodities, bonds & gold up.
Today's Soohey Pig Pig!! Award goes to the oil sponsored media for its peak oil fable.
Today, the Energy Department said crude supplies fell 2.3 million barrels for the week ended July 22 to total 317.8 million.
In contrast, the American Petroleum Institute posted a 4.4 million-barrel climb in stocks and pegged the total at 321.1 million.
Well which way is it and whose on first? At a minimum you would think that these con artists with their well OILED propaganda machine, could at least coordinate their numbers and press releases? SOOHEY, PIG, PIG, PIG!!!!
A gap up to crap, then reversal to the upside on low volume. This market whilst treading slowly up and sideways, is whipsawing sectors up and down and acting more schizo than a rabid bulldog having PMS.
Weakness in MID & RUT. Materials & utilities up. Internet Infra, Disk Drive, Airline, Healthcare & Semis (bashed) down.
Oil stocks despite recording record earnings are getting beaten up (read Valero), Homebuilders PHLX indices at an all time high and up 21% on the year, sold off today.
NOT A GOOD SIGN for the broader market when the legs that have carried you get hobbled, on the other hand...
Tech stocks that miss are getting punished, yet tech stocks making the number and giving glowing (the check is in the mail) forward guidance are getting a bid...
Just another example of how clueless investors are these days. Semis got pounded down today, LIKE THEY SHOULD.
The volatile herky jerk up and down on the indices seem to indicate fuel is low in the tank. Low volume indicates little conviction as well.
We are smelling a market peak these last few days. This market either breaks through to the upside with conviction or it bangs its head on resistence and falls down. There must be some impetus either way.
Soapbox will be 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 down vs. Yen/Euro , oil down & commodities, bonds & gold up.
Today's Soohey Pig Pig!! Award goes to the oil sponsored media for its peak oil fable.
Today, the Energy Department said crude supplies fell 2.3 million barrels for the week ended July 22 to total 317.8 million.
In contrast, the American Petroleum Institute posted a 4.4 million-barrel climb in stocks and pegged the total at 321.1 million.
Well which way is it and whose on first? At a minimum you would think that these con artists with their well OILED propaganda machine, could at least coordinate their numbers and press releases? SOOHEY, PIG, PIG, PIG!!!!
A gap up to crap, then reversal to the upside on low volume. This market whilst treading slowly up and sideways, is whipsawing sectors up and down and acting more schizo than a rabid bulldog having PMS.
Weakness in MID & RUT. Materials & utilities up. Internet Infra, Disk Drive, Airline, Healthcare & Semis (bashed) down.
Oil stocks despite recording record earnings are getting beaten up (read Valero), Homebuilders PHLX indices at an all time high and up 21% on the year, sold off today.
NOT A GOOD SIGN for the broader market when the legs that have carried you get hobbled, on the other hand...
Tech stocks that miss are getting punished, yet tech stocks making the number and giving glowing (the check is in the mail) forward guidance are getting a bid...
Just another example of how clueless investors are these days. Semis got pounded down today, LIKE THEY SHOULD.
The volatile herky jerk up and down on the indices seem to indicate fuel is low in the tank. Low volume indicates little conviction as well.
We are smelling a market peak these last few days. This market either breaks through to the upside with conviction or it bangs its head on resistence and falls down. There must be some impetus either way.
Soapbox will be 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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