Terrorist Soapbox 07/07/05 UPDATED
Resistance: DJIA 10600; SP500 1225; Nasdaq 2100; NDX 1550
Support: DJIA 10200 ; SP500 1180 ; Nasdaq 2000; NDX 1500
European & Asian markets were down BIG. Dollar down vs. Yen/Euro, oil, commodities & gold down, bonds up.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke.
Upcoming events to watch for: Further options unwind on July 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.
Worldwide markets down on higher volume. Gold Bugs, natural gas, biotech & healthcare up. Everything else initially a sea of red. At first, today looked like followthrough on options unwind with an additional push.
Yesterday, London landed the summer Olympic 2012 bid. Today the G8 meeting started in Scotland while London got the double 07 treatment (07/07) to join Madrid 3/11/2004 and New York 9/11/2001 as the latest terrorist victims.
Reports out of London indictate one bus and at least 4 subway stations and/or trains were simultaneously bombed. Initial official death toll at 2, however certain sources that shall remain nameless indicate over 40 deaths, 750 injured, 150 injured seriously.
Previously unheard of "Secret organisation of Al-Qaeda in Europe" has taken responsibility for the bombings. Watch for other groups to take additional credit. There were errors in the islamic posting which indicate this comminque is phony.
Worldwide investors sold off on higher volume, seeking safety of bonds. Italy, Germany, France & Spain were off over 3% initially. Oil futures sold off under the assumption that these events will curtail tourist activity and travel.
Initially the DJIA crashed through support at 10200, SP500 plunged through 1190 and is dangerously close at 1184 to breaking 1180 support, NDX plunged through support at 1500, RUT caved in and was down 1.5%.
US markets followed the Europeans and subsequently rallied, DJIA 10295, NDX 1501, SP500 1195. There could be more fallout and unwind Friday, however I expect a show of confidence and a possible split tape day.
We take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us or worse yet a random act of sheer idiocy. Just my opinion, I could be wrong.
Support: DJIA 10200 ; SP500 1180 ; Nasdaq 2000; NDX 1500
European & Asian markets were down BIG. Dollar down vs. Yen/Euro, oil, commodities & gold down, bonds up.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke.
Upcoming events to watch for: Further options unwind on July 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.
Worldwide markets down on higher volume. Gold Bugs, natural gas, biotech & healthcare up. Everything else initially a sea of red. At first, today looked like followthrough on options unwind with an additional push.
Yesterday, London landed the summer Olympic 2012 bid. Today the G8 meeting started in Scotland while London got the double 07 treatment (07/07) to join Madrid 3/11/2004 and New York 9/11/2001 as the latest terrorist victims.
Reports out of London indictate one bus and at least 4 subway stations and/or trains were simultaneously bombed. Initial official death toll at 2, however certain sources that shall remain nameless indicate over 40 deaths, 750 injured, 150 injured seriously.
Previously unheard of "Secret organisation of Al-Qaeda in Europe" has taken responsibility for the bombings. Watch for other groups to take additional credit. There were errors in the islamic posting which indicate this comminque is phony.
Worldwide investors sold off on higher volume, seeking safety of bonds. Italy, Germany, France & Spain were off over 3% initially. Oil futures sold off under the assumption that these events will curtail tourist activity and travel.
Initially the DJIA crashed through support at 10200, SP500 plunged through 1190 and is dangerously close at 1184 to breaking 1180 support, NDX plunged through support at 1500, RUT caved in and was down 1.5%.
US markets followed the Europeans and subsequently rallied, DJIA 10295, NDX 1501, SP500 1195. There could be more fallout and unwind Friday, however I expect a show of confidence and a possible split tape day.
We take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us or worse yet a random act of sheer idiocy. Just my opinion, I could be wrong.
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