Market Soapbox 09/08/05
Resistance: DJIA 10750; SP500 1250; Nasdaq 2200; NDX 1625
Support: DJIA 10250 ; SP500 1200 ; Nasdaq 2050; NDX 1535
European & Asian markets down. Dollar up vs. Yen/Euro , XAU & gold up, XOI flat & oil down, commodities down & bonds flat. Contra action: gold & dollar up, again.
Today's SOOHEY PIG PIG award goes to me, for letting the pig have a quiet day in its poke.
Tues, an up day with AUTHORITY DJIA +140. Wen. intially a split tape day with no follow through, then the markets finished in the green with OK internals DJIA +44.
Today, the market gave back Wends. gain and then some -37 DJIA. Semis SOX, Metals stocks XAU & gold bugs did well, everything else beat down.
Last night, Hovnanian Enterprises (HOV) issued downside FY06 guidance, say what? Trouble in the housing market? HOV plunged 6% today as homebuilders sold off -2.4%.
Today's reopened $8.0B 10 year note auction awarded investors 4.134%. Participation from foreign central banks was 22.1%, well below 46.9% in August.
Bond prices were initially up, but the auction results caused some minor consolidation, -2 ticks with the 10 year yield increasing to 4.13%, thats still less than yesterdays 4.14%?? More below. The gap between 5 & 10 year notes still stands at 21 basis points.
Oil had fell 7.3% in the last 3 days, today's wire reports said it gained, yet it closed lower than it opened at??? In the case of today's bond and crude oil pricing wire reports, as George Carlin would say, strange new math these days.
Gasoline inventories fell for a tenth straight week and crude oil supplies for the second time in about four months, declines of 4.3 mln barrels and 6.5 mln barrels were smaller than expected declines of 6.25 mln and 7.7 mln barrels, respectively.
An unexpected 816K barrel build in distillates versus an expected draw of 1.9 mln barrels, has also provided some reassurance that production and distribution problems related to Katrina may not be as bad as many have estimated. Really, no, your kidding, stop humouring me.
The Fed's report showed consumer credit in July slid to $4.4B, est. $10B, after June's 8% surge to $14.6 B. Are consumers pulling back? Lets wait and see by December.
Oil is still falling with bonds, while the dollar continues to rebound along with strangely enough gold. Speaking of gold stocks, Newmont Mining +1.8% lifted the XAU.
Yesterday, Altera slid 6.5% on bad margin news. Today, National Semiconductor reported upbeat Q1 earnings and forward estimates. The stock went to a 52 week high +2.3% and the SOX jumped 1.5%.
Naybob readers already know the Nattering One's postion on Semi's. After todays bell, Intel and Texas Instruments give mid quarter reports.
I am going out on a limb, tomorrow, expect Semi's to give back everything they gained today on a sell off. Today's pump was nothing more than short covering.
FYI, we posted up H5N1 Avian Flu stock plays last weekend. This week one of our picks IDBE has gone from $24.91 on Fridays close to a high of $29.69 today. The stock was $16.21 on July 1st, almost 100% in the last 2 months and 25% in 3 days.
From yesterday: "It appears that some liquidity was removed from the market today, not much of an unwind as the tape was flat then +35 DJIA. Tomorrow, more of the same or worse?" Alrighty then worse.
Low indirect participation in today's bond auction diverted dealer funds to the bond market. The dealers let go of everything except Gold stocks and semis where they short covered.
Today's losses were on higher NASDAQ volume, will we see a Friday selloff led by semi's? Keep your eyes on the aftermarket volume tonight for a big hint. If it spikes lookout tomorrow.
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 10250 ; SP500 1200 ; Nasdaq 2050; NDX 1535
European & Asian markets down. Dollar up vs. Yen/Euro , XAU & gold up, XOI flat & oil down, commodities down & bonds flat. Contra action: gold & dollar up, again.
Today's SOOHEY PIG PIG award goes to me, for letting the pig have a quiet day in its poke.
Tues, an up day with AUTHORITY DJIA +140. Wen. intially a split tape day with no follow through, then the markets finished in the green with OK internals DJIA +44.
Today, the market gave back Wends. gain and then some -37 DJIA. Semis SOX, Metals stocks XAU & gold bugs did well, everything else beat down.
Last night, Hovnanian Enterprises (HOV) issued downside FY06 guidance, say what? Trouble in the housing market? HOV plunged 6% today as homebuilders sold off -2.4%.
Today's reopened $8.0B 10 year note auction awarded investors 4.134%. Participation from foreign central banks was 22.1%, well below 46.9% in August.
Bond prices were initially up, but the auction results caused some minor consolidation, -2 ticks with the 10 year yield increasing to 4.13%, thats still less than yesterdays 4.14%?? More below. The gap between 5 & 10 year notes still stands at 21 basis points.
Oil had fell 7.3% in the last 3 days, today's wire reports said it gained, yet it closed lower than it opened at??? In the case of today's bond and crude oil pricing wire reports, as George Carlin would say, strange new math these days.
Gasoline inventories fell for a tenth straight week and crude oil supplies for the second time in about four months, declines of 4.3 mln barrels and 6.5 mln barrels were smaller than expected declines of 6.25 mln and 7.7 mln barrels, respectively.
An unexpected 816K barrel build in distillates versus an expected draw of 1.9 mln barrels, has also provided some reassurance that production and distribution problems related to Katrina may not be as bad as many have estimated. Really, no, your kidding, stop humouring me.
The Fed's report showed consumer credit in July slid to $4.4B, est. $10B, after June's 8% surge to $14.6 B. Are consumers pulling back? Lets wait and see by December.
Oil is still falling with bonds, while the dollar continues to rebound along with strangely enough gold. Speaking of gold stocks, Newmont Mining +1.8% lifted the XAU.
Yesterday, Altera slid 6.5% on bad margin news. Today, National Semiconductor reported upbeat Q1 earnings and forward estimates. The stock went to a 52 week high +2.3% and the SOX jumped 1.5%.
Naybob readers already know the Nattering One's postion on Semi's. After todays bell, Intel and Texas Instruments give mid quarter reports.
I am going out on a limb, tomorrow, expect Semi's to give back everything they gained today on a sell off. Today's pump was nothing more than short covering.
FYI, we posted up H5N1 Avian Flu stock plays last weekend. This week one of our picks IDBE has gone from $24.91 on Fridays close to a high of $29.69 today. The stock was $16.21 on July 1st, almost 100% in the last 2 months and 25% in 3 days.
From yesterday: "It appears that some liquidity was removed from the market today, not much of an unwind as the tape was flat then +35 DJIA. Tomorrow, more of the same or worse?" Alrighty then worse.
Low indirect participation in today's bond auction diverted dealer funds to the bond market. The dealers let go of everything except Gold stocks and semis where they short covered.
Today's losses were on higher NASDAQ volume, will we see a Friday selloff led by semi's? Keep your eyes on the aftermarket volume tonight for a big hint. If it spikes lookout tomorrow.
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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