Market Soapbox 09/22/05 UPDATED
Resistance: DJIA 10750; SP500 1250; Nasdaq 2200; NDX 1625
Support: DJIA 10250 ; SP500 1200 ; Nasdaq 2050; NDX 1535
Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
Monday a down day with AUTHORITY DJIA -94, Tues down with AUTHORITY DJIA -76, Wend, a 2nd folow through day down with AUTHORITY DJIA -103 on higher volume. This week & last DJIA -311.
Today, a split tape up down wavy gravy day which did not mask the underlying deterioration of the markets as an underlying red tide with ugly internals resulted (52 week hi low and advance decline share volume were nasty) DJIA +44.
XAU, XOI, SOX and Utilities beat down. Reits, Gold Bugs, Semis, Biotech, Natural Gas, Commodities, Oil Services, Broadband & Energy got spanked. Retailers, Airlines & Pharma up.
European & Asian markets down. Dollar up vs. Yen & Euro , XAU & gold down, XOI down & oil down, commodities & bonds flat. Contra trend: Amex XAX went the opposite way - down.
Bond prices flat with the 10 year yield decreasing to 4.17%. The gap between 5 & 10 year notes stands at 19 basis points. the gap between 5 & 10 year notes stands at 20 basis points. The 30 year fell raising its yield to 4.46, the gap between 10 & 30 now stands at 29 basis points.
The jobless report check in at 432K vs est 450K an 8.5% Katrina induced increase. Leading indicators were down again -0.2%.
Homebuilders jumped 2.18% today, Oil up 1% yesterday, rising 1.2% today @ 67.50, then pulling back to 66.50. Natural Gas over 13 new all time high on Rita fears.
Rita downgraded to Category 4 late in the day caused energy to pull back & sparked a small rebound in the markets, Houston Galveston area is being evacuated, oil rigs are shutting down.
A potential Friday selloff and further consolidation awaits as the indices have fallen through near term support. On higher volume, DJIA plunged below all major DMA's in the last 2 days. SP500, RUT, & MID all are resting on 90 DMA and testing its support. SOX, NDX & Nasdaq are already at 11 week lows.
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
Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
Monday a down day with AUTHORITY DJIA -94, Tues down with AUTHORITY DJIA -76, Wend, a 2nd folow through day down with AUTHORITY DJIA -103 on higher volume. This week & last DJIA -311.
Today, a split tape up down wavy gravy day which did not mask the underlying deterioration of the markets as an underlying red tide with ugly internals resulted (52 week hi low and advance decline share volume were nasty) DJIA +44.
XAU, XOI, SOX and Utilities beat down. Reits, Gold Bugs, Semis, Biotech, Natural Gas, Commodities, Oil Services, Broadband & Energy got spanked. Retailers, Airlines & Pharma up.
European & Asian markets down. Dollar up vs. Yen & Euro , XAU & gold down, XOI down & oil down, commodities & bonds flat. Contra trend: Amex XAX went the opposite way - down.
Bond prices flat with the 10 year yield decreasing to 4.17%. The gap between 5 & 10 year notes stands at 19 basis points. the gap between 5 & 10 year notes stands at 20 basis points. The 30 year fell raising its yield to 4.46, the gap between 10 & 30 now stands at 29 basis points.
The jobless report check in at 432K vs est 450K an 8.5% Katrina induced increase. Leading indicators were down again -0.2%.
Homebuilders jumped 2.18% today, Oil up 1% yesterday, rising 1.2% today @ 67.50, then pulling back to 66.50. Natural Gas over 13 new all time high on Rita fears.
Rita downgraded to Category 4 late in the day caused energy to pull back & sparked a small rebound in the markets, Houston Galveston area is being evacuated, oil rigs are shutting down.
A potential Friday selloff and further consolidation awaits as the indices have fallen through near term support. On higher volume, DJIA plunged below all major DMA's in the last 2 days. SP500, RUT, & MID all are resting on 90 DMA and testing its support. SOX, NDX & Nasdaq are already at 11 week lows.
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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