Market Soapbox 09/29/06 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 investors after FNMA Fannie Mae stock took an 11% dump yesterday to hit a 52 week low, today its up 3.8%. This stock can only go down, there is no upside. Pity the fools, Soohey, Pig, Pig!!!!
Last week, DJIA -270 on higher volume, DJIA - 2.5% plunged below all major DMA's, SP500 -1.7%, RUT, & MID all are resting on 90 DMA. SOX, NDX & Nasdaq -2% are at 11 week lows.
Mon. an up and down day DJIA +24, Tues, DJIA +12 a sideways split tape day with ugly internals and no market leadership, Wen, another herky jerk day DJIA +16 with unimpressive internals.
Today, initially DJIA -42 then a bounce for an up day DJIA +80, RUT & MID giving strong leadership with vastly improved internals. On the week DJIA +132.
Transports, Utilities, Semis, Tech, Gold Bugs, Natural Gas, Energy, Broker/Dealer, Reits, Finance & Biotech up nicely. Healthcare -2.3% & Airlines down, Telecom flat.
European markets down & Asian markets up BIG. Dollar up vs. Yen & Euro , XAU & gold up, XOI up & oil down, commodities up & bonds down. Contra trend: none
And the flattening continues as bond prices down with the 10 year yield increasing to 4.29%. The gap between 5 & 10 year notes stands at 15 basis points. The 30 year fell raising its yield to 4.54, the gap between 10 & 30 now stands at 25 basis points.
Final Q2 GDP hit 3.3% to match Q1, Chain deflator checked in at 2.6% vs est. 2.4%. No surprises here except that Initial jobless claims fell 79K to 356K, with 60K in claims being Katrina related a number of 296K initial claims sort of looks good.
The market caught support at the critical 90 DMA and has drifted upwards on month & quarter end window dressing. Next week will be telling for the month of October.
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 investors after FNMA Fannie Mae stock took an 11% dump yesterday to hit a 52 week low, today its up 3.8%. This stock can only go down, there is no upside. Pity the fools, Soohey, Pig, Pig!!!!
Last week, DJIA -270 on higher volume, DJIA - 2.5% plunged below all major DMA's, SP500 -1.7%, RUT, & MID all are resting on 90 DMA. SOX, NDX & Nasdaq -2% are at 11 week lows.
Mon. an up and down day DJIA +24, Tues, DJIA +12 a sideways split tape day with ugly internals and no market leadership, Wen, another herky jerk day DJIA +16 with unimpressive internals.
Today, initially DJIA -42 then a bounce for an up day DJIA +80, RUT & MID giving strong leadership with vastly improved internals. On the week DJIA +132.
Transports, Utilities, Semis, Tech, Gold Bugs, Natural Gas, Energy, Broker/Dealer, Reits, Finance & Biotech up nicely. Healthcare -2.3% & Airlines down, Telecom flat.
European markets down & Asian markets up BIG. Dollar up vs. Yen & Euro , XAU & gold up, XOI up & oil down, commodities up & bonds down. Contra trend: none
And the flattening continues as bond prices down with the 10 year yield increasing to 4.29%. The gap between 5 & 10 year notes stands at 15 basis points. The 30 year fell raising its yield to 4.54, the gap between 10 & 30 now stands at 25 basis points.
Final Q2 GDP hit 3.3% to match Q1, Chain deflator checked in at 2.6% vs est. 2.4%. No surprises here except that Initial jobless claims fell 79K to 356K, with 60K in claims being Katrina related a number of 296K initial claims sort of looks good.
The market caught support at the critical 90 DMA and has drifted upwards on month & quarter end window dressing. Next week will be telling for the month of October.
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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