Market Soapbox 10/27/05 UPDATED
Resistance: DJIA 10400; SP500 1200; Nasdaq 2100; NDX 1600
Support: DJIA 10200 ; SP500 1175; Nasdaq 2000; NDX 1500
Our top story tonight, Generalissimo Francisco Franco is STILL dead.
In other news, Last years World Series Champion Red Sox ended an 86 year drought and the "curse of the Bambino". This year, by sweeping the Series newcomer Houston Astros (ex Colt-45's) and extending Houstons drought to 43 years, Chicago's Pale Hose ended their own 88 year championship drought.
Finally putting to rest the spirits of "Shoeless" Joe Jackson and the infamous 1919 "Black Sox" team of which eight members conspired to lose the 1919 World Series, and were subsequently banned for life from baseball. The White Sox matched the 1999 Yankees record by losing only one playoff game, no other team has done this since the playoffs were expanded in 1995.
We fully expect next years Series to complete a Trifecta with either the Cleveland Indians (1948) 47 years, SF Giants (1954) 51 years or the all time drought kings - the Chicago Cubs (1908) 97 years - winning the Series. And this is how we will know it truly is, the End of Days.
Speaking of conspiring, today General Motors received subpoenas from the SEC regarding its pension accounting and insurance practices, GM's shares - 4%. Durable orders went from +3.8% to -2.1% vs est -1.2% this was a sharper than expected down turn. Rising interest rates slapped the Homebuilders across the board today taking 3%, Retailers -2.5% and Semi's sold off big today SOX -2.7%.
Today's SOOHEY PIG PIG award goes to me for not posting yesterdays Market Soapbox.
5 weeks ago, DJIA -270 on higher volume, plunging below all major DMA's. 4 weeks ago, DJIA +148, up and down all week, lacking conviction. 3 weeks ago, DJIA -281 crashing through long term resistance levels on higher volume. 2 weeks ago, large swings up & down DJIA -6. Last week larger herks & jerks, DJIA -77, over the last 5 weeks -486, giving up almost 100 points per week.
Mon, DJIA +167, on improved internals. Tues, more Jekyl & Hyde DJIA -7, Wend. on vapid internals, DJIA -32, DJUA, Tech & XAU beat down BIG, crude futures -2.5% @ 60.83, bonds down 10 yr @ 4.59, Amazon.com flogged -14% on low Q3 EPS & Q4 outlook. This week DJIA +13, over the last 5 weeks -473.
Today, like the Stroh's, down and out early on frightful internals and then a collapse into the close with AUTHORITY DJIA -115. Indices: XAX running contrary, XAU up slightly, SP500 -12, NAZ -36, XOI, RUT, SOX, MID, NDX -32, DJUA & DJTA pounded down. CAC, DAX & FTSE all down BIG, Hang Seng & Nikkei 225 up.
Dollar up vs. Yen & Euro, XAU down & gold up, XOI down & oil up, CRB commodities down & bonds up. Contra trend: Gold & $ up together.
Sectors: Healthcare was up early but got flattened in a broadbased selloff. Biotech, Natural Gas, Networking, Oil, Tobacco, Transports, Commodities, Homebuilders & Semis and especially tech got slapped, 7 to 1 declining volume on the Naz.
Bond prices up with the 10 year yield falling @ 4.55%. The 5 & 10 year gap @ 13 basis points. The 30 year @ 4.76, the 10 & 30 gap @ 21 basis points. The 2 and 5 year gap @ 8 basis points.
From Tuesday: "We are range bound by fluctuating energy prices, media stoked investor fears and sector rotation. I tire of the markets seductive dancing, someone please bring me my ranch dressing hose."
Just when the market starts to look appetizing, it wilts and goes flat. Since Aug 30th, we seem to be running in eight day spurts, either we go up eight days or down eight days. If this pattern holds true, including today, we are three days into a downwards spurt which should last another 5 trading days, after which, perhaps an upward swing for 8 days and maybe the beginning of a year end rally??
Keep it tween da ditches, 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 and Hey! Hey! Lets be careful out there...This is The Nattering Naybob and your NOT!!!
Support: DJIA 10200 ; SP500 1175; Nasdaq 2000; NDX 1500
Our top story tonight, Generalissimo Francisco Franco is STILL dead.
In other news, Last years World Series Champion Red Sox ended an 86 year drought and the "curse of the Bambino". This year, by sweeping the Series newcomer Houston Astros (ex Colt-45's) and extending Houstons drought to 43 years, Chicago's Pale Hose ended their own 88 year championship drought.
Finally putting to rest the spirits of "Shoeless" Joe Jackson and the infamous 1919 "Black Sox" team of which eight members conspired to lose the 1919 World Series, and were subsequently banned for life from baseball. The White Sox matched the 1999 Yankees record by losing only one playoff game, no other team has done this since the playoffs were expanded in 1995.
We fully expect next years Series to complete a Trifecta with either the Cleveland Indians (1948) 47 years, SF Giants (1954) 51 years or the all time drought kings - the Chicago Cubs (1908) 97 years - winning the Series. And this is how we will know it truly is, the End of Days.
Speaking of conspiring, today General Motors received subpoenas from the SEC regarding its pension accounting and insurance practices, GM's shares - 4%. Durable orders went from +3.8% to -2.1% vs est -1.2% this was a sharper than expected down turn. Rising interest rates slapped the Homebuilders across the board today taking 3%, Retailers -2.5% and Semi's sold off big today SOX -2.7%.
Today's SOOHEY PIG PIG award goes to me for not posting yesterdays Market Soapbox.
5 weeks ago, DJIA -270 on higher volume, plunging below all major DMA's. 4 weeks ago, DJIA +148, up and down all week, lacking conviction. 3 weeks ago, DJIA -281 crashing through long term resistance levels on higher volume. 2 weeks ago, large swings up & down DJIA -6. Last week larger herks & jerks, DJIA -77, over the last 5 weeks -486, giving up almost 100 points per week.
Mon, DJIA +167, on improved internals. Tues, more Jekyl & Hyde DJIA -7, Wend. on vapid internals, DJIA -32, DJUA, Tech & XAU beat down BIG, crude futures -2.5% @ 60.83, bonds down 10 yr @ 4.59, Amazon.com flogged -14% on low Q3 EPS & Q4 outlook. This week DJIA +13, over the last 5 weeks -473.
Today, like the Stroh's, down and out early on frightful internals and then a collapse into the close with AUTHORITY DJIA -115. Indices: XAX running contrary, XAU up slightly, SP500 -12, NAZ -36, XOI, RUT, SOX, MID, NDX -32, DJUA & DJTA pounded down. CAC, DAX & FTSE all down BIG, Hang Seng & Nikkei 225 up.
Dollar up vs. Yen & Euro, XAU down & gold up, XOI down & oil up, CRB commodities down & bonds up. Contra trend: Gold & $ up together.
Sectors: Healthcare was up early but got flattened in a broadbased selloff. Biotech, Natural Gas, Networking, Oil, Tobacco, Transports, Commodities, Homebuilders & Semis and especially tech got slapped, 7 to 1 declining volume on the Naz.
Bond prices up with the 10 year yield falling @ 4.55%. The 5 & 10 year gap @ 13 basis points. The 30 year @ 4.76, the 10 & 30 gap @ 21 basis points. The 2 and 5 year gap @ 8 basis points.
From Tuesday: "We are range bound by fluctuating energy prices, media stoked investor fears and sector rotation. I tire of the markets seductive dancing, someone please bring me my ranch dressing hose."
Just when the market starts to look appetizing, it wilts and goes flat. Since Aug 30th, we seem to be running in eight day spurts, either we go up eight days or down eight days. If this pattern holds true, including today, we are three days into a downwards spurt which should last another 5 trading days, after which, perhaps an upward swing for 8 days and maybe the beginning of a year end rally??
Keep it tween da ditches, 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 and Hey! Hey! Lets be careful out there...This is The Nattering Naybob and your NOT!!!
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