Market Soapbox 11/28/05
Resistance: DJIA 11000; SP500 1275; Nasdaq 2250; NDX 1700
Support: DJIA 10200 ; SP500 1175; Nasdaq 2000; NDX 1500
In our top story tonight, Generalissimo Francisco Franco is STILL dead.
In other news, existing home sales declined 3.7% and are at the lowest level since March, the mustard's off the hot dog.
Extending its 19% decline from its August high, the price of crude dropped 2.4% while heating oil hit a four month low, dragging the Energy sector (-2.9%) to a market stunting loss.
Todays, SOOHEY, PIG, PIG award goes to me for letting the pig have a quiet day in its poke.
10 weeks ago, DJIA -270 breaking key support. 9 weeks ago, DJIA +148, lacking conviction. 8 weeks ago, DJIA -281 crashing down. 7 weeks ago, large swings DJIA -6. 6 weeks ago larger swings, DJIA -77. Five weeks of downturn totaling -486.
5 weeks ago, recovery begins with larger swings, DJIA +186. 4 weeks ago, broadbased gains DJIA +128. 3 weeks ago, DJIA +154. 2 weeks ago, a slowing, DJIA +79. Last week, DJIA +165. Five weeks of gains totaling DJIA +712.
Today, DJIA -40, a broad based sell off on vapid internals, This week DJIA -40 , over the last 10 weeks DJIA +226.
DJTA, XOI, MID, RUT, NDX, NAZ & SOX pounded down. CAC down, DAX down, FTSE down, Hang Seng down & Nikkei 225 down.
Dollar down vs. Euro & Yen, XAU & gold down, XOI & crude down @ 56.81, CRB commodities down & bonds up. Contra trend: none.
Sectors: Natural Gas, Tech, Energy, Healthcare, Real Estate, REIT's, Transports, Semi's, Securities Brokers, Biotech, Oil Services & Oil pounded down.
Swap Flats with Bonds up with the 10 year yield falling @ 4.40% & the 30 year @ 4.62. The 2 & 5 year inverted @ - 1 basis points; the 5 & 10 year gap @ 9 basis points; the 10 & 30 gap @ 22 basis points.
Looking ahead at potential market influences, Nov 29: Durable Orders, New Home Sales, Consumer Confidence, Nov 30: Chain Deflator, GDP, Chicago PMI, Crude Inventories, Fed Beige Book, Dec 1: Truck & Auto Sales, Initial Claims, Personal Income & Spending, Construction Spending, ISM Index, Dec 2: Non Farm Payrolls & Unemployment.
From Friday: "I suspect before heading up higher, we may be at near term resistence and due for some profit taking and a small consolidation."
Oil futures pulled back big -2.5% early in the day, this took the energy sector down and the market with it. Keep an eye on crude, this will dictate the markets direction.
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
In our top story tonight, Generalissimo Francisco Franco is STILL dead.
In other news, existing home sales declined 3.7% and are at the lowest level since March, the mustard's off the hot dog.
Extending its 19% decline from its August high, the price of crude dropped 2.4% while heating oil hit a four month low, dragging the Energy sector (-2.9%) to a market stunting loss.
Todays, SOOHEY, PIG, PIG award goes to me for letting the pig have a quiet day in its poke.
10 weeks ago, DJIA -270 breaking key support. 9 weeks ago, DJIA +148, lacking conviction. 8 weeks ago, DJIA -281 crashing down. 7 weeks ago, large swings DJIA -6. 6 weeks ago larger swings, DJIA -77. Five weeks of downturn totaling -486.
5 weeks ago, recovery begins with larger swings, DJIA +186. 4 weeks ago, broadbased gains DJIA +128. 3 weeks ago, DJIA +154. 2 weeks ago, a slowing, DJIA +79. Last week, DJIA +165. Five weeks of gains totaling DJIA +712.
Today, DJIA -40, a broad based sell off on vapid internals, This week DJIA -40 , over the last 10 weeks DJIA +226.
DJTA, XOI, MID, RUT, NDX, NAZ & SOX pounded down. CAC down, DAX down, FTSE down, Hang Seng down & Nikkei 225 down.
Dollar down vs. Euro & Yen, XAU & gold down, XOI & crude down @ 56.81, CRB commodities down & bonds up. Contra trend: none.
Sectors: Natural Gas, Tech, Energy, Healthcare, Real Estate, REIT's, Transports, Semi's, Securities Brokers, Biotech, Oil Services & Oil pounded down.
Swap Flats with Bonds up with the 10 year yield falling @ 4.40% & the 30 year @ 4.62. The 2 & 5 year inverted @ - 1 basis points; the 5 & 10 year gap @ 9 basis points; the 10 & 30 gap @ 22 basis points.
Looking ahead at potential market influences, Nov 29: Durable Orders, New Home Sales, Consumer Confidence, Nov 30: Chain Deflator, GDP, Chicago PMI, Crude Inventories, Fed Beige Book, Dec 1: Truck & Auto Sales, Initial Claims, Personal Income & Spending, Construction Spending, ISM Index, Dec 2: Non Farm Payrolls & Unemployment.
From Friday: "I suspect before heading up higher, we may be at near term resistence and due for some profit taking and a small consolidation."
Oil futures pulled back big -2.5% early in the day, this took the energy sector down and the market with it. Keep an eye on crude, this will dictate the markets direction.
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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