Market Soapbox 01/23/06
DJIA 11050; SP500 1295; Nasdaq 2330; NDX 1765
Support: DJIA 10550; SP500 1250; Nasdaq 2200; NDX 1650
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, a weak read on leading indicators +0.1 vs prior +0.9, nobody cared.
18 weeks ago, DJIA -270 breaking key support. 17 weeks ago, DJIA +148, lacking conviction. 16 weeks ago, DJIA -281 crashing down. 15 weeks ago, large swings DJIA -6. 14 weeks ago larger swings, DJIA -77. Five weeks of downturn totaling -486.
13 weeks ago, recovery begins with larger swings, DJIA +186. 12 weeks ago, broadbased gains DJIA +128. 11 weeks ago, DJIA +154. 10 weeks ago, a slowing, DJIA +79. 9 weeks ago, DJIA +165. Five weeks of gains totaling DJIA +712.
8 weeks ago, DJIA -53, breaking the up trend. 7 weeks ago, DJIA -99, two straight down weeks. 6 weeks ago DJIA a deceiving +99. 5 weeks ago a weak DJIA +8. 4 weeks ago DJIA -168. Five weeks of downturn totaling DJIA -213
3 weeks ago DJIA +242 on a broadbased new year buy in. 2 weeks ago DJIA Flat +0. Last week DJIA -292 on broadbased selling.
Today, a flat sideways day DJIA +21 on lower volume with improved internals, this week DJIA +21, over the last 18 weeks -16.
NDX flat, NAZ, DJUA & SP500 weak, NYSE, SOX, XAU, XOI & RUT trying to lead. CAC, DAX, FTSE, Hang Seng & Nikkei 225 all down.
Sectors: Airlines, Gold Bugs, Oil, Brokers, Tobacco, Transports, Commodity, Cyclical & Semis up. Healthcare, Telecom, Natural Gas, Tech & Telecom down.
Dollar down BIG vs. Yen & Euro , XAU up & gold down @ 557, XOI up & crude down @ 67.65, CRB commodities down.
Yield curve INVERTED BIGTIME bonds down with the 30 yr yield rising @ 4.53%; 10 yr @ 4.35; 5 yr @ 4.29; 2yr @ 4.35; 6mo @ 4.47; 3mo @ 4.35. 3mo, 6mo & 2yr above the 10 yr.
Looking ahead at potential market influences: Jan 25 Existing Home Sales, EIA Crude; Jan 26 Durable Orders; Initial Claims; Jan 27 Chain Deflator; New Home Sales; GDP.
Reporting: Tues 3M, J&J, Centex, McDonalds, United Technologies, Cingular, Corning, DuPont, Northrop Gruman.
From Friday: "The elephants headed for the exits today, but all of them could not fit through the doors at the same time... If we breech 1650 on the NDX, this market will cave in and head for the May lows."
Today, the herd of elephants was stealth, but it doesn't mean they aren't in the room. Black Monday did not come, but after Fridays GE bombshell and todays BofA disappointment, tomorrows DuPont & 3M reports could take the market down again.
We look for sustained sideways action in an effort to stem the tide from last week. Any further loss of traction will be costly. We are watching 1650 NDX support closely.
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, this is The Nattering Naybob and your NOT!!!
Support: DJIA 10550; SP500 1250; Nasdaq 2200; NDX 1650
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, a weak read on leading indicators +0.1 vs prior +0.9, nobody cared.
18 weeks ago, DJIA -270 breaking key support. 17 weeks ago, DJIA +148, lacking conviction. 16 weeks ago, DJIA -281 crashing down. 15 weeks ago, large swings DJIA -6. 14 weeks ago larger swings, DJIA -77. Five weeks of downturn totaling -486.
13 weeks ago, recovery begins with larger swings, DJIA +186. 12 weeks ago, broadbased gains DJIA +128. 11 weeks ago, DJIA +154. 10 weeks ago, a slowing, DJIA +79. 9 weeks ago, DJIA +165. Five weeks of gains totaling DJIA +712.
8 weeks ago, DJIA -53, breaking the up trend. 7 weeks ago, DJIA -99, two straight down weeks. 6 weeks ago DJIA a deceiving +99. 5 weeks ago a weak DJIA +8. 4 weeks ago DJIA -168. Five weeks of downturn totaling DJIA -213
3 weeks ago DJIA +242 on a broadbased new year buy in. 2 weeks ago DJIA Flat +0. Last week DJIA -292 on broadbased selling.
Today, a flat sideways day DJIA +21 on lower volume with improved internals, this week DJIA +21, over the last 18 weeks -16.
NDX flat, NAZ, DJUA & SP500 weak, NYSE, SOX, XAU, XOI & RUT trying to lead. CAC, DAX, FTSE, Hang Seng & Nikkei 225 all down.
Sectors: Airlines, Gold Bugs, Oil, Brokers, Tobacco, Transports, Commodity, Cyclical & Semis up. Healthcare, Telecom, Natural Gas, Tech & Telecom down.
Dollar down BIG vs. Yen & Euro , XAU up & gold down @ 557, XOI up & crude down @ 67.65, CRB commodities down.
Yield curve INVERTED BIGTIME bonds down with the 30 yr yield rising @ 4.53%; 10 yr @ 4.35; 5 yr @ 4.29; 2yr @ 4.35; 6mo @ 4.47; 3mo @ 4.35. 3mo, 6mo & 2yr above the 10 yr.
Looking ahead at potential market influences: Jan 25 Existing Home Sales, EIA Crude; Jan 26 Durable Orders; Initial Claims; Jan 27 Chain Deflator; New Home Sales; GDP.
Reporting: Tues 3M, J&J, Centex, McDonalds, United Technologies, Cingular, Corning, DuPont, Northrop Gruman.
From Friday: "The elephants headed for the exits today, but all of them could not fit through the doors at the same time... If we breech 1650 on the NDX, this market will cave in and head for the May lows."
Today, the herd of elephants was stealth, but it doesn't mean they aren't in the room. Black Monday did not come, but after Fridays GE bombshell and todays BofA disappointment, tomorrows DuPont & 3M reports could take the market down again.
We look for sustained sideways action in an effort to stem the tide from last week. Any further loss of traction will be costly. We are watching 1650 NDX support closely.
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, this is The Nattering Naybob and your NOT!!!
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