Market Soapbox 01/24/06
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, $10B 20 year TIPS auction. Indirect bidder participation at 56.1% well below 64.1% at the previous auction, bonds stumbled as foreigners are too busy stocking up on equities, more later.
Friday GE; yesterday BAC - BofA and C- Citigroup disappointed. Today, UTX - United Technologies +4%; MCD - McDonalds both with solid results.
MMM - 3M -1.65%; JNJ - Johnson & Johnson -2.45% (new 52 week low); DD - DuPont -1.39%; TXN - Texas Instruments -2.78% all disappoint with lowered forward guidance.
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. Mon, a flat sideways day DJIA +21 on lower volume with improved internals,
Today, an up day DJIA +23 on lower volume with decent internals.This week DJIA +44, over the last 18 weeks DJIA +7.
DJTA & RUT roaring, DJUA, MID, NDX, NAZ & SOX leading up nicely. OEX, XMI, XOI & XAU down. CAC, DAX & FTSE down, Hang Seng up & Nikkei 225 up BIG.
Sectors: Airlines, Biotech, Natural Gas, Telecom, Brokers, Tobacco, Transports, Utilities, Tech, Cyclical, Healthcare, Semis & Banking up nicely. Pharma, Networking & Oil down.
Dollar down BIG vs. Yen & Euro , XAU & gold down @ 558, XOI up & crude down -1.5% @ 67.06, CRB commodities down, heating oil -1.2% and gasoline -2.25%.
Yield curve INVERTED bonds down with the 30 yr yield rising @ 4.56%; 10 yr @ 4.38; 5 yr @ 4.31; 2yr @ 4.37; 6mo @ 4.50; 3mo @ 4.40. 3 & 6mo above the 10 yr; 6 mo only 6bps below 30 year.
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: Wen. Amerada Hess; Conoco Phillips; Sunoco Logistics; Prudential; BellSouth; Conextant; Juniper Networks; Altera; LSI Logic; Cirrus Logic; Qualcomm; SAP; NEC; Xerox; Bristol Myers; Colgate Palmolive; Hershey; Stanley.
Thurs. Nokia; Caterpillar; Marathon Oil; Dow Chemical; Microsoft; Eastman Chemical; GM; Halliburton; Lockheed Martin; Honeywell; Alaska Air; Amgen; Hartford Financial; ATT; IndyMac; Siemens; Sony; Eli Lilly; Verizon. Fri. Black & Decker; Chevron; Proctor & Gamble.
From Yesterday: "we look for sustained sideways action in an effort to stem the tide from last week. Any further loss of traction will be costly."
For the moment, the PPT (plunge protection team) has stemmed the tide as today's negative reports did not hurt the market. The PPT's weak dollar effort has increased foreign interest in our equities, while bonds struggle.
The Iran & Nigeria boogey men have spooked the herd, oil futures up 11% on the year. However, it seems that the two year symbiosis of oil futures & equities may have decoupled and reversed polarity back to its original state (oil up, market down; oil down, market up), only time will tell.
Tomorrows oil company reports could buoy the market upward, along with the EIA inventories expectation of a build, which would knock futures down further.
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, $10B 20 year TIPS auction. Indirect bidder participation at 56.1% well below 64.1% at the previous auction, bonds stumbled as foreigners are too busy stocking up on equities, more later.
Friday GE; yesterday BAC - BofA and C- Citigroup disappointed. Today, UTX - United Technologies +4%; MCD - McDonalds both with solid results.
MMM - 3M -1.65%; JNJ - Johnson & Johnson -2.45% (new 52 week low); DD - DuPont -1.39%; TXN - Texas Instruments -2.78% all disappoint with lowered forward guidance.
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. Mon, a flat sideways day DJIA +21 on lower volume with improved internals,
Today, an up day DJIA +23 on lower volume with decent internals.This week DJIA +44, over the last 18 weeks DJIA +7.
DJTA & RUT roaring, DJUA, MID, NDX, NAZ & SOX leading up nicely. OEX, XMI, XOI & XAU down. CAC, DAX & FTSE down, Hang Seng up & Nikkei 225 up BIG.
Sectors: Airlines, Biotech, Natural Gas, Telecom, Brokers, Tobacco, Transports, Utilities, Tech, Cyclical, Healthcare, Semis & Banking up nicely. Pharma, Networking & Oil down.
Dollar down BIG vs. Yen & Euro , XAU & gold down @ 558, XOI up & crude down -1.5% @ 67.06, CRB commodities down, heating oil -1.2% and gasoline -2.25%.
Yield curve INVERTED bonds down with the 30 yr yield rising @ 4.56%; 10 yr @ 4.38; 5 yr @ 4.31; 2yr @ 4.37; 6mo @ 4.50; 3mo @ 4.40. 3 & 6mo above the 10 yr; 6 mo only 6bps below 30 year.
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: Wen. Amerada Hess; Conoco Phillips; Sunoco Logistics; Prudential; BellSouth; Conextant; Juniper Networks; Altera; LSI Logic; Cirrus Logic; Qualcomm; SAP; NEC; Xerox; Bristol Myers; Colgate Palmolive; Hershey; Stanley.
Thurs. Nokia; Caterpillar; Marathon Oil; Dow Chemical; Microsoft; Eastman Chemical; GM; Halliburton; Lockheed Martin; Honeywell; Alaska Air; Amgen; Hartford Financial; ATT; IndyMac; Siemens; Sony; Eli Lilly; Verizon. Fri. Black & Decker; Chevron; Proctor & Gamble.
From Yesterday: "we look for sustained sideways action in an effort to stem the tide from last week. Any further loss of traction will be costly."
For the moment, the PPT (plunge protection team) has stemmed the tide as today's negative reports did not hurt the market. The PPT's weak dollar effort has increased foreign interest in our equities, while bonds struggle.
The Iran & Nigeria boogey men have spooked the herd, oil futures up 11% on the year. However, it seems that the two year symbiosis of oil futures & equities may have decoupled and reversed polarity back to its original state (oil up, market down; oil down, market up), only time will tell.
Tomorrows oil company reports could buoy the market upward, along with the EIA inventories expectation of a build, which would knock futures down further.
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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