Market Soapbox 01/30/06
Resistance: DJIA 10950; SP500 1285; Nasdaq 2315; NDX 1730
Support: DJIA 10850; SP500 1270; Nasdaq 2265; NDX 1695
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, Exxon Mobil Q4 earnings climbed 27% to a record $10.71 billion, or $1.71 a share. PCE and consumer income in a separate post.
Kirk Kerkorian is stocking up on GM, while Citigroup and Cerberus Capital may make a $11.5 B bid for GMAC. Wachovia and Kohlberg Kravis & Roberts are also considering an offer.
Recent DJIA History: 19 weeks ago, -270 breaking key support, 18 weeks +148, 17 weeks -281, 16 weeks -6, 15 weeks -77, 5 week loss -486.
14 weeks recovery begins +186, 13 weeks +128, 12 weeks +154, 11 weeks +79, 10 weeks +165, 5 week gain +712.
9 weeks -53, 8 weeks -99, 7 weeks +99, 6 weeks +8. 5 weeks -168, 5 week loss -213
4 weeks +242 on a broadbased new year buy in, 3 weeks +0, 2 weeks -292, last week +240.
Today, DJIA -7 as the energy sector kept the market propped up on lower volume with middlin internals. This week DJIA -7, over the last 19 weeks DJIA +196, over the last 4 weeks DJIA +183.
DJTA, XOI & XAU up BIG. RUT, SOX & DJUA down. CAC & FTSE down, DAX up, Hang Seng flat & Nikkei 225 up.
Sectors: Airlines, Gold Bugs, Energy, Oil, Natural Gas, Commodity, Transports & Networking up. Semis, Utilities, Banking, Tobacco, Biotech, Pharma & Telecom down.
Dollar up vs. Yen 1.1693 & Euro 1.2118 , XAU & gold up @ 566.8, XOI & crude up +2.2% @ 68.35, CRB commodities up, unleaded +1.8%, natural gas +10%.
Yield curve INVERTED bonds down (5th day) with the 30 yr yield rising @ 4.70%; 10 yr @ 4.53; 5 yr @ 4.46; 2yr @ 4.51; 6mo @ 4.54; 3mo @ 4.44. 6mo above the 10 yr.
Looking ahead at potential market influences: Jan 31: Employment Cost, Chicago PMI, FOMC Statement, Consumer Confidence; Feb 1: Auto & Truck Sales, Construction Spending, ISM Index, EIA Crude; Feb 2: Initial Claims, Productivity; Feb 3: Non Farm Payroll, Unemployment, Mich Sentiment, Factory Orders, ISM Services.
Reporting Tues: ABN Amro, Allstate, Altria, ADM, Chiron, Chubb, Cinergy, Countrywide, Fujitsu, Google, Hilton, Honda, Isuzu, Komatsu, Matsuhita, Merck, Pepsi, Phelps Dodge, Sanyo, Sharp, US Steel, Unocal, Valero, WFS Financial.
Friday: "We see potential for consolidation with the FOMC statement.Any potential downtrend could also be delayed until the bond auctions start Feb 7th or in the extreme, even until around March 7th."
"We are watching NDX 1730 and SP500 1285 as resistance on this latest upsurge, should we break to the upside on higher volume, we look to NDX 1795 as a climax."
Friday the NYSE, MID & RUT hit all time highs, the SOX a multi year high. Today, XAU hit a ten year high, XOI & DJTA hit all time highs. The breadth of 52 week highs is looking a bit frothy, perhaps a small step down then more bounce to the upside?
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 10850; SP500 1270; Nasdaq 2265; NDX 1695
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, Exxon Mobil Q4 earnings climbed 27% to a record $10.71 billion, or $1.71 a share. PCE and consumer income in a separate post.
Kirk Kerkorian is stocking up on GM, while Citigroup and Cerberus Capital may make a $11.5 B bid for GMAC. Wachovia and Kohlberg Kravis & Roberts are also considering an offer.
Recent DJIA History: 19 weeks ago, -270 breaking key support, 18 weeks +148, 17 weeks -281, 16 weeks -6, 15 weeks -77, 5 week loss -486.
14 weeks recovery begins +186, 13 weeks +128, 12 weeks +154, 11 weeks +79, 10 weeks +165, 5 week gain +712.
9 weeks -53, 8 weeks -99, 7 weeks +99, 6 weeks +8. 5 weeks -168, 5 week loss -213
4 weeks +242 on a broadbased new year buy in, 3 weeks +0, 2 weeks -292, last week +240.
Today, DJIA -7 as the energy sector kept the market propped up on lower volume with middlin internals. This week DJIA -7, over the last 19 weeks DJIA +196, over the last 4 weeks DJIA +183.
DJTA, XOI & XAU up BIG. RUT, SOX & DJUA down. CAC & FTSE down, DAX up, Hang Seng flat & Nikkei 225 up.
Sectors: Airlines, Gold Bugs, Energy, Oil, Natural Gas, Commodity, Transports & Networking up. Semis, Utilities, Banking, Tobacco, Biotech, Pharma & Telecom down.
Dollar up vs. Yen 1.1693 & Euro 1.2118 , XAU & gold up @ 566.8, XOI & crude up +2.2% @ 68.35, CRB commodities up, unleaded +1.8%, natural gas +10%.
Yield curve INVERTED bonds down (5th day) with the 30 yr yield rising @ 4.70%; 10 yr @ 4.53; 5 yr @ 4.46; 2yr @ 4.51; 6mo @ 4.54; 3mo @ 4.44. 6mo above the 10 yr.
Looking ahead at potential market influences: Jan 31: Employment Cost, Chicago PMI, FOMC Statement, Consumer Confidence; Feb 1: Auto & Truck Sales, Construction Spending, ISM Index, EIA Crude; Feb 2: Initial Claims, Productivity; Feb 3: Non Farm Payroll, Unemployment, Mich Sentiment, Factory Orders, ISM Services.
Reporting Tues: ABN Amro, Allstate, Altria, ADM, Chiron, Chubb, Cinergy, Countrywide, Fujitsu, Google, Hilton, Honda, Isuzu, Komatsu, Matsuhita, Merck, Pepsi, Phelps Dodge, Sanyo, Sharp, US Steel, Unocal, Valero, WFS Financial.
Friday: "We see potential for consolidation with the FOMC statement.Any potential downtrend could also be delayed until the bond auctions start Feb 7th or in the extreme, even until around March 7th."
"We are watching NDX 1730 and SP500 1285 as resistance on this latest upsurge, should we break to the upside on higher volume, we look to NDX 1795 as a climax."
Friday the NYSE, MID & RUT hit all time highs, the SOX a multi year high. Today, XAU hit a ten year high, XOI & DJTA hit all time highs. The breadth of 52 week highs is looking a bit frothy, perhaps a small step down then more bounce to the upside?
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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