Market Soapbox Update
From 01/12/06 Market Soapbox: "add in lowered forward guidance and disappointing EPS from stock options expensing during reporting season and we could see a consolidation which would give up almost all of this years gains by January 31st."
UPDATE: After hours Nasdaq Volume Friday 28 Million, today 59 Million, more than double.
Amazing what a 3.7% rise in crude, Yahoo missing by a cent and Intel missing by 3 cents will do. Nasdaq 100 closed at 1736, afterhours a herkin drop of 25 points from 1736 to 1711.
After hours action on SPY indicates a SP500 drop of 7 points, DIA action a DJIA drop of 70 points, IWM action a RUT drop of 6 points, SMH action a SOX drop of 2.5%.
We will see a large gap down in the morning followed by reports from Advanced Micro Devices, Ebay and Apple.
Look out below: It appears from options open interest that MAX PAIN is at 1265 SP500; 10725 DJIA; 685 RUT; 1685 NDX; 495 SOX.
Interestingly enough looking at a chart, take the high for each of these indexes on the first trading day of the year 01/03, excepting the DJIA almost to the number for MAX PAIN.
If this happens the market would give up almost all of this years (JAN) gains.
UPDATE: After hours Nasdaq Volume Friday 28 Million, today 59 Million, more than double.
Amazing what a 3.7% rise in crude, Yahoo missing by a cent and Intel missing by 3 cents will do. Nasdaq 100 closed at 1736, afterhours a herkin drop of 25 points from 1736 to 1711.
After hours action on SPY indicates a SP500 drop of 7 points, DIA action a DJIA drop of 70 points, IWM action a RUT drop of 6 points, SMH action a SOX drop of 2.5%.
We will see a large gap down in the morning followed by reports from Advanced Micro Devices, Ebay and Apple.
Look out below: It appears from options open interest that MAX PAIN is at 1265 SP500; 10725 DJIA; 685 RUT; 1685 NDX; 495 SOX.
Interestingly enough looking at a chart, take the high for each of these indexes on the first trading day of the year 01/03, excepting the DJIA almost to the number for MAX PAIN.
If this happens the market would give up almost all of this years (JAN) gains.
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