Market Soapbox 02/14/06 San Valentino
Resistance: DJIA 10950; SP500 1285; Nasdaq 2315; NDX 1730
Support: DJIA 10750; SP500 1250; Nasdaq 2190; NDX 1630
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, the major economic reports are covered in another post. Sorry for the lateness, did not get the license plate off the truck which ran me over with a fever and flu that has me checking for bird feathers.....
Recent DJIA History: 21 weeks ago, -270 breaking key support, 20 weeks +148, 19 weeks -281, 18 weeks -6, 17 weeks -77, 5 week loss -486. 16 weeks recovery begins +186, 15 weeks +128, 14 weeks +154, 13 weeks +79, 12 weeks +165, 5 week gain +712.
11 weeks -53, 10 weeks -99, 9 weeks +99, 8 weeks +8. 7 weeks -168, 5 week loss -213. 6 weeks +242 on a broadbased new year buy in, 5 weeks +0, 4 weeks -292, 3 weeks +240, 2 weeks -113. 5 week gain +75. Last week DJIA +116, over the last 21 weeks DJIA +306.
Mon, DJIA -26 on a bounce into closing with horrible internals and lower volume. Today, DJIA +136 on higher volume with nice internals. This week DJIA +110.
XOI & DJUA down. DJTA, NDX, NAZ, MID, SOX, XAU & RUT up nicely. CAC, DAX & FTSE down, Hang Seng & Nikkei 225 up.
Sectors: Transports up BIG, Utilities, Energy, Oil Services & Natural Gas down.
Dollar down vs. Euro 1.192 & Yen 117.1, XAU & gold up @ 545, XOI & crude down BIG @ 59.88, CRB commodities down.
Yield curve MAJOR INVERSION bonds down with the 30 yr yield rising @ 4.59%; 10 yr @ 4.61; 5 yr @ 4.59; 2yr @ 4.68; 6mo @ 4.71. In a full tilt boogey, 2yr is 10 bps above the 30 year since 02/09.
Looking ahead at potential market influences: Feb 15 Empire State, Net Foreign Purchases, Capacity Utilization, Industrial Production, EIA Inventory, Bernanke's Testimonial before Congress; Feb 16 Building Permits, Export Prices, Housing Starts, Import Prices, Initial Claims, Philly Fed; Feb 17 Mich Sentiment; PPI, Core PPI.
Yesterday: "Wend, we expect a near term inflection point in the market and perhaps a bounce" No massacre today, seems the inflection point may have arrived a day early on short covering. Just uncanny how every major indices managed to move into MAX PAIN on options.
Oil continues its pullback to under $60, $50 sounds even better. NDX was hanging from 90DMA, but did a nice chin up, DJTA hit an all time high, DJIA over 11,000.
Lets look for follow through, without short covering to see if this is the beginning of a nice bounce to 1790 NDX over the next 3 weeks. Happy Valentines Day.
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 10750; SP500 1250; Nasdaq 2190; NDX 1630
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, the major economic reports are covered in another post. Sorry for the lateness, did not get the license plate off the truck which ran me over with a fever and flu that has me checking for bird feathers.....
Recent DJIA History: 21 weeks ago, -270 breaking key support, 20 weeks +148, 19 weeks -281, 18 weeks -6, 17 weeks -77, 5 week loss -486. 16 weeks recovery begins +186, 15 weeks +128, 14 weeks +154, 13 weeks +79, 12 weeks +165, 5 week gain +712.
11 weeks -53, 10 weeks -99, 9 weeks +99, 8 weeks +8. 7 weeks -168, 5 week loss -213. 6 weeks +242 on a broadbased new year buy in, 5 weeks +0, 4 weeks -292, 3 weeks +240, 2 weeks -113. 5 week gain +75. Last week DJIA +116, over the last 21 weeks DJIA +306.
Mon, DJIA -26 on a bounce into closing with horrible internals and lower volume. Today, DJIA +136 on higher volume with nice internals. This week DJIA +110.
XOI & DJUA down. DJTA, NDX, NAZ, MID, SOX, XAU & RUT up nicely. CAC, DAX & FTSE down, Hang Seng & Nikkei 225 up.
Sectors: Transports up BIG, Utilities, Energy, Oil Services & Natural Gas down.
Dollar down vs. Euro 1.192 & Yen 117.1, XAU & gold up @ 545, XOI & crude down BIG @ 59.88, CRB commodities down.
Yield curve MAJOR INVERSION bonds down with the 30 yr yield rising @ 4.59%; 10 yr @ 4.61; 5 yr @ 4.59; 2yr @ 4.68; 6mo @ 4.71. In a full tilt boogey, 2yr is 10 bps above the 30 year since 02/09.
Looking ahead at potential market influences: Feb 15 Empire State, Net Foreign Purchases, Capacity Utilization, Industrial Production, EIA Inventory, Bernanke's Testimonial before Congress; Feb 16 Building Permits, Export Prices, Housing Starts, Import Prices, Initial Claims, Philly Fed; Feb 17 Mich Sentiment; PPI, Core PPI.
Yesterday: "Wend, we expect a near term inflection point in the market and perhaps a bounce" No massacre today, seems the inflection point may have arrived a day early on short covering. Just uncanny how every major indices managed to move into MAX PAIN on options.
Oil continues its pullback to under $60, $50 sounds even better. NDX was hanging from 90DMA, but did a nice chin up, DJTA hit an all time high, DJIA over 11,000.
Lets look for follow through, without short covering to see if this is the beginning of a nice bounce to 1790 NDX over the next 3 weeks. Happy Valentines Day.
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!!!
Comments