Market Soapbox 02/21/06
Resistance: DJIA 11100; SP500 1285; Nasdaq 2315; NDX 1730
Support: DJIA 10700; SP500 1250; Nasdaq 2230; NDX 1640
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, todays economic reports covered in another post. Moody's cut GM's Senior Unsecured rating from B1 to B2, ouch!
Recent DJIA History: 22 weeks ago, -270 breaking key support, 21 weeks +148, 20 weeks -281, 19 weeks -6, 18 weeks -77, (5 week loss -486). 17 weeks recovery begins +186, 16 weeks +128, 15 weeks +154, 14 weeks +79, 13 weeks +165, (5 week gain +712).
12 weeks -53, 11 weeks -99, 10 weeks +99, 9 weeks +8. 8 weeks -168, (5 week loss -213). 7 weeks +242 on a broadbased new year buy in, 6 weeks +0, 5 weeks -292, 4 weeks +240, 3 weeks -113. (5 week gain +75). 2 weeks DJIA +116, last week DJIA +197.
Today, DJIA -46 on higher volume with lousy internals, this week DJIA -46, over the last 21 weeks DJIA +347. The NDX and tech continue their slide down.
DJUA, XOI & XAU up. SOX, NDX, DJTA beat down. CAC DAX, FTSE, Hang Seng up, Nikkei 225 up BIG.
Sectors: Utilities, Commodity, Energy, Oil, Natural Gas & Gold Bugs up nicely. Airlines, Tech, Biotech, Pharma, Networking, Cyclical, Transports & Semis down.
Dollar up vs. Euro & Yen, XAU & gold up @ 553.9, XOI & crude up 2% @ 61.10, CRB commodities up. Natural Gas +7.6%, Copper +3.3% & Platinum +2.3% jumping, Gasoline falling -1.8%.
Yield curve MAJOR INVERSION bonds down with the 30 yr yield rising @ 4.53%; 10 yr @ 4.56; 5 yr @ 4.58; 2yr @ 4.70; 6mo @ 4.70. In a full tilt boogey, 2yr is above the 30 year since 02/09, 7 days to go.
Looking ahead at potential market influences: Feb 22 2 yr note auction, Core CPI; Total CPI; EIA Feb 23 5 yr note auction, Initial Claims; Feb 24 Durable Goods
Friday: "Perhaps a small slowdown next week due to bond auctions, the FOMC minutes and a CPI that will show inflation rages on." Leading indicators and a rebound in oil put a squelch on todays market.
Tomorrow CPI & 2yr auction, Thurs 5yr auction, seems we are heading for 1630 NDX again and those March 43 Calls, not such a good idea at the moment.
But we are not letting go yet, just when you think you know where its going, thats when you get slapped in the face, just hang in there. If tomorrows EIA shows a build, and oil futures pull back again, the market could bounce back.
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 10700; SP500 1250; Nasdaq 2230; NDX 1640
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, todays economic reports covered in another post. Moody's cut GM's Senior Unsecured rating from B1 to B2, ouch!
Recent DJIA History: 22 weeks ago, -270 breaking key support, 21 weeks +148, 20 weeks -281, 19 weeks -6, 18 weeks -77, (5 week loss -486). 17 weeks recovery begins +186, 16 weeks +128, 15 weeks +154, 14 weeks +79, 13 weeks +165, (5 week gain +712).
12 weeks -53, 11 weeks -99, 10 weeks +99, 9 weeks +8. 8 weeks -168, (5 week loss -213). 7 weeks +242 on a broadbased new year buy in, 6 weeks +0, 5 weeks -292, 4 weeks +240, 3 weeks -113. (5 week gain +75). 2 weeks DJIA +116, last week DJIA +197.
Today, DJIA -46 on higher volume with lousy internals, this week DJIA -46, over the last 21 weeks DJIA +347. The NDX and tech continue their slide down.
DJUA, XOI & XAU up. SOX, NDX, DJTA beat down. CAC DAX, FTSE, Hang Seng up, Nikkei 225 up BIG.
Sectors: Utilities, Commodity, Energy, Oil, Natural Gas & Gold Bugs up nicely. Airlines, Tech, Biotech, Pharma, Networking, Cyclical, Transports & Semis down.
Dollar up vs. Euro & Yen, XAU & gold up @ 553.9, XOI & crude up 2% @ 61.10, CRB commodities up. Natural Gas +7.6%, Copper +3.3% & Platinum +2.3% jumping, Gasoline falling -1.8%.
Yield curve MAJOR INVERSION bonds down with the 30 yr yield rising @ 4.53%; 10 yr @ 4.56; 5 yr @ 4.58; 2yr @ 4.70; 6mo @ 4.70. In a full tilt boogey, 2yr is above the 30 year since 02/09, 7 days to go.
Looking ahead at potential market influences: Feb 22 2 yr note auction, Core CPI; Total CPI; EIA Feb 23 5 yr note auction, Initial Claims; Feb 24 Durable Goods
Friday: "Perhaps a small slowdown next week due to bond auctions, the FOMC minutes and a CPI that will show inflation rages on." Leading indicators and a rebound in oil put a squelch on todays market.
Tomorrow CPI & 2yr auction, Thurs 5yr auction, seems we are heading for 1630 NDX again and those March 43 Calls, not such a good idea at the moment.
But we are not letting go yet, just when you think you know where its going, thats when you get slapped in the face, just hang in there. If tomorrows EIA shows a build, and oil futures pull back again, the market could bounce back.
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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