Market Soapbox 02/23/06
Resistance: DJIA 11150; SP500 1295; 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, $14 Billion in 5 yr notes yielding 4.622, indirect bidders took only 21% vs average of 38% in prior auctions. The resulting liquidity drain hit the stock market
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 +77). 2 weeks DJIA +125, last week DJIA +196.
Tues, DJIA -46 a broadbased selloff on higher volume with lousy internals. Wen, DJIA +68 on a broadbased bounce with higher volume and nice internals.
Today, DJIA -67 on lower volume with ugly internals. This week DJIA -45, over the last 21 weeks DJIA +366.
XAU hammered down 3.25%, all other indices beat down. CAC DAX & FTSE down, Hang Seng & Nikkei 225 up BIG.
Sectors: Biotech, Networking & Telecom up. Semis, Cyclical, Commodity, Utilities & Gold Bugs beat with a stick.
Dollar down vs. Euro & Yen, XAU & gold down @ 550.9, XOI up & crude down @ 60.54, CRB commodities down.
Yield curve MAJOR INVERSION bonds down BIG with the 30 yr yield rising @ 4.50%; 10 yr @ 4.55; 5 yr @ 4.61; 2yr @ 4.71; 6mo @ 4.72. In a full tilt boogey, 2yr is above the 30 year since 02/09, 5 trading days to go till D day.
Looking ahead at potential market influences: Feb 24 Durable Goods
Yesterday: "EIA could show a build, which would pull back oil and jump the market further." There was a build and oil pulled back, but not enough to save stocks from the lack of indirect bidders at the bond auction.
Yesterday: DJIA at 4.5 year high. Today RUT & NYSE at all time high, SP500 1 point shy of 5 year high. You sure wouldn't know it from the markets behaviour.
Schizo herks and jerks of late, we thinks its topping and its time to get very defensive as the downside could be severe in the extreme.
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, $14 Billion in 5 yr notes yielding 4.622, indirect bidders took only 21% vs average of 38% in prior auctions. The resulting liquidity drain hit the stock market
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 +77). 2 weeks DJIA +125, last week DJIA +196.
Tues, DJIA -46 a broadbased selloff on higher volume with lousy internals. Wen, DJIA +68 on a broadbased bounce with higher volume and nice internals.
Today, DJIA -67 on lower volume with ugly internals. This week DJIA -45, over the last 21 weeks DJIA +366.
XAU hammered down 3.25%, all other indices beat down. CAC DAX & FTSE down, Hang Seng & Nikkei 225 up BIG.
Sectors: Biotech, Networking & Telecom up. Semis, Cyclical, Commodity, Utilities & Gold Bugs beat with a stick.
Dollar down vs. Euro & Yen, XAU & gold down @ 550.9, XOI up & crude down @ 60.54, CRB commodities down.
Yield curve MAJOR INVERSION bonds down BIG with the 30 yr yield rising @ 4.50%; 10 yr @ 4.55; 5 yr @ 4.61; 2yr @ 4.71; 6mo @ 4.72. In a full tilt boogey, 2yr is above the 30 year since 02/09, 5 trading days to go till D day.
Looking ahead at potential market influences: Feb 24 Durable Goods
Yesterday: "EIA could show a build, which would pull back oil and jump the market further." There was a build and oil pulled back, but not enough to save stocks from the lack of indirect bidders at the bond auction.
Yesterday: DJIA at 4.5 year high. Today RUT & NYSE at all time high, SP500 1 point shy of 5 year high. You sure wouldn't know it from the markets behaviour.
Schizo herks and jerks of late, we thinks its topping and its time to get very defensive as the downside could be severe in the extreme.
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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