Market Soapbox 02/24/06
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, BOO!!! Rumours of explosions at a Saudi Arabian refinery sent oil prices up $2 a barrel and gold up $10 an ounce.
The explosions never happened and the disinformation came from an anonymous Saudi official. There was rumored to be a foiled suicide car bomb attempt. Rumours of the Bigfoot, Nessie & UFO attack made the market hiccup. When will they learn??
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. Thurs, DJIA -67 on lower volume with ugly internals.
Today, DJIA -7 on very low volume with midlin internals. This week DJIA -52, over the last 3 weeks DJIA +269, over the last 22 weeks DJIA +359.
XMI down. XOI, XAU, RUT, MID & DJUA up. CAC, DAX, FTSE, Hang Seng & Nikkei 225 up.
Sectors: Airlines, Telecom & Healthcare down. Commodity, Brokers, Energy, Oil, Natural Gas, Biotech & Gold Bugs up.
Dollar up vs. Euro & down vs Yen, XAU & gold up 1.9% @ 561.2, XOI & crude up 3.9% @ 62.91, CRB commodities up.
Yield curve MAJOR INVERSION bonds down with the 30 yr yield rising @ 4.52%; 10 yr @ 4.57; 5 yr @ 4.63; 2yr @ 4.72; 6mo @ 4.71. In a full tilt boogey, 2yr is above the 30 year since 02/09, 4 trading days to go till D day.
Looking ahead at potential market influences: Feb 27 New Home Sales; Feb 28 Chain Deflator; GDP; Chicago PMI; Consumer Confidence; Mar 1 Auto & Truck Sales, Personal Income & Spending, ISM Index; Mar 2 Initial Claims; Mar 3 ISM Services.
Yesterday: "Schizo herks and jerks of late, we thinks its topping and time to get very defensive as the downside could be severe in the extreme."
NYSE & RUT made all time highs today. Look at the OEX shoulder pattern, very scary, beware the Ides of March. VIX call options are starting to look good.
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, BOO!!! Rumours of explosions at a Saudi Arabian refinery sent oil prices up $2 a barrel and gold up $10 an ounce.
The explosions never happened and the disinformation came from an anonymous Saudi official. There was rumored to be a foiled suicide car bomb attempt. Rumours of the Bigfoot, Nessie & UFO attack made the market hiccup. When will they learn??
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. Thurs, DJIA -67 on lower volume with ugly internals.
Today, DJIA -7 on very low volume with midlin internals. This week DJIA -52, over the last 3 weeks DJIA +269, over the last 22 weeks DJIA +359.
XMI down. XOI, XAU, RUT, MID & DJUA up. CAC, DAX, FTSE, Hang Seng & Nikkei 225 up.
Sectors: Airlines, Telecom & Healthcare down. Commodity, Brokers, Energy, Oil, Natural Gas, Biotech & Gold Bugs up.
Dollar up vs. Euro & down vs Yen, XAU & gold up 1.9% @ 561.2, XOI & crude up 3.9% @ 62.91, CRB commodities up.
Yield curve MAJOR INVERSION bonds down with the 30 yr yield rising @ 4.52%; 10 yr @ 4.57; 5 yr @ 4.63; 2yr @ 4.72; 6mo @ 4.71. In a full tilt boogey, 2yr is above the 30 year since 02/09, 4 trading days to go till D day.
Looking ahead at potential market influences: Feb 27 New Home Sales; Feb 28 Chain Deflator; GDP; Chicago PMI; Consumer Confidence; Mar 1 Auto & Truck Sales, Personal Income & Spending, ISM Index; Mar 2 Initial Claims; Mar 3 ISM Services.
Yesterday: "Schizo herks and jerks of late, we thinks its topping and time to get very defensive as the downside could be severe in the extreme."
NYSE & RUT made all time highs today. Look at the OEX shoulder pattern, very scary, beware the Ides of March. VIX call options are starting to look good.
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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