Market Soapbox 02/27/06
Resistance: DJIA 11170; SP500 1300; Nasdaq 2330; NDX 1730
Support: DJIA 11000; SP500 1280; Nasdaq 2260; NDX 1665
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news,Feb 27 New Home Sales Jan 1.233M vs Dec 1.298M, a 5% drop but equal to Nov 1.233M.
Recent DJIA History: 23 weeks ago, -270 breaking key support, 22 weeks +148, 21 weeks -281, 20 weeks -6, 19 weeks -77, (5 week loss -486). 18 weeks recovery begins +186, 17 weeks +128, 16 weeks +154, 15 weeks +79, 14 weeks +165, (5 week gain +712).
13 weeks -53, 12 weeks -99, 11 weeks +99, 10 weeks +8. 9 weeks -168, (5 week loss -213). 8 weeks +242 on a broadbased new year buy in, 7 weeks +0, 6 weeks -292, 5 weeks +240, 4 weeks -113. (5 week gain +77). 3 weeks DJIA +125, 2 weeks DJIA +196, Last week DJIA -52.
Today, DJIA +36 leaking into the close on lower volume with decent internals. This week DJIA +36, over the last 4 weeks DJIA +305, over the last 23 weeks DJIA +395.
DJTA, DJUA, SP500, RUT, NDX, NAZ & SOX up nicely. NYSE & MID weak, XOI & XAU down. CAC, DAX, FTSE, Hang Seng & Nikkei 225 up.
Sectors: Airlines, Biotech, Tech, Telecom, Pharma, Transports, Utilities, Consumer & Semis up nicely. Healthcare down. Commodity, Energy, Oil, Natural Gas & Gold Bugs down.
Dollar up vs. Euro & down vs Yen, XAU & gold down @ 557, XOI & crude down 3% @ 60.90, CRB commodities down. Natural Gas -7.5%, Unleaded -4%, Copper -3%.
Yield curve MAJOR INVERSION bonds down with the 30 yr yield rising @ 4.54%; 10 yr @ 4.59; 5 yr @ 4.65; 2yr @ 4.72; 6mo @ 4.73. In a full tilt boogey, 2yr is above the 30 year since 02/09, 3 trading days to go till inversion D day.
Looking ahead at potential market influences: 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.
Friday 02/17: "Perhaps a small slowdown next week" Yes, there was DJIA -52. Friday 02/24: "VIX call options are starting to look good."
Not so fast, Joe, of late we think the markets are topping and just when we are getting ready to throw the baby out with the bath water on 1790 NDX and March 43 Calls, we have a day like this.
Tomorrow we see potential for an upward revision in GDP & chain deflator, with a fall in existing home sales. However will this disconnected market react?
For more market commentary please see today's market observations post and today's other post Benny & The Fed's - Inflation Disconnect.
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 11000; SP500 1280; Nasdaq 2260; NDX 1665
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news,Feb 27 New Home Sales Jan 1.233M vs Dec 1.298M, a 5% drop but equal to Nov 1.233M.
Recent DJIA History: 23 weeks ago, -270 breaking key support, 22 weeks +148, 21 weeks -281, 20 weeks -6, 19 weeks -77, (5 week loss -486). 18 weeks recovery begins +186, 17 weeks +128, 16 weeks +154, 15 weeks +79, 14 weeks +165, (5 week gain +712).
13 weeks -53, 12 weeks -99, 11 weeks +99, 10 weeks +8. 9 weeks -168, (5 week loss -213). 8 weeks +242 on a broadbased new year buy in, 7 weeks +0, 6 weeks -292, 5 weeks +240, 4 weeks -113. (5 week gain +77). 3 weeks DJIA +125, 2 weeks DJIA +196, Last week DJIA -52.
Today, DJIA +36 leaking into the close on lower volume with decent internals. This week DJIA +36, over the last 4 weeks DJIA +305, over the last 23 weeks DJIA +395.
DJTA, DJUA, SP500, RUT, NDX, NAZ & SOX up nicely. NYSE & MID weak, XOI & XAU down. CAC, DAX, FTSE, Hang Seng & Nikkei 225 up.
Sectors: Airlines, Biotech, Tech, Telecom, Pharma, Transports, Utilities, Consumer & Semis up nicely. Healthcare down. Commodity, Energy, Oil, Natural Gas & Gold Bugs down.
Dollar up vs. Euro & down vs Yen, XAU & gold down @ 557, XOI & crude down 3% @ 60.90, CRB commodities down. Natural Gas -7.5%, Unleaded -4%, Copper -3%.
Yield curve MAJOR INVERSION bonds down with the 30 yr yield rising @ 4.54%; 10 yr @ 4.59; 5 yr @ 4.65; 2yr @ 4.72; 6mo @ 4.73. In a full tilt boogey, 2yr is above the 30 year since 02/09, 3 trading days to go till inversion D day.
Looking ahead at potential market influences: 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.
Friday 02/17: "Perhaps a small slowdown next week" Yes, there was DJIA -52. Friday 02/24: "VIX call options are starting to look good."
Not so fast, Joe, of late we think the markets are topping and just when we are getting ready to throw the baby out with the bath water on 1790 NDX and March 43 Calls, we have a day like this.
Tomorrow we see potential for an upward revision in GDP & chain deflator, with a fall in existing home sales. However will this disconnected market react?
For more market commentary please see today's market observations post and today's other post Benny & The Fed's - Inflation Disconnect.
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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