Market Soapbox 03/29/06
Resistance: DJIA 11325; SP500 1310; Nasdaq 2340; NDX 1710
Support: DJIA 10950; SP500 1270; Nasdaq 2250; NDX 1635
In our top story tonight, Generalissimo Francisco Franco is STILL dead. $14 B 5 yr note auction, indirect bidders 25% vs prior avg 35%. Notes sold at 4.785%.
EIA Crude +2.3M barrels; distillates -2.5M; gasoline -5.3M. Showing a greater build in crude, but unexpected draw down in distillates and gasoline 3X vs. expected. Gasoline prices surged 3.7%.
GM, announced that certain GMAC financial information should no longer be relied upon and needs to be restated. There are questions over whether the sale of a controlling stake in GMAC will occur.
YIELD CURVE INVERSION, Bonds DOWN BIG with the 30 yr yield rising @ 4.84%; 10 yr @ 4.80; 5 yr @ 4.80; 2yr @ 4.80; 6 mo @ 4.82. 2yr above 10 yr 12/27 - 03/07 & since 03/20. 2yr above 30 yr 02/09 - 03/07 & since 03/21. Highest yields since June 2004.
DJIA week ending: 09/23 -270 breaking key support, 09/30 +148, 10/07 -281, 10/14 -6, 10/21 -77. (5 week loss -486). 10/28 recovery begins +186, 11/04 +128, 11/11 +154, 11/18 +79, 11/25 +165, (5 week gain +712).
12/02 -53, 12/09 -99, 12/16 +99, 12/23 +8, 12/30 -168, (5 week loss -213). 01/06 +242 on a broadbased new year buy in, 01/13 +0, 01/20 -292, 01/27 +240, 02/03 -113. (5 week gain +77).
02/10 +125, 02/17 +196, 02/24 -52. 03/03 +6. 03/10 +61, (5 week gain +336). 03/17 +159, 03/24 +0 (2 week gain +159). Mon, DJIA -30 on lower volume with midlin internals.
Tues, a WWF slapdown from 2:15PST on. DJIA -96. Today, DJIA +61 on a broadbased bounce with steady volume and peachy internals. This week DJIA -65, since 09/23/05 DJIA +525.
UP: All major indices booming. UP: All sectors booming except pharma & banking. Overseas: DAX, CAC, FTSE all up, Hang Seng down & Nikkei 225 up BIG.
Dollar UP vs. Euro 1.2033 & vs. Yen 117.74, XAU & gold UP @ 573.30, XOI & crude UP @ 66.45, CRB commodities index UP @ 332.92.
Looking ahead at potential market influences: Mar 30 Chain Deflator, GDP, Inital Claims; Mar 31 Personal Income and Spending, Mich Sentiment, Chicago PMI, Factory Orders.
Yesterday:"Lets see if the elephants head for the exits" Not so fast Joe. The NAZ biggest 1 day gain in 3 months, intraday 2344 a 5yr high; RUT 764, MID 792 all time highs. What was the RUT at?? 764!!!
Although SP500 1335 is still a visible peak, we are still leary. Tomorrows chain deflator & GDP could stoke inflation fears, and oil is above $66. Caveat Emptor.
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 10950; SP500 1270; Nasdaq 2250; NDX 1635
In our top story tonight, Generalissimo Francisco Franco is STILL dead. $14 B 5 yr note auction, indirect bidders 25% vs prior avg 35%. Notes sold at 4.785%.
EIA Crude +2.3M barrels; distillates -2.5M; gasoline -5.3M. Showing a greater build in crude, but unexpected draw down in distillates and gasoline 3X vs. expected. Gasoline prices surged 3.7%.
GM, announced that certain GMAC financial information should no longer be relied upon and needs to be restated. There are questions over whether the sale of a controlling stake in GMAC will occur.
YIELD CURVE INVERSION, Bonds DOWN BIG with the 30 yr yield rising @ 4.84%; 10 yr @ 4.80; 5 yr @ 4.80; 2yr @ 4.80; 6 mo @ 4.82. 2yr above 10 yr 12/27 - 03/07 & since 03/20. 2yr above 30 yr 02/09 - 03/07 & since 03/21. Highest yields since June 2004.
DJIA week ending: 09/23 -270 breaking key support, 09/30 +148, 10/07 -281, 10/14 -6, 10/21 -77. (5 week loss -486). 10/28 recovery begins +186, 11/04 +128, 11/11 +154, 11/18 +79, 11/25 +165, (5 week gain +712).
12/02 -53, 12/09 -99, 12/16 +99, 12/23 +8, 12/30 -168, (5 week loss -213). 01/06 +242 on a broadbased new year buy in, 01/13 +0, 01/20 -292, 01/27 +240, 02/03 -113. (5 week gain +77).
02/10 +125, 02/17 +196, 02/24 -52. 03/03 +6. 03/10 +61, (5 week gain +336). 03/17 +159, 03/24 +0 (2 week gain +159). Mon, DJIA -30 on lower volume with midlin internals.
Tues, a WWF slapdown from 2:15PST on. DJIA -96. Today, DJIA +61 on a broadbased bounce with steady volume and peachy internals. This week DJIA -65, since 09/23/05 DJIA +525.
UP: All major indices booming. UP: All sectors booming except pharma & banking. Overseas: DAX, CAC, FTSE all up, Hang Seng down & Nikkei 225 up BIG.
Dollar UP vs. Euro 1.2033 & vs. Yen 117.74, XAU & gold UP @ 573.30, XOI & crude UP @ 66.45, CRB commodities index UP @ 332.92.
Looking ahead at potential market influences: Mar 30 Chain Deflator, GDP, Inital Claims; Mar 31 Personal Income and Spending, Mich Sentiment, Chicago PMI, Factory Orders.
Yesterday:"Lets see if the elephants head for the exits" Not so fast Joe. The NAZ biggest 1 day gain in 3 months, intraday 2344 a 5yr high; RUT 764, MID 792 all time highs. What was the RUT at?? 764!!!
Although SP500 1335 is still a visible peak, we are still leary. Tomorrows chain deflator & GDP could stoke inflation fears, and oil is above $66. Caveat Emptor.
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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