Market Soapbox 05/09 & 05/10/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 11075; SP500 1285; Nasdaq 2275; NDX 1670
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Whirlpool is closing their Maytag plants and laying off 4500, oh well there goes the Maytag man.
Cisco beat by a penny but issued conservative forward guidance, stock punished 4%.
Bonds UP with the 30 yr yield falling @ 5.19%; 10 yr @ 5.12; 5 yr @ 5.02; 2yr @ 4.98; 6 mo @ 5.00. 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29.
MON, DJIA +7 on lower volume with soso internals.
TUE, a split tape day, DJIA + 55 on lower volume with lousy internals. DJIA within 80 points of all time high, gold jumps 700. Commodities & Oil up BIG, Tech pounded down.
WEN, DJIA +3 on lower volume with lousy internals. Tech and small caps got pounded down, again. This week DJIA +65, since 09/23/05 DJIA +826.
Indexes UP: XOI, XAU, DJUA. DOWN: RUT, SOX -2.5%, NDX, NAZ
Sectors UP: Utilities, Natural Gas, Oil, Commodity, Healthcare DOWN: Semis, Tech, Networking, Telecom, Pharma, Brokers
Overseas: DAX , CAC, FTSE , Hang Seng & Nikkei 225 all DOWN BIG.
Dollar DOWN vs. Euro 1.2851 & vs. Yen 109.55, XAU & gold UP @ 705.7, XOI & crude UP @ 72.13, CRB commodities index UP @ 360.24 The Yen broke the 110 barrier.
We like DJIA 11775, SP500 1335, RUT 795, MID 835, NDX 1750 as a near term top, lets see if we go there after this slight dip.
Last week gold +4.2%, YTD +30%. Watch the 10 yr go over 5.25 in the near term and check the auction for indirect bidder participation.
Should foreign bank participation be low, they be selling their existing bond holdings for gold, which goes a long way towards explaining the jump in yields, the dollar tanking and gold over $700 and heading for $800.
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 11075; SP500 1285; Nasdaq 2275; NDX 1670
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Whirlpool is closing their Maytag plants and laying off 4500, oh well there goes the Maytag man.
Cisco beat by a penny but issued conservative forward guidance, stock punished 4%.
Bonds UP with the 30 yr yield falling @ 5.19%; 10 yr @ 5.12; 5 yr @ 5.02; 2yr @ 4.98; 6 mo @ 5.00. 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29.
MON, DJIA +7 on lower volume with soso internals.
TUE, a split tape day, DJIA + 55 on lower volume with lousy internals. DJIA within 80 points of all time high, gold jumps 700. Commodities & Oil up BIG, Tech pounded down.
WEN, DJIA +3 on lower volume with lousy internals. Tech and small caps got pounded down, again. This week DJIA +65, since 09/23/05 DJIA +826.
Indexes UP: XOI, XAU, DJUA. DOWN: RUT, SOX -2.5%, NDX, NAZ
Sectors UP: Utilities, Natural Gas, Oil, Commodity, Healthcare DOWN: Semis, Tech, Networking, Telecom, Pharma, Brokers
Overseas: DAX , CAC, FTSE , Hang Seng & Nikkei 225 all DOWN BIG.
Dollar DOWN vs. Euro 1.2851 & vs. Yen 109.55, XAU & gold UP @ 705.7, XOI & crude UP @ 72.13, CRB commodities index UP @ 360.24 The Yen broke the 110 barrier.
We like DJIA 11775, SP500 1335, RUT 795, MID 835, NDX 1750 as a near term top, lets see if we go there after this slight dip.
Last week gold +4.2%, YTD +30%. Watch the 10 yr go over 5.25 in the near term and check the auction for indirect bidder participation.
Should foreign bank participation be low, they be selling their existing bond holdings for gold, which goes a long way towards explaining the jump in yields, the dollar tanking and gold over $700 and heading for $800.
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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