Market Soapbox 05/11/06
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. Today, Natural Gas -3.64%, Oil +1.65%, Gasoline +2.35%, Copper +6.4%, Platinum +2.85%, Silver +4.59%, Gold +2.25%, can you say parabolic runup, I can. Today's spike stoked inflation fears, and rightly so.
Bonds DOWN with the 30 yr yield rising @ 5.23%; 10 yr @ 5.15; 5 yr @ 5.03; 2yr @ 4.99; 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.
THU, we called for a "slight dip", whoa Hoss!!! It was a TAKE NO PRISONER's kinda day, DJIA -142 in a broadbased selloff on higher volume with absolutely horrific internals.
Everything got beat like cheap conga drums. Although the OTC Bulletin Board had more advancing than declining shares??? Tech and the SOX got creamed for a 3rd straight session, having lost 7% this week. This week DJIA -87, since 09/23/05 DJIA +684.
Indexes UP: NONE. DOWN: EVERYTHING AND BIG TIME.
Sectors UP: NONE DOWN: EVERYTHING POUNDED SENSELESS
Overseas: DAX , CAC, FTSE all DOWN , Hang Seng UP & Nikkei 225 DOWN.
Dollar DOWN vs. Euro 1.2889 & vs. Yen 109.82, XAU DOWN & gold UP @ 721.50, XOI DOWN & crude UP @ 73.32, CRB commodities index UP @ 365.35
Yesterday: "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."
Participation was a paltry 30.7%, too much dealer cash was tied up in the bond market, and the bears came to play in the stock market. More on this over the weekend, as we may have just seen the tip of the iceberg today. FYI, 52 week lows = 52 week highs on the NYSE. Ouch!!
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. Today, Natural Gas -3.64%, Oil +1.65%, Gasoline +2.35%, Copper +6.4%, Platinum +2.85%, Silver +4.59%, Gold +2.25%, can you say parabolic runup, I can. Today's spike stoked inflation fears, and rightly so.
Bonds DOWN with the 30 yr yield rising @ 5.23%; 10 yr @ 5.15; 5 yr @ 5.03; 2yr @ 4.99; 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.
THU, we called for a "slight dip", whoa Hoss!!! It was a TAKE NO PRISONER's kinda day, DJIA -142 in a broadbased selloff on higher volume with absolutely horrific internals.
Everything got beat like cheap conga drums. Although the OTC Bulletin Board had more advancing than declining shares??? Tech and the SOX got creamed for a 3rd straight session, having lost 7% this week. This week DJIA -87, since 09/23/05 DJIA +684.
Indexes UP: NONE. DOWN: EVERYTHING AND BIG TIME.
Sectors UP: NONE DOWN: EVERYTHING POUNDED SENSELESS
Overseas: DAX , CAC, FTSE all DOWN , Hang Seng UP & Nikkei 225 DOWN.
Dollar DOWN vs. Euro 1.2889 & vs. Yen 109.82, XAU DOWN & gold UP @ 721.50, XOI DOWN & crude UP @ 73.32, CRB commodities index UP @ 365.35
Yesterday: "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."
Participation was a paltry 30.7%, too much dealer cash was tied up in the bond market, and the bears came to play in the stock market. More on this over the weekend, as we may have just seen the tip of the iceberg today. FYI, 52 week lows = 52 week highs on the NYSE. Ouch!!
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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