Market Soapbox 05/16/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 11075; SP500 1285; Nasdaq 2225; NDX 1615
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Delphi, which filed for BK in the U.S. last October, plans to close 21 of 29 U.S. union plants.
Delphi also expects to cut thousands of salaried workers and up to 40% of corporate officers from its work force and close two dozen international plants.
UAW on Tuesday said its U.S. hourly workers "overwhelmingly" authorized union leaders to call a strike should bankrupt auto parts maker Delphi Corp. toss out its labor contracts. This would cripple GM and lead to their BK as well.
Bonds UP with the 30 yr yield falling @ 5.21%; 10 yr @ 5.10; 5 yr @ 4.98; 2yr @ 4.94; 6 mo @ 4.98. 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, a wicked up & down day, DJIA a deceiving +48 with a late surge, on steady volume with butt ugly internals.
TUES, another whipsaw day, DJIA -9 on steady volume with lousy internals. This week DJIA +39, since 09/19/05 DJIA +778.
Indexes UP: XOI. DOWN: XAU, SOX, NDX, NAZ, DJUA, DJTA, MID, RUT
Sectors UP: Pharma, Healthcare, Telecom, Oil DOWN: Airlines, Gold Bugs, Biotech, Tech, Transports, Semis
Overseas: DAX DOWN, CAC, FTSE UP, Hang Seng & Nikkei 225 DOWN BIG TIME.
Dollar UP vs. Euro 1.2893 & DOWN vs. Yen 109.17, XAU & gold DOWN @ 689.2, XOI UP & crude DOWN @ 69.52, CRB commodities index UP @ 353.2
DJIA still above, but XAU, XOI sitting on 75 DMA, OEX bounced up from, SP500, MID, RUT, NDX, NAZ & SOX plunged through and falling from.
Too much PPT (plunge protection team) liquidity getting sucked into the bond & dollar rally. Letting the guts of the market sink for the 4th straight day. Tomorrow CPI awaits.
Once again, someone needs to goose the inflation number, lest the market keep sinking as an inflation reality check sets in.
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 2225; NDX 1615
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Delphi, which filed for BK in the U.S. last October, plans to close 21 of 29 U.S. union plants.
Delphi also expects to cut thousands of salaried workers and up to 40% of corporate officers from its work force and close two dozen international plants.
UAW on Tuesday said its U.S. hourly workers "overwhelmingly" authorized union leaders to call a strike should bankrupt auto parts maker Delphi Corp. toss out its labor contracts. This would cripple GM and lead to their BK as well.
Bonds UP with the 30 yr yield falling @ 5.21%; 10 yr @ 5.10; 5 yr @ 4.98; 2yr @ 4.94; 6 mo @ 4.98. 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, a wicked up & down day, DJIA a deceiving +48 with a late surge, on steady volume with butt ugly internals.
TUES, another whipsaw day, DJIA -9 on steady volume with lousy internals. This week DJIA +39, since 09/19/05 DJIA +778.
Indexes UP: XOI. DOWN: XAU, SOX, NDX, NAZ, DJUA, DJTA, MID, RUT
Sectors UP: Pharma, Healthcare, Telecom, Oil DOWN: Airlines, Gold Bugs, Biotech, Tech, Transports, Semis
Overseas: DAX DOWN, CAC, FTSE UP, Hang Seng & Nikkei 225 DOWN BIG TIME.
Dollar UP vs. Euro 1.2893 & DOWN vs. Yen 109.17, XAU & gold DOWN @ 689.2, XOI UP & crude DOWN @ 69.52, CRB commodities index UP @ 353.2
DJIA still above, but XAU, XOI sitting on 75 DMA, OEX bounced up from, SP500, MID, RUT, NDX, NAZ & SOX plunged through and falling from.
Too much PPT (plunge protection team) liquidity getting sucked into the bond & dollar rally. Letting the guts of the market sink for the 4th straight day. Tomorrow CPI awaits.
Once again, someone needs to goose the inflation number, lest the market keep sinking as an inflation reality check sets in.
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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