Market Soapbox 05/18/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10850; SP500 1260; Nasdaq 2150; NDX 1580
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Economic reports in todays other posts. Housing is as good as gold, NOT this year...
Homebuilders YTD -22.5%, Gold YTD +40% and I don't want to talk about how far up gold stocks are.
Witnessing todays bond market rally, a herculean effort to rescue the bond market and dollar is resulting in equities suffering bigtime.
Bonds UP MAJOR BIG with the 30 yr yield falling @ 5.16%; 10 yr @ 5.06; 5 yr @ 4.93; 2yr @ 4.91; 6 mo @ 4.92. 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.
WEN, a day to reckon. Elephants heading for the exits, DJIA down 2014 points on higher volume and horrible internals.
THU, the market was up, then flatlining, tanking into the close on slightly lower volume with wretched internals, DJIA -77. This week DJIA -252, since 09/19/05 DJIA +487.
Indexes UP: DJUA DOWN: Everything else slapped silly
Sectors UP: Airlines, Utilities, Disk Drives DOWN: Everything else stomped.
Overseas: DAX UP, CAC, FTSE DOWN, Hang Seng & Nikkei 225 DOWN BIG.
Dollar DOWN vs. Euro 1.2843 & vs. Yen 110.40, XAU & gold DOWN @ 680.9, XOI DOWN & crude UP 1% @ 69.45, CRB commodities index DOWN @ 348.65
More Market Observations in todays other post. Over nine days RUT -8%. The DJIA & XAU have joined all major indices by slicing through their 75DMA.
The Tech indices have sliced through 200DMA, the SOX is resting on 400DMA. If MID, RUT, DJIA & SP500 breech 200DMA, I think we need a bigger boat. May options expire tomorrow.
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 10850; SP500 1260; Nasdaq 2150; NDX 1580
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Economic reports in todays other posts. Housing is as good as gold, NOT this year...
Homebuilders YTD -22.5%, Gold YTD +40% and I don't want to talk about how far up gold stocks are.
Witnessing todays bond market rally, a herculean effort to rescue the bond market and dollar is resulting in equities suffering bigtime.
Bonds UP MAJOR BIG with the 30 yr yield falling @ 5.16%; 10 yr @ 5.06; 5 yr @ 4.93; 2yr @ 4.91; 6 mo @ 4.92. 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.
WEN, a day to reckon. Elephants heading for the exits, DJIA down 2014 points on higher volume and horrible internals.
THU, the market was up, then flatlining, tanking into the close on slightly lower volume with wretched internals, DJIA -77. This week DJIA -252, since 09/19/05 DJIA +487.
Indexes UP: DJUA DOWN: Everything else slapped silly
Sectors UP: Airlines, Utilities, Disk Drives DOWN: Everything else stomped.
Overseas: DAX UP, CAC, FTSE DOWN, Hang Seng & Nikkei 225 DOWN BIG.
Dollar DOWN vs. Euro 1.2843 & vs. Yen 110.40, XAU & gold DOWN @ 680.9, XOI DOWN & crude UP 1% @ 69.45, CRB commodities index DOWN @ 348.65
More Market Observations in todays other post. Over nine days RUT -8%. The DJIA & XAU have joined all major indices by slicing through their 75DMA.
The Tech indices have sliced through 200DMA, the SOX is resting on 400DMA. If MID, RUT, DJIA & SP500 breech 200DMA, I think we need a bigger boat. May options expire tomorrow.
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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