Market Soapbox 05/19/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10850; SP500 1260; Nasdaq 2150; NDX 1590
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Finally a legitimate bounce, 8 day Nasdaq plunge snapped, Nasdaq has not fallen 9 straight days since 1984. SOX +3.2% YTD.
We have reset support levels to 200DMA (400DMA for the NAZ) The SP500, OEX, XOI are sitting on 200DMA, SOX clinging, NAZ fell through, NDX plunged through past 400DMA.
Bonds UP with the 30 yr yield falling @ 5.14%; 10 yr @ 5.06; 5 yr @ 4.96; 2yr @ 4.96; 6 mo @ 4.99. 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 214 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.
FRI, another see-saw day, DJIA +16 on substantially higher volume with nice internals. This week DJIA -236, since 09/19/05 DJIA +503.
Indexes UP: Everything, SOX +3.2% DOWN: DJTA, XAU
Sectors UP: Everything else. DOWN: Gold Bugs, Pharma, Transports
Overseas: DAX , CAC UP FTSE DOWN, Hang Seng & Nikkei 225 UP.
Dollar UP vs. Euro 1.2797 & vs. Yen 111.2, XAU & gold DOWN 3.4% @ 657.5, XOI UP & crude DOWN 1.3% @ 68.53, CRB commodities index DOWN @ 342.29 Copper -6.5%
Dollar & bond rally continues. Commodities largest weekly pullback in 25 years. Gold & Copper (-14% this week) falling hard & fast, Golds biggest weekly decline since 1983. Oil falling to a six week low.
A hellish week for anyone in long, a sweet week for those shorting. Next week, PCE chain deflator and GDP await. Higher numbers would stoke inflation fears even further, someone goosing the number down could help the markets.
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 1590
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Finally a legitimate bounce, 8 day Nasdaq plunge snapped, Nasdaq has not fallen 9 straight days since 1984. SOX +3.2% YTD.
We have reset support levels to 200DMA (400DMA for the NAZ) The SP500, OEX, XOI are sitting on 200DMA, SOX clinging, NAZ fell through, NDX plunged through past 400DMA.
Bonds UP with the 30 yr yield falling @ 5.14%; 10 yr @ 5.06; 5 yr @ 4.96; 2yr @ 4.96; 6 mo @ 4.99. 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 214 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.
FRI, another see-saw day, DJIA +16 on substantially higher volume with nice internals. This week DJIA -236, since 09/19/05 DJIA +503.
Indexes UP: Everything, SOX +3.2% DOWN: DJTA, XAU
Sectors UP: Everything else. DOWN: Gold Bugs, Pharma, Transports
Overseas: DAX , CAC UP FTSE DOWN, Hang Seng & Nikkei 225 UP.
Dollar UP vs. Euro 1.2797 & vs. Yen 111.2, XAU & gold DOWN 3.4% @ 657.5, XOI UP & crude DOWN 1.3% @ 68.53, CRB commodities index DOWN @ 342.29 Copper -6.5%
Dollar & bond rally continues. Commodities largest weekly pullback in 25 years. Gold & Copper (-14% this week) falling hard & fast, Golds biggest weekly decline since 1983. Oil falling to a six week low.
A hellish week for anyone in long, a sweet week for those shorting. Next week, PCE chain deflator and GDP await. Higher numbers would stoke inflation fears even further, someone goosing the number down could help the markets.
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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