Market Soapbox 06/20/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1210, Nasdaq 2050; NDX 1500
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead. Home Improvement? Home Depot flirting with a 52 week low.
May Housing Starts +5.0% to 1.95M, making it almost a wash with -6.7% April decline, 1st increase in 4 months, while Building Permits -2.1% to 1.93M units, less projects on the boards, rising risk premiums??
MAJOR YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 5.18%; 10 yr @ 5.14; 5 yr @ 5.12; 2yr @ 5.19; 6 mo @ 5.24.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29. 6mo above 10yr 06/02 -?; 2yr above 10yr 06/08 - ? 6mo & 2yr above 30yr 06/13 - ?
MON, DJIA -73 on lower volume, bleeding into the close with ugly internals.
TUES, a thinly traded split tape day with a small bounce then a fade, DJIA +33 with midlin internals. This week DJIA -40, since 09/19/05 DJIA +334.
Indexes UP: DJTA, DJUA, XAU DOWN: XOI, MID, RUT, SOX
Sectors UP: Airlines, Brokers, Gold Bugs DOWN: Reits, Biotech, Healthcare, Natural Gas, Semis, Tech
Overseas: FTSE DOWN, DAX , CAC UP , Hang Seng & Nikkei 225 DOWN BIG.
Dollar DOWN vs. Euro 1.2668 & Yen 113.35, XAU +2.3% & gold UP +1.4% @ 580.5, XOI UP & crude DOWN @ 69.34, CRB commodities index DOWN @ 333.1
FYI: YTD Tech -7%, NAZ -4%. Not much of a bounce today, perhaps on the morrow??
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 10650, SP500 1210, Nasdaq 2050; NDX 1500
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead. Home Improvement? Home Depot flirting with a 52 week low.
May Housing Starts +5.0% to 1.95M, making it almost a wash with -6.7% April decline, 1st increase in 4 months, while Building Permits -2.1% to 1.93M units, less projects on the boards, rising risk premiums??
MAJOR YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 5.18%; 10 yr @ 5.14; 5 yr @ 5.12; 2yr @ 5.19; 6 mo @ 5.24.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29. 6mo above 10yr 06/02 -?; 2yr above 10yr 06/08 - ? 6mo & 2yr above 30yr 06/13 - ?
MON, DJIA -73 on lower volume, bleeding into the close with ugly internals.
TUES, a thinly traded split tape day with a small bounce then a fade, DJIA +33 with midlin internals. This week DJIA -40, since 09/19/05 DJIA +334.
Indexes UP: DJTA, DJUA, XAU DOWN: XOI, MID, RUT, SOX
Sectors UP: Airlines, Brokers, Gold Bugs DOWN: Reits, Biotech, Healthcare, Natural Gas, Semis, Tech
Overseas: FTSE DOWN, DAX , CAC UP , Hang Seng & Nikkei 225 DOWN BIG.
Dollar DOWN vs. Euro 1.2668 & Yen 113.35, XAU +2.3% & gold UP +1.4% @ 580.5, XOI UP & crude DOWN @ 69.34, CRB commodities index DOWN @ 333.1
FYI: YTD Tech -7%, NAZ -4%. Not much of a bounce today, perhaps on the morrow??
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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