Market Observations 08/04/06
On the soft jobs report, bond yields hit a 4 month low; gold jumped; the dollar dropped to 15 month low vs British Sterling Pound, the Euro rose to 2 month high vs the dollar.
How's tech?? Apple -1.85% may have to restate prior financial results due to irregularities in its option grant practices; Motorola -1% after announcing an SEC probe; Sprint Nextel following yesterdays Q2 disappointment -14% over 2 days.
FYI YTD: Oil & Gas Equipment +25.6%, Refiners +22.9% and Integrated Oil +21.6%.
Goodyear Tire & Rubber posted a 97% drop in Q2 profits, yet stock +9.6%??? Tires & Rubber, 3rd worst performing industry group YTD -30.2%, led by a YTD -36% for GT.
The RUT broke through 705 to hit 715, but then profit taking slid it 20 points to 695. Next week, FOMC meeting, middle east conflicts and quarterly refinancing bond auctions await.
Yesterday: "It appears that since 07/18 we are now 3 weeks into the aforementioned 8 week upswing."
Not so fast Joe, the DJIA may have started an upswing on 06/13, meaning that 8 weeks is up on Aug 9th??? In any event, we will see a large up or down movement commence around Aug 9th.
If the FOMC pauses or raises and indicates the likelyhood of an upcoming pause, the market will rocket to the upside. A raise and business as usual probably sends the RUT down to explore new depths around 665.
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!!!
How's tech?? Apple -1.85% may have to restate prior financial results due to irregularities in its option grant practices; Motorola -1% after announcing an SEC probe; Sprint Nextel following yesterdays Q2 disappointment -14% over 2 days.
FYI YTD: Oil & Gas Equipment +25.6%, Refiners +22.9% and Integrated Oil +21.6%.
Goodyear Tire & Rubber posted a 97% drop in Q2 profits, yet stock +9.6%??? Tires & Rubber, 3rd worst performing industry group YTD -30.2%, led by a YTD -36% for GT.
The RUT broke through 705 to hit 715, but then profit taking slid it 20 points to 695. Next week, FOMC meeting, middle east conflicts and quarterly refinancing bond auctions await.
Yesterday: "It appears that since 07/18 we are now 3 weeks into the aforementioned 8 week upswing."
Not so fast Joe, the DJIA may have started an upswing on 06/13, meaning that 8 weeks is up on Aug 9th??? In any event, we will see a large up or down movement commence around Aug 9th.
If the FOMC pauses or raises and indicates the likelyhood of an upcoming pause, the market will rocket to the upside. A raise and business as usual probably sends the RUT down to explore new depths around 665.
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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