Market Observations 08/23/06
The soft housing sales numbers set the broader stock market into a tumble, homebuilders and mortgage lenders were pounded senseless. There were no safe havens as even bonds, precious metals, energy, commodities and utilities got punked.
EIA inventory showed a record build, dropping oil under $72 and Energy equities. Yesterday Iran "ready to talk", today Western news reports that muslim state backed Mehr News announced a "nuclear breakthrough" in Irans program. A search of MehrNews.com web site found no such announcement.
Yesterday semis upgraded, today, National Semiconductor lowered its Q1 sales guidance. The market is acting like a whirling dervish.... anyway the wind blows....
Yesterday, "the flagwaving sideways pattern which commenced 05/24 will continue until around 09/11 - 09/15, where we anticipate the next major market inflection. After which there is an even larger market inflection awaiting around 10/11." Thats our story and we are sticking to it.
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!!!
EIA inventory showed a record build, dropping oil under $72 and Energy equities. Yesterday Iran "ready to talk", today Western news reports that muslim state backed Mehr News announced a "nuclear breakthrough" in Irans program. A search of MehrNews.com web site found no such announcement.
Yesterday semis upgraded, today, National Semiconductor lowered its Q1 sales guidance. The market is acting like a whirling dervish.... anyway the wind blows....
Yesterday, "the flagwaving sideways pattern which commenced 05/24 will continue until around 09/11 - 09/15, where we anticipate the next major market inflection. After which there is an even larger market inflection awaiting around 10/11." Thats our story and we are sticking to it.
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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