Market Soapbox 07/18/05
Resistance: DJIA 10625; SP500 1225; Nasdaq 2175; NDX 1575
Support: DJIA 10200 ; SP500 1210 ; Nasdaq 2100; NDX 1550
European markets up & Asian markets down. Dollar down vs. Yen/Euro, oil, commodities & bonds down, gold up.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke.
After Londons 07/07 event, worldwide markets rebounded nicely as investors showed resolve in the face of terrorist activity.
The Adriatic, Aegean & Ionian Sea are beautiful this time of year. The ruins of Ancient Ephesus near Kusadasi are the most spectacular in the world. The Greek Acropolis and Coliseum in Rome pale in comparison.
But appearances can be deceiving and trusting them can be deadly. Saturday, a resort near Kusadasi, Turkey got the bus bomb treatment.
Kurdish rebels are being blamed and no group has taken credit for the death's of several western tourists. Claims that the bombing was a suicide are false. Turkish authorities have rounded up the usual suspects.
From two weeks ago: "Outside of financial and semis, which I believe will disappoint, earnings growth and forward projections will be the focus in the extreme."
Citigroup's numbers disappointed today and the financial sector took a hit. Semi's have also been selling off. Expect more over the next two weeks.
From two weeks ago: "Upcoming events to watch for: Further options unwind on July 13th, 5 year note auction July 13th, 10 year TIPS auction July 14th, options expiration July 15th."
Last week some of the indices hit new highs. SP500 @ 4 year high. Nasdaq highest since Dec 04. The MID & RUT also made new all time highs. But appearances can be deceiving.
From 2 weeks ago: "Wend, Thur & Fri could be a stern test for the markets heading into earnings season starting in earnest Mon. July 18th through August 12th."
The MID, RUT, XOI and XAU performed poorly last week, especially Wend, Thurs, Fri, and are not looking good today. These are the legs that have kept the market up the last 3 years.
Could they be indicating that we have once again peaked? Could they be indicating a shift back into large blue chip issues in anticipation of a rising rate environment, which will have more of an impact on small & mid cap issues?
Could they be indicating a rising dollar environment coupled with another commodities pullback in oil and gold?
From 05/25/05 "The line in the sand has either; already been reached or could be at NDX 1590, SP500 1215, DJIA 10725."
This is the second run at this level, last week: DJIA @10698, SP500 @1233, NDX @1582, NASDAQ @2174.
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.
Support: DJIA 10200 ; SP500 1210 ; Nasdaq 2100; NDX 1550
European markets up & Asian markets down. Dollar down vs. Yen/Euro, oil, commodities & bonds down, gold up.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke.
After Londons 07/07 event, worldwide markets rebounded nicely as investors showed resolve in the face of terrorist activity.
The Adriatic, Aegean & Ionian Sea are beautiful this time of year. The ruins of Ancient Ephesus near Kusadasi are the most spectacular in the world. The Greek Acropolis and Coliseum in Rome pale in comparison.
But appearances can be deceiving and trusting them can be deadly. Saturday, a resort near Kusadasi, Turkey got the bus bomb treatment.
Kurdish rebels are being blamed and no group has taken credit for the death's of several western tourists. Claims that the bombing was a suicide are false. Turkish authorities have rounded up the usual suspects.
From two weeks ago: "Outside of financial and semis, which I believe will disappoint, earnings growth and forward projections will be the focus in the extreme."
Citigroup's numbers disappointed today and the financial sector took a hit. Semi's have also been selling off. Expect more over the next two weeks.
From two weeks ago: "Upcoming events to watch for: Further options unwind on July 13th, 5 year note auction July 13th, 10 year TIPS auction July 14th, options expiration July 15th."
Last week some of the indices hit new highs. SP500 @ 4 year high. Nasdaq highest since Dec 04. The MID & RUT also made new all time highs. But appearances can be deceiving.
From 2 weeks ago: "Wend, Thur & Fri could be a stern test for the markets heading into earnings season starting in earnest Mon. July 18th through August 12th."
The MID, RUT, XOI and XAU performed poorly last week, especially Wend, Thurs, Fri, and are not looking good today. These are the legs that have kept the market up the last 3 years.
Could they be indicating that we have once again peaked? Could they be indicating a shift back into large blue chip issues in anticipation of a rising rate environment, which will have more of an impact on small & mid cap issues?
Could they be indicating a rising dollar environment coupled with another commodities pullback in oil and gold?
From 05/25/05 "The line in the sand has either; already been reached or could be at NDX 1590, SP500 1215, DJIA 10725."
This is the second run at this level, last week: DJIA @10698, SP500 @1233, NDX @1582, NASDAQ @2174.
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.
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