Market Soapbox 07/26/05
Resistance: DJIA 10625; SP500 1230; Nasdaq 2175; NDX 1600
Support: DJIA 10200 ; SP500 1210 ; Nasdaq 2100; NDX 1550
European & Asian markets sideways & split. Dollar up vs. Yen/Euro (and right back where it was before the revaluation of the RMB, I might add), oil (59.80) & commodities up, gold down, bonds flat.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke.
A split tape turnaround from yesterday on low volume. Strength in MID, RUT & NDX. Materials, Energy & Gold Bugs down. Reits, Biotech, Airlines, Disk Drive, Network & Semis up (smells like a pump & dump).
Contra action: $ & oil up, XAX went the opposite direction of everyone else (down) again. XAU & XOI suffered on an up day.
As we have said for the last 2 or 3 days, perhaps a short position on QQQQ or select tech stocks due to report is in order. (Amazon & Sun report after the bell) QQQQ hit a peak for year on 7/21 since 01/04.
Homebuilders are at an all time high and should have spectacular earnings to report. Oil stocks had a pullback today and have not roared, yet, watch XOM and other oil company reports this week.
We may be following last weeks pattern: MON, THUR down; TUE, WEN, FRI up. This market is range bound and manipulated.
Todays 20 year TIPS bond auction pulled some liquidity out of the market. Tomorrow a 2 year note auction may do the same, and $60 oil after the EIA report will not help.
Soapbox will be scarce Wend through Mon as some Parisian activity demands our attention.
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 & Asian markets sideways & split. Dollar up vs. Yen/Euro (and right back where it was before the revaluation of the RMB, I might add), oil (59.80) & commodities up, gold down, bonds flat.
Today's Soohey Pig Pig!! Award goes to me for letting the pig have a quiet day in its poke.
A split tape turnaround from yesterday on low volume. Strength in MID, RUT & NDX. Materials, Energy & Gold Bugs down. Reits, Biotech, Airlines, Disk Drive, Network & Semis up (smells like a pump & dump).
Contra action: $ & oil up, XAX went the opposite direction of everyone else (down) again. XAU & XOI suffered on an up day.
As we have said for the last 2 or 3 days, perhaps a short position on QQQQ or select tech stocks due to report is in order. (Amazon & Sun report after the bell) QQQQ hit a peak for year on 7/21 since 01/04.
Homebuilders are at an all time high and should have spectacular earnings to report. Oil stocks had a pullback today and have not roared, yet, watch XOM and other oil company reports this week.
We may be following last weeks pattern: MON, THUR down; TUE, WEN, FRI up. This market is range bound and manipulated.
Todays 20 year TIPS bond auction pulled some liquidity out of the market. Tomorrow a 2 year note auction may do the same, and $60 oil after the EIA report will not help.
Soapbox will be scarce Wend through Mon as some Parisian activity demands our attention.
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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