Market Soapbox 09/09/05
Resistance: DJIA 10750; SP500 1250; Nasdaq 2200; NDX 1625
Support: DJIA 10250 ; SP500 1200 ; Nasdaq 2050; NDX 1535
European & Asian markets up. Dollar down vs. Yen/Euro , XAU & gold up, XOI up & oil down, commodities & bonds up.
Today's SOOHEY PIG PIG award goes to me, for letting the pig have a quiet day in its poke.
Tues, an up day with AUTHORITY DJIA +140. Wen. intially a split tape day with no follow through, then the markets finished in the green with OK internals DJIA +44.
Thurs, the market gave back Wends. gain and then some -37 DJIA. Today, a nice up day with decent internals +90 DJIA, everything in the green except transports & airlines. XOI & XAU up big +2%.
Bond prices were up with the 10 year yield decreasing to 4.11%. The gap between 5 & 10 year notes stands at 20 basis points.
From Yesterday: "I am going out on a limb, tomorrow, expect Semi's to give back everything they gained today on a sell off. Today's pump was nothing more than short covering."
Last night, after hours volume was normal, Intel & TI gave good reports, Intel narrowed forward margins, Intel sank afterhours and today sank 3% at one point while TI advanced slightly.
Today, initially semis sold off but rebounded, SMH Semis were down. Ok I was partially right, which makes me wrong for today. I still expect Semis to sell off after short covering is done, prior to option expiration next Friday.
This market is continuing to show heart in the face of adversity. I expect the up trend to last through the end of this month.
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 10250 ; SP500 1200 ; Nasdaq 2050; NDX 1535
European & Asian markets up. Dollar down vs. Yen/Euro , XAU & gold up, XOI up & oil down, commodities & bonds up.
Today's SOOHEY PIG PIG award goes to me, for letting the pig have a quiet day in its poke.
Tues, an up day with AUTHORITY DJIA +140. Wen. intially a split tape day with no follow through, then the markets finished in the green with OK internals DJIA +44.
Thurs, the market gave back Wends. gain and then some -37 DJIA. Today, a nice up day with decent internals +90 DJIA, everything in the green except transports & airlines. XOI & XAU up big +2%.
Bond prices were up with the 10 year yield decreasing to 4.11%. The gap between 5 & 10 year notes stands at 20 basis points.
From Yesterday: "I am going out on a limb, tomorrow, expect Semi's to give back everything they gained today on a sell off. Today's pump was nothing more than short covering."
Last night, after hours volume was normal, Intel & TI gave good reports, Intel narrowed forward margins, Intel sank afterhours and today sank 3% at one point while TI advanced slightly.
Today, initially semis sold off but rebounded, SMH Semis were down. Ok I was partially right, which makes me wrong for today. I still expect Semis to sell off after short covering is done, prior to option expiration next Friday.
This market is continuing to show heart in the face of adversity. I expect the up trend to last through the end of this month.
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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