Market Soapbox 09/27/05
Resistance: DJIA 10750; SP500 1250; Nasdaq 2200; NDX 1625
Support: DJIA 10250 ; SP500 1200 ; Nasdaq 2050; NDX 1535
Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
Last week, DJIA -270 on higher volume, DJIA - 2.5% plunged below all major DMA's, SP500 -1.7%, RUT, & MID all are resting on 90 DMA. SOX, NDX & Nasdaq -2% are at 11 week lows.
Mon. an up day DJIA +71 early with recuperating internals, then a pullback to DJIA +24 as oil prices rose 2.5% on news that refineries in Port Arthur, Beaumont & Lake Charles may be shut down longer than anticipated, as a result refining capacity is down 29%.
Today, despite oil futures slipping 1%, DJIA +12 a sideways split tape day with ugly internals and no market leadership, XAU -2.8% & Semis -1% pounded down, XAX Amex down 1.15%.
Tech & Gold Bugs - 3% sold off, Energy, Real Estate, Reits, Oil, Pharma & Commodities down. Healthcare +1.25% & Consumer Staples up
European & Asian markets down. Dollar up BIG @ a two month high vs. Yen & Euro , XAU & gold down, XOI & oil down, commodities & bonds down. Contra trend: None
Bond prices down with the 10 year yield increasing to 4.28%. The gap between 5 & 10 year notes stands at 18 basis points. The 30 year fell raising its yield to 4.54, the gap between 10 & 30 now stands at 26 basis points.
The consumers dauber is down, as Sept consumer confidence fell to 86.6 a two year low, est. 95, previous 105. Homebuilders got beat down like conga drums as Aug new home sales fell 12.3% to 1237K, est 1350K.
The market caught support at the critical 90 DMA and is hovering there, depending on which way the wind blows, who knows in what direction we shall go?
Probably down just like gold stocks, we mentioned this the other day, the XAU will peak around 112 - 115, and be under 100 by or before year end.
With todays first day sale of gold from European central banks, it has now fallen under 110 and could be headed sub 100 even faster than I think. I expect the dollar at a two month high to break 1.20 Euro and 115 Yen shortly.
If you have not already, get some long term shorts ready on homebuilders, mortgage lenders and Reits, if you think they have tanked recently, theres alot of cord left on the bungy, next year they are going even further south along with most of the financial sector and in a big way.
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
Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
Last week, DJIA -270 on higher volume, DJIA - 2.5% plunged below all major DMA's, SP500 -1.7%, RUT, & MID all are resting on 90 DMA. SOX, NDX & Nasdaq -2% are at 11 week lows.
Mon. an up day DJIA +71 early with recuperating internals, then a pullback to DJIA +24 as oil prices rose 2.5% on news that refineries in Port Arthur, Beaumont & Lake Charles may be shut down longer than anticipated, as a result refining capacity is down 29%.
Today, despite oil futures slipping 1%, DJIA +12 a sideways split tape day with ugly internals and no market leadership, XAU -2.8% & Semis -1% pounded down, XAX Amex down 1.15%.
Tech & Gold Bugs - 3% sold off, Energy, Real Estate, Reits, Oil, Pharma & Commodities down. Healthcare +1.25% & Consumer Staples up
European & Asian markets down. Dollar up BIG @ a two month high vs. Yen & Euro , XAU & gold down, XOI & oil down, commodities & bonds down. Contra trend: None
Bond prices down with the 10 year yield increasing to 4.28%. The gap between 5 & 10 year notes stands at 18 basis points. The 30 year fell raising its yield to 4.54, the gap between 10 & 30 now stands at 26 basis points.
The consumers dauber is down, as Sept consumer confidence fell to 86.6 a two year low, est. 95, previous 105. Homebuilders got beat down like conga drums as Aug new home sales fell 12.3% to 1237K, est 1350K.
The market caught support at the critical 90 DMA and is hovering there, depending on which way the wind blows, who knows in what direction we shall go?
Probably down just like gold stocks, we mentioned this the other day, the XAU will peak around 112 - 115, and be under 100 by or before year end.
With todays first day sale of gold from European central banks, it has now fallen under 110 and could be headed sub 100 even faster than I think. I expect the dollar at a two month high to break 1.20 Euro and 115 Yen shortly.
If you have not already, get some long term shorts ready on homebuilders, mortgage lenders and Reits, if you think they have tanked recently, theres alot of cord left on the bungy, next year they are going even further south along with most of the financial sector and in a big way.
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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