Market Soapbox 10/11/05
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.
European & Asian markets up. Dollar up vs. Yen & Euro, XAU & gold up, XOI & oil up BIG, commodities up & bonds down. Contra trend: $ & gold & CRB up.
3 weeks ago, DJIA -270 on higher volume, DJIA plunged below all major DMA's, the rest sitting on 90DMA. 2 weeks ago, DJIA +148, up and down all week, lacking leadership & conviction. Last week, a harder fall down another step DJIA -281, over the last three weeks DJIA -457 not counting today.
Today, a split tape down day with lousy internals DJIA +61 early; DJIA +40, Naz -10 midday. DJUA & DJTA up, RUT, MID, Nasdaq & Tech down. XOI up nicely. The SOX was crushed again (more later).
Biotech, Networking, Telecom, Brokers, Healthcare, Internet beat down like drums. Natural Gas, Oil, Transports, Utilities & Commodities up nicely. Yesterday GM -11%, Telecom YTD -12% the worst of the S&P.
Bonds spreads keep gyrating all over the board. Bond prices down with the 10 year yield rising @ 4.39%. The 5 & 10 year gap is back up to 12 basis points. The 30 year @ 4.59, the 10 & 30 gap is 20 basis points. The 2 and 5 year gap is back down to 5 basis points.
Energy sector and futures pullback stalled as today crude +2% @ 63.10 and the XOI up 1.8%. Nikkei 225 up 2.50% today, the dollar is back to 1.19 vs Euro and 114 vs Yen. The American Gas Assoc. reported that home heating bills will increase about 50% year-over-year, Natural Gas futures up BIG.
The market is still getting its ass pounded into the sand. Declines in the Dow, S&P, and Nasdaq over the past six sessions respectively -3.2%, -3.4%, and -3.5% The SOX got pounded again and is around 440, in the last six sessions its down 43 from 483, almost a 10% sell off. OUCH!!!
I fear we have not even seen the worst of this yet. If oil goes up or down the market goes down. If the pachyderms start heading for the exits, look out.
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.
European & Asian markets up. Dollar up vs. Yen & Euro, XAU & gold up, XOI & oil up BIG, commodities up & bonds down. Contra trend: $ & gold & CRB up.
3 weeks ago, DJIA -270 on higher volume, DJIA plunged below all major DMA's, the rest sitting on 90DMA. 2 weeks ago, DJIA +148, up and down all week, lacking leadership & conviction. Last week, a harder fall down another step DJIA -281, over the last three weeks DJIA -457 not counting today.
Today, a split tape down day with lousy internals DJIA +61 early; DJIA +40, Naz -10 midday. DJUA & DJTA up, RUT, MID, Nasdaq & Tech down. XOI up nicely. The SOX was crushed again (more later).
Biotech, Networking, Telecom, Brokers, Healthcare, Internet beat down like drums. Natural Gas, Oil, Transports, Utilities & Commodities up nicely. Yesterday GM -11%, Telecom YTD -12% the worst of the S&P.
Bonds spreads keep gyrating all over the board. Bond prices down with the 10 year yield rising @ 4.39%. The 5 & 10 year gap is back up to 12 basis points. The 30 year @ 4.59, the 10 & 30 gap is 20 basis points. The 2 and 5 year gap is back down to 5 basis points.
Energy sector and futures pullback stalled as today crude +2% @ 63.10 and the XOI up 1.8%. Nikkei 225 up 2.50% today, the dollar is back to 1.19 vs Euro and 114 vs Yen. The American Gas Assoc. reported that home heating bills will increase about 50% year-over-year, Natural Gas futures up BIG.
The market is still getting its ass pounded into the sand. Declines in the Dow, S&P, and Nasdaq over the past six sessions respectively -3.2%, -3.4%, and -3.5% The SOX got pounded again and is around 440, in the last six sessions its down 43 from 483, almost a 10% sell off. OUCH!!!
I fear we have not even seen the worst of this yet. If oil goes up or down the market goes down. If the pachyderms start heading for the exits, look out.
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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