Market Soapbox 10/12/05
Resistance: DJIA 10250; SP500 1200; Nasdaq 2050; NDX 1535
Support: DJIA 10200 ; SP500 1175; Nasdaq 2000; NDX 1500
Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
European & Asian markets down BIG. Dollar down vs. Yen & Euro, XAU & gold down, XOI down & oil up, commodities up & bonds down. Contra trend: $ & gold & CRB down.
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.
Mon, another down day with pathetic internals DJIA -54. Tues, a split tape day with lousy internals DJIA +61 early closing +14; Naz -17. This week DJIA -40, over the last 3 weeks DJIA -443 not counting today.
Today, another can of whup ass got opened on the market, DJIA +53 early then a 180 DJIA - 55 midday. DJTA, DJUA, RUT, XOI, XAU, MID & NAZ got clubbed to death, all drowning BIG (look at the sidebar) in a sea of blood red on a broad based selloff that had hideous internals.
Pharma was up and thats all she wrote. Retailers, Homebuilders, Computer & Electronics retailers, Gold Bugs, Biotech, Natural Gas, Networking, Telecom, Oil, Securities Brokers, Transport, Utilities -5%, Commodities, Cyclicals, Healthcare & Semis all got slapped upside the head like a redheaded stepchild.
Bond prices down with the 10 year yield rising @ 4.44%. The 5 & 10 year gap is 14 basis points. The 30 year @ 4.65, the 10 & 30 gap is 21 basis points. The 2 and 5 year gap is 7 basis points.
Apple shares plunged over 8% during early trading after the tech giant reported less-than expected revenues. Prudential gave a target-cut and downgrade of Intel, alongside its semiconductor ratings cut to Unfavorable from Neutral. Really? You don't say?
The Nasdaq is at a 90 day low. Financial sector YTD -6% as the S&P Banking index hit a 52 week low yesterday. Dollar down 1st session in the last four, but hit a 17 month high against the Yen today.
From 10/06/05 Market Soapbox: "if you haven't already, start counting because its could be face down on the canvas sometime in the Oct 10th - 21st timeframe."
The market is getting beat senseless. The damage being done is not reflected in the point drop on the indexes. We have shattered support and continue to sink, maybe this ends at DJIA 10000 and SP500 1150, just a guess, but somehow I think 10000 is optimistic.
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 1175; Nasdaq 2000; NDX 1500
Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
European & Asian markets down BIG. Dollar down vs. Yen & Euro, XAU & gold down, XOI down & oil up, commodities up & bonds down. Contra trend: $ & gold & CRB down.
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.
Mon, another down day with pathetic internals DJIA -54. Tues, a split tape day with lousy internals DJIA +61 early closing +14; Naz -17. This week DJIA -40, over the last 3 weeks DJIA -443 not counting today.
Today, another can of whup ass got opened on the market, DJIA +53 early then a 180 DJIA - 55 midday. DJTA, DJUA, RUT, XOI, XAU, MID & NAZ got clubbed to death, all drowning BIG (look at the sidebar) in a sea of blood red on a broad based selloff that had hideous internals.
Pharma was up and thats all she wrote. Retailers, Homebuilders, Computer & Electronics retailers, Gold Bugs, Biotech, Natural Gas, Networking, Telecom, Oil, Securities Brokers, Transport, Utilities -5%, Commodities, Cyclicals, Healthcare & Semis all got slapped upside the head like a redheaded stepchild.
Bond prices down with the 10 year yield rising @ 4.44%. The 5 & 10 year gap is 14 basis points. The 30 year @ 4.65, the 10 & 30 gap is 21 basis points. The 2 and 5 year gap is 7 basis points.
Apple shares plunged over 8% during early trading after the tech giant reported less-than expected revenues. Prudential gave a target-cut and downgrade of Intel, alongside its semiconductor ratings cut to Unfavorable from Neutral. Really? You don't say?
The Nasdaq is at a 90 day low. Financial sector YTD -6% as the S&P Banking index hit a 52 week low yesterday. Dollar down 1st session in the last four, but hit a 17 month high against the Yen today.
From 10/06/05 Market Soapbox: "if you haven't already, start counting because its could be face down on the canvas sometime in the Oct 10th - 21st timeframe."
The market is getting beat senseless. The damage being done is not reflected in the point drop on the indexes. We have shattered support and continue to sink, maybe this ends at DJIA 10000 and SP500 1150, just a guess, but somehow I think 10000 is optimistic.
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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