Market Soapbox 10/25/05 UPDATED
Resistance: DJIA 10400; SP500 1200; Nasdaq 2100; NDX 1600
Support: DJIA 10200 ; SP500 1175; Nasdaq 2000; NDX 1500
Our top story tonight, Generalissimo Francisco Franco is STILL dead.
In other news, crude oil futures jumped 3% to rise above $60 @ 62.30, natural gas went ballistic jumping 8% on bad winter weather news, unleaded joined the party up 4.5%. The dollar dropped 1% vs Euro, yesterdays $Ben appointment is already debauching the currency.
Today's SOOHEY PIG PIG award goes to me for letting that little porker have a quiet day in its poke.
European markets down & Asian markets up BIG. Dollar down BIG vs. Yen & Euro, XAU & gold up BIG, XOI & oil up BIG, commodities up & bonds down. Contra trend: None.
5 weeks ago, DJIA -270 on higher volume, plunging below all major DMA's. 4 weeks ago, DJIA +148, up and down all week, lacking conviction. 3 weeks ago, DJIA -281 crashing through long term resistance levels on higher volume. 2 weeks ago, large swings up & down DJIA -6. Last week larger herks & jerks, DJIA -77, over the last 5 weeks -486, giving up almost 100 points per week.
Mon, DJIA +167, on improved internals. Today, more Dr. Jekyl & Mr. Hyde behaviour as the DJIA came out looking to break above 10410 again, he bounced off it, then energy roared and the market whimpered and it was all down hill from there on wretched internals. DJIA -54 late day, but rallied to close -7. This week DJIA +160, over the last 5 weeks -326.
XOI & XAU up big, NDX, SOX, RUT got slapped down, DJTA, DJUA, XMI & XAX going the opposite way of everyone else. Sectors: Energy, Oil Services, Gold bugs, Natural Gas, Oil, & Commodities up nicely. Retail, Airlines, Tech, Broker Dealer, Tobacco, Healthcare -4.5%, Cyclicals & Semis all got doinked.
Bond prices down with the 10 year yield rising @ 4.53%. The 5 & 10 year gap @ 13 basis points. The 30 year @ 4.73, the 10 & 30 gap @ 20 basis points. The 2 and 5 year gap @ 7 basis points.
From yesterday, "Tomorrow and Wend, we need follow through on today's action, with conviction, or else!!" A total lack of follow through and conviction in today's market broke the SOX streak at 4 days.
Texas Instruments soft Q4 guidance earned it a royal clubbing today -7.66% as investors rotated out of tech and back into energy. Warnings from Lexmark -6.5% and Amazon -1.6% earned them clubbings as well. Last few weeks, fleeing energy & piling into tech, today, fleeing tech & piling back into energy.
We are range bound by fluctuating energy prices, media stoked investor fears and sector rotation. I tire of the markets seductive dancing, someone please bring me my ranch dressing hose.
Keep it tween da ditches, 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 and Hey! Hey! Lets be careful out there...This is The Nattering Naybob and your NOT!!!
Support: DJIA 10200 ; SP500 1175; Nasdaq 2000; NDX 1500
Our top story tonight, Generalissimo Francisco Franco is STILL dead.
In other news, crude oil futures jumped 3% to rise above $60 @ 62.30, natural gas went ballistic jumping 8% on bad winter weather news, unleaded joined the party up 4.5%. The dollar dropped 1% vs Euro, yesterdays $Ben appointment is already debauching the currency.
Today's SOOHEY PIG PIG award goes to me for letting that little porker have a quiet day in its poke.
European markets down & Asian markets up BIG. Dollar down BIG vs. Yen & Euro, XAU & gold up BIG, XOI & oil up BIG, commodities up & bonds down. Contra trend: None.
5 weeks ago, DJIA -270 on higher volume, plunging below all major DMA's. 4 weeks ago, DJIA +148, up and down all week, lacking conviction. 3 weeks ago, DJIA -281 crashing through long term resistance levels on higher volume. 2 weeks ago, large swings up & down DJIA -6. Last week larger herks & jerks, DJIA -77, over the last 5 weeks -486, giving up almost 100 points per week.
Mon, DJIA +167, on improved internals. Today, more Dr. Jekyl & Mr. Hyde behaviour as the DJIA came out looking to break above 10410 again, he bounced off it, then energy roared and the market whimpered and it was all down hill from there on wretched internals. DJIA -54 late day, but rallied to close -7. This week DJIA +160, over the last 5 weeks -326.
XOI & XAU up big, NDX, SOX, RUT got slapped down, DJTA, DJUA, XMI & XAX going the opposite way of everyone else. Sectors: Energy, Oil Services, Gold bugs, Natural Gas, Oil, & Commodities up nicely. Retail, Airlines, Tech, Broker Dealer, Tobacco, Healthcare -4.5%, Cyclicals & Semis all got doinked.
Bond prices down with the 10 year yield rising @ 4.53%. The 5 & 10 year gap @ 13 basis points. The 30 year @ 4.73, the 10 & 30 gap @ 20 basis points. The 2 and 5 year gap @ 7 basis points.
From yesterday, "Tomorrow and Wend, we need follow through on today's action, with conviction, or else!!" A total lack of follow through and conviction in today's market broke the SOX streak at 4 days.
Texas Instruments soft Q4 guidance earned it a royal clubbing today -7.66% as investors rotated out of tech and back into energy. Warnings from Lexmark -6.5% and Amazon -1.6% earned them clubbings as well. Last few weeks, fleeing energy & piling into tech, today, fleeing tech & piling back into energy.
We are range bound by fluctuating energy prices, media stoked investor fears and sector rotation. I tire of the markets seductive dancing, someone please bring me my ranch dressing hose.
Keep it tween da ditches, 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 and Hey! Hey! Lets be careful out there...This is The Nattering Naybob and your NOT!!!
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