Market Soapbox 10/28/05 The Smoking Gun
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, Q3 GDP checked in at 3.8% vs est 3.6 vs Q2 3.4%, 10th consecutive quarter above 3%. Business investment +8.9% and consumer spending +3.9%. Chain deflator in at 3.1% vs est 2.8%.
Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
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.
This week, Mon, DJIA +167, on improved internals. Tues, more Jekyl & Hyde DJIA -7, Wend. on vapid internals, DJIA -32, Thurs. slapped down with AUTHORITY DJIA -115. This week DJIA +186, over the last 5 weeks -300.
Today, more Jekyl & Hyde, out the gate fast and then a rocket ride up with AUTHORITY DJIA +173 on vastly improved internals. SOX beat down, SP500 +19.5, RUT, MID, NAZ +26, NDX, DJUA & DJTA all up BIG. CAC down, DAX & FTSE up, Hang Seng down BIG & Nikkei 225 up.
Dollar up vs. Yen & Euro, XAU up & gold down, XOI & oil up, CRB commodities & bonds down. Contra trend: none.
Sectors: Energy, Airlines, Natural Gas, Networking, Oil, Pharma, Brokers, Tobacco, Transports, Utilities, Commodities, Consumer, Cyclicals, Healthcare & Banking all up BIG. Semis beat down.
Bond prices down with the 10 year yield rising @ 4.57%. The 5 & 10 year gap @ 12 basis points. The 30 year @ 4.77, the 10 & 30 gap @ 20 basis points. The 2 and 5 year gap @ 7 basis points. The 10 year had its biggest weekly drop since March.
We have but three words for this market, schizo, schizo & more schizo. Lets see if it can manage to stabilize and hold a direction, in the meantime we are in a holding pattern.
Our last story tonight, and sometimes we save the best for last, so read this one slowly and digest it well. All this squabbling over some adverse prewar intelligence and because someone couldn't let dead dogs lie and leave Mr. Wilson alone, retribution is a real bitch. Tisk, Tisk.
Vice President Dick Cheney's chief of staff & President Bush's top foreign policy advisor, I. Lewis "Scooter" Libby has been indicted on five counts in the CIA leak probe. Mr. Libby resigned after the charges of obstructing justice and perjury were levied.
I. Lewis Libby sure sounds alot like G. Gordon Liddy to me. What we do know, if Patrick Fitzgerald's investigation has been conducted thoroughly, where it leads and what will be revealed, will make Watergate look pollyannish.
The felonious and treasonous outing of CIA agent Valerie Plame is just the tip of the iceberg that could sink this administration, and quite nicely I might add. Deep Throat sez the smoking gun has prints all over it from Rove, Cheney and Tenet, and the trail very likely leads to the current resident of oval office itself.
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, or a CIA leak perhaps. 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, Q3 GDP checked in at 3.8% vs est 3.6 vs Q2 3.4%, 10th consecutive quarter above 3%. Business investment +8.9% and consumer spending +3.9%. Chain deflator in at 3.1% vs est 2.8%.
Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
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.
This week, Mon, DJIA +167, on improved internals. Tues, more Jekyl & Hyde DJIA -7, Wend. on vapid internals, DJIA -32, Thurs. slapped down with AUTHORITY DJIA -115. This week DJIA +186, over the last 5 weeks -300.
Today, more Jekyl & Hyde, out the gate fast and then a rocket ride up with AUTHORITY DJIA +173 on vastly improved internals. SOX beat down, SP500 +19.5, RUT, MID, NAZ +26, NDX, DJUA & DJTA all up BIG. CAC down, DAX & FTSE up, Hang Seng down BIG & Nikkei 225 up.
Dollar up vs. Yen & Euro, XAU up & gold down, XOI & oil up, CRB commodities & bonds down. Contra trend: none.
Sectors: Energy, Airlines, Natural Gas, Networking, Oil, Pharma, Brokers, Tobacco, Transports, Utilities, Commodities, Consumer, Cyclicals, Healthcare & Banking all up BIG. Semis beat down.
Bond prices down with the 10 year yield rising @ 4.57%. The 5 & 10 year gap @ 12 basis points. The 30 year @ 4.77, the 10 & 30 gap @ 20 basis points. The 2 and 5 year gap @ 7 basis points. The 10 year had its biggest weekly drop since March.
We have but three words for this market, schizo, schizo & more schizo. Lets see if it can manage to stabilize and hold a direction, in the meantime we are in a holding pattern.
Our last story tonight, and sometimes we save the best for last, so read this one slowly and digest it well. All this squabbling over some adverse prewar intelligence and because someone couldn't let dead dogs lie and leave Mr. Wilson alone, retribution is a real bitch. Tisk, Tisk.
Vice President Dick Cheney's chief of staff & President Bush's top foreign policy advisor, I. Lewis "Scooter" Libby has been indicted on five counts in the CIA leak probe. Mr. Libby resigned after the charges of obstructing justice and perjury were levied.
I. Lewis Libby sure sounds alot like G. Gordon Liddy to me. What we do know, if Patrick Fitzgerald's investigation has been conducted thoroughly, where it leads and what will be revealed, will make Watergate look pollyannish.
The felonious and treasonous outing of CIA agent Valerie Plame is just the tip of the iceberg that could sink this administration, and quite nicely I might add. Deep Throat sez the smoking gun has prints all over it from Rove, Cheney and Tenet, and the trail very likely leads to the current resident of oval office itself.
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, or a CIA leak perhaps. 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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