Market Soapbox 11/17/05
Resistance: DJIA 10800; SP500 1250; Nasdaq 2225; NDX 1670
Support: DJIA 10200 ; SP500 1175; Nasdaq 2000; NDX 1500
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, Oct. housing starts fell 5.6% to 2014K vs. est. 2075K vs prior 2134K and Building permits fell 6.7% to 2071K vs. est. 2175K vs prior 2189K.
The mustard is off the hot dog, this is not good news for the housing bubble, however, the HGX housing index surged 4.6% on the bad news.
Capacity Utilization at 79.5% vs. est. 79.7% vs. prior 78.9% showing less slack. Industrial production at 0.9% vs est. 1.0% vs. prior -1.3% showing the largest jump in production since May 2004.
Philly Fed less encouraging falling to 11.5 vs est. 18 vs prior 17.3, this is in contrast to the NY State index, but in line with the recent average. Of note, the prices paid component fell to 56.8.
Yesterday GM's stock hit an 18 year low with its lowest intraday level since 1987, today +5%, after GM CEO Rick Wagoner posted a letter on the internal company website saying GM financials are sound and that talk of bankruptcy is overblown. Really, Rick??
Like anyone would trust anything that comes out of a CEO's mouth. This is like a codependent trusting an addict to be honest. NOT.
Once again you really don't want to catch this falling knive and Ricky, don't lose that number. Gm & Gold are passing ships, gold hit an 18 year high today, sparking further surges in the XAU and materials sectors.
Applied Materials reported a 46% decline in Q4 profits and gave disappointing Q1 EPS guidance, the stock was punished 3%. Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
8 weeks ago, DJIA -270 on higher volume, plunging below all major DMA's. 7 weeks ago, DJIA +148, lacking conviction. 6 weeks ago, DJIA -281 crashing down on higher volume. 5 weeks ago, large swings DJIA -6.
4 weeks ago larger swings, DJIA -77, 3 weeks ago, even larger swings, DJIA +186. 2 weeks ago, broadbased gains on higher volume DJIA +128. Last week, DJIA +154, three consecutive weeks of gains totaling DJIA +468.
This week, Mon. DJIA +11 on tepid internals. Tues, DJIA -11 with horrible internals on higher volume. Wen, DJIA -12 on lower volume. Today, DJIA +45 the market roared to the upside, broadbased and on higher volume. This week DJIA +33, over the last 9 weeks DJIA +15.
NYA, TMWX, SP500, NDX, NAZ, DJTA, DJUA, RUT, MID & XAU all up BIG, XOI barely down. CAC, DAX & FTSE up, Hang Seng & Nikkei 225 up BIG 1.7% and at a four year high.
Dollar up vs. Euro & Yen, XAU & gold up, XOI & crude down -2.6% @ 56.40, CRB commodities down & bonds up. Contra trend: $ & gold up.
Sectors: Airlines, Gold Bugs, Biotech, Tech, Networking, Telecom, Broker, Transports, Utilities, Commodity, Cyclical, Heatlhcare, Semis & Banking all up nicely. Oil & Tobacco down.
Bonds up 3rd straight day with the 10 year yield falling @ 4.46% & the 30 year @ 4.65. The 2 & 5 year gap @ 2 basis points; the 5 & 10 year gap @ 7 basis points; the 10 & 30 gap holding @ 19 basis points.
Looking ahead at potential market influences, Nov 18th: Options Expiration. Nov 21: Leading Indicators; Nov 22: FOMC Minutes; Nov 23: Michigan Sentiment; Crude Inventories; Nov 25 Initial Claims.
Tues, crude pulled back big, yesterday it soared on the EIA report, today it pulls back big again.Today the market reversed polarity and decoupled itself from crude futures once again.
Crude pulled back 2.6% and the market roared as energy shares partially suffered, this is the 2nd time in a week and a good sign, lets see if the market can maintain continuity.
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
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, Oct. housing starts fell 5.6% to 2014K vs. est. 2075K vs prior 2134K and Building permits fell 6.7% to 2071K vs. est. 2175K vs prior 2189K.
The mustard is off the hot dog, this is not good news for the housing bubble, however, the HGX housing index surged 4.6% on the bad news.
Capacity Utilization at 79.5% vs. est. 79.7% vs. prior 78.9% showing less slack. Industrial production at 0.9% vs est. 1.0% vs. prior -1.3% showing the largest jump in production since May 2004.
Philly Fed less encouraging falling to 11.5 vs est. 18 vs prior 17.3, this is in contrast to the NY State index, but in line with the recent average. Of note, the prices paid component fell to 56.8.
Yesterday GM's stock hit an 18 year low with its lowest intraday level since 1987, today +5%, after GM CEO Rick Wagoner posted a letter on the internal company website saying GM financials are sound and that talk of bankruptcy is overblown. Really, Rick??
Like anyone would trust anything that comes out of a CEO's mouth. This is like a codependent trusting an addict to be honest. NOT.
Once again you really don't want to catch this falling knive and Ricky, don't lose that number. Gm & Gold are passing ships, gold hit an 18 year high today, sparking further surges in the XAU and materials sectors.
Applied Materials reported a 46% decline in Q4 profits and gave disappointing Q1 EPS guidance, the stock was punished 3%. Today's SOOHEY PIG PIG award goes to me for letting the pig have a quiet day in its poke.
8 weeks ago, DJIA -270 on higher volume, plunging below all major DMA's. 7 weeks ago, DJIA +148, lacking conviction. 6 weeks ago, DJIA -281 crashing down on higher volume. 5 weeks ago, large swings DJIA -6.
4 weeks ago larger swings, DJIA -77, 3 weeks ago, even larger swings, DJIA +186. 2 weeks ago, broadbased gains on higher volume DJIA +128. Last week, DJIA +154, three consecutive weeks of gains totaling DJIA +468.
This week, Mon. DJIA +11 on tepid internals. Tues, DJIA -11 with horrible internals on higher volume. Wen, DJIA -12 on lower volume. Today, DJIA +45 the market roared to the upside, broadbased and on higher volume. This week DJIA +33, over the last 9 weeks DJIA +15.
NYA, TMWX, SP500, NDX, NAZ, DJTA, DJUA, RUT, MID & XAU all up BIG, XOI barely down. CAC, DAX & FTSE up, Hang Seng & Nikkei 225 up BIG 1.7% and at a four year high.
Dollar up vs. Euro & Yen, XAU & gold up, XOI & crude down -2.6% @ 56.40, CRB commodities down & bonds up. Contra trend: $ & gold up.
Sectors: Airlines, Gold Bugs, Biotech, Tech, Networking, Telecom, Broker, Transports, Utilities, Commodity, Cyclical, Heatlhcare, Semis & Banking all up nicely. Oil & Tobacco down.
Bonds up 3rd straight day with the 10 year yield falling @ 4.46% & the 30 year @ 4.65. The 2 & 5 year gap @ 2 basis points; the 5 & 10 year gap @ 7 basis points; the 10 & 30 gap holding @ 19 basis points.
Looking ahead at potential market influences, Nov 18th: Options Expiration. Nov 21: Leading Indicators; Nov 22: FOMC Minutes; Nov 23: Michigan Sentiment; Crude Inventories; Nov 25 Initial Claims.
Tues, crude pulled back big, yesterday it soared on the EIA report, today it pulls back big again.Today the market reversed polarity and decoupled itself from crude futures once again.
Crude pulled back 2.6% and the market roared as energy shares partially suffered, this is the 2nd time in a week and a good sign, lets see if the market can maintain continuity.
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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