Market Soapbox 02/08/06
Resistance: DJIA 10950; SP500 1285; Nasdaq 2315; NDX 1730
Support: DJIA 10750; SP500 1250; Nasdaq 2245; NDX 1650
Volume:
NYSE +1.1B -618M Total 1.8B Hi 77 Lo 23
NAZ +1.5B -612M Total 2.1B Hi 117 Lo 29
AMEX +40M -37M Total 82M Hi 30 Lo 12
BBOTC +526M -2.7B Total 4.1B Hi 177 Lo 107
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, we are sneaking another one in today. EIA Inventories; crude -318K; gasoline +4.3M; distillates -313K showing a slight drawdown on crude, but large build in gas, energy futures continued their pullback.
The 10 year bond auction drew 40.8% indirect bidders, enough to allow the dealers to spread their liquidity in the equities market. Bonds were down and REITS suffered.
Recent DJIA History: 20 weeks ago, -270 breaking key support, 19 weeks +148, 18 weeks -281, 17 weeks -6, 16 weeks -77, 5 week loss -486. 15 weeks recovery begins +186, 14 weeks +128, 13 weeks +154, 12 weeks +79, 11 weeks +165, 5 week gain +712.
10 weeks -53, 9 weeks -99, 8 weeks +99, 7 weeks +8. 6 weeks -168, 5 week loss -213. 5 weeks +242 on a broadbased new year buy in, 4 weeks +0, 3 weeks -292, 2 weeks +240, 1 week -113. 5 week gain +75.
Mon, DJIA +5, Tues, a broadbased slapdown, DJIA -49. Today, a big bounce DJIA +109 on higher volume with pretty internals. This week DJIA +75, over the last 20 weeks DJIA +155.
DJTA, SP500, NDX, NAZ & SOX up nicely. MID & RUT midlin, DJUA, XAU & XOI down. CAC, DAX & FTSE down, Hang Seng & Nikkei 225 down.
Sectors: Airlines, Transports, Tech, Networking, Telecom, Pharma, Brokers, Cyclical, Semis & Banking all up nicely. Biotech, Natural Gas & Utilities down.
Dollar up vs. Yen & Euro, XAU & gold down @ 549, XOI & crude down @ 62.57, CRB commodities down.
Yield curve INVERSION bonds down with the 30 yr yield rising @ 4.67%; 10 yr @ 4.58; 5 yr @ 4.54; 2yr @ 4.63; 6mo @ 4.66; 6mo & 2 yr above the 10 yr.
Looking ahead at potential market influences: Feb 9: Initial Claims, Wholesale Inventories; Feb 10: Trade Balance, Treasury Budget.
Reporting Thur: Aetna, Marriott, Mazda, MetLife, Molson Coors, Nationwide Financial, Novastar Financial, Renault, Rolls Royce, Sun Life Financial, Unilever
Yesterday: "Tomorrows 10yr & Thurs 30yr should see a step up of FCB participation. And we should get a PPT buoyed bounce, watch afterhours volume and activity for clues."
Boy did we ever, but can it be sustained? We still look to NDX downside 1630 for support. Initial claims and Wholesale Inventories coupled with the first 30 year bond auction in over 5 years.
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, this is The Nattering Naybob and your NOT!!!
Support: DJIA 10750; SP500 1250; Nasdaq 2245; NDX 1650
Volume:
NYSE +1.1B -618M Total 1.8B Hi 77 Lo 23
NAZ +1.5B -612M Total 2.1B Hi 117 Lo 29
AMEX +40M -37M Total 82M Hi 30 Lo 12
BBOTC +526M -2.7B Total 4.1B Hi 177 Lo 107
In our top story tonight, Generalissimo Francisco Franco is STILL dead. In other news, we are sneaking another one in today. EIA Inventories; crude -318K; gasoline +4.3M; distillates -313K showing a slight drawdown on crude, but large build in gas, energy futures continued their pullback.
The 10 year bond auction drew 40.8% indirect bidders, enough to allow the dealers to spread their liquidity in the equities market. Bonds were down and REITS suffered.
Recent DJIA History: 20 weeks ago, -270 breaking key support, 19 weeks +148, 18 weeks -281, 17 weeks -6, 16 weeks -77, 5 week loss -486. 15 weeks recovery begins +186, 14 weeks +128, 13 weeks +154, 12 weeks +79, 11 weeks +165, 5 week gain +712.
10 weeks -53, 9 weeks -99, 8 weeks +99, 7 weeks +8. 6 weeks -168, 5 week loss -213. 5 weeks +242 on a broadbased new year buy in, 4 weeks +0, 3 weeks -292, 2 weeks +240, 1 week -113. 5 week gain +75.
Mon, DJIA +5, Tues, a broadbased slapdown, DJIA -49. Today, a big bounce DJIA +109 on higher volume with pretty internals. This week DJIA +75, over the last 20 weeks DJIA +155.
DJTA, SP500, NDX, NAZ & SOX up nicely. MID & RUT midlin, DJUA, XAU & XOI down. CAC, DAX & FTSE down, Hang Seng & Nikkei 225 down.
Sectors: Airlines, Transports, Tech, Networking, Telecom, Pharma, Brokers, Cyclical, Semis & Banking all up nicely. Biotech, Natural Gas & Utilities down.
Dollar up vs. Yen & Euro, XAU & gold down @ 549, XOI & crude down @ 62.57, CRB commodities down.
Yield curve INVERSION bonds down with the 30 yr yield rising @ 4.67%; 10 yr @ 4.58; 5 yr @ 4.54; 2yr @ 4.63; 6mo @ 4.66; 6mo & 2 yr above the 10 yr.
Looking ahead at potential market influences: Feb 9: Initial Claims, Wholesale Inventories; Feb 10: Trade Balance, Treasury Budget.
Reporting Thur: Aetna, Marriott, Mazda, MetLife, Molson Coors, Nationwide Financial, Novastar Financial, Renault, Rolls Royce, Sun Life Financial, Unilever
Yesterday: "Tomorrows 10yr & Thurs 30yr should see a step up of FCB participation. And we should get a PPT buoyed bounce, watch afterhours volume and activity for clues."
Boy did we ever, but can it be sustained? We still look to NDX downside 1630 for support. Initial claims and Wholesale Inventories coupled with the first 30 year bond auction in over 5 years.
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, this is The Nattering Naybob and your NOT!!!
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