Market Soapbox 03/16/06
Resistance: DJIA 11250; SP500 1310; Nasdaq 2320; NDX 1710
Support: DJIA 10950; SP500 1270; Nasdaq 2250; NDX 1635
In our top story tonight, Generalissimo Francisco Franco is STILL dead. The US launched a massive air and ground assault in Iraq today.
Most major economic reports covered in todays other post. Initial Claims 309K vs prior 304K, two weeks over 300K. Philly Fed 12.3 vs prior 15.4.
Inside the number: new orders 20.8 vs prior 12.5; shipments 24.3 vs prior 22.5; prices paid 17.2 vs prior 30.5. Showing expansion at a slower rate with 17% of respondents vs prior 30% indicating increased prices paid for inputs.
Bonds up with the 30 yr yield falling @ 4.69%; 10 yr @ 4.64; 5 yr @ 4.59; 2yr @ 4.62; 6 mo @ 4.76. 2yr was above the 10 year 12/27 - 03/07; 2 above 30 year 02/09 - 03/07.
Recent DJIA History: 25 weeks ago, -270 breaking key support, 24 weeks +148, 23 weeks -281, 22 weeks -6, 21 weeks -77, (5 week loss -486).
20 weeks recovery begins +186, 19 weeks +128, 18 weeks +154, 17 weeks +79, 16 weeks +165, (5 week gain +712). 15 weeks -53, 14 weeks -99, 13 weeks +99, 12 weeks +8. 11 weeks -168, (5 week loss -213).
10 weeks +242 on a broadbased new year buy in, 9 weeks +0, 8 weeks -292, 7 weeks +240, 6 weeks -113. (5 week gain +77). 5 weeks +125, 4 weeks +196, 3 weeks -52. 2 weeks +6. Last week +61, (5 week gain +336)
Mon. DJIA +0 in a flat tepid low volume day. Tues, a broadbased bounce DJIA +75 on slightly higher volume with nice internals. Wen. DJIA +58 on steady volume with decent internals.
Today, a split tape day DJIA +43 on steady volume, but the NAZ & tech got slapped down silly. This week DJIA +176, over the last 23 weeks DJIA +602.
Telecom, Utilities, Real Estate, REIT's & Healthcare up nicely. Airlines, Biotech, Tech, Networking, Transports & Gold Bugs down. Semi's pounded down 3%.
DJUA & XOI up nicely. MID & RUT weak. SOX, XAU, DJTA beat down. CAC & DAX down, FTSE & Hang Seng up, Nikkei 225 down BIG.
Dollar clubbed down again vs. Euro 1.2178 & vs.Yen 116.79, XAU down & gold up @ 557, XOI up & crude up 2% @ 63.40, CRB commodities index up @ 327.27.
Looking ahead at potential market influences: Mar 17 Capacity Utilization, Industrial Production, Mich Sentiment.
Further market observations in todays other post. We sense perhaps some consolidation to come.
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 10950; SP500 1270; Nasdaq 2250; NDX 1635
In our top story tonight, Generalissimo Francisco Franco is STILL dead. The US launched a massive air and ground assault in Iraq today.
Most major economic reports covered in todays other post. Initial Claims 309K vs prior 304K, two weeks over 300K. Philly Fed 12.3 vs prior 15.4.
Inside the number: new orders 20.8 vs prior 12.5; shipments 24.3 vs prior 22.5; prices paid 17.2 vs prior 30.5. Showing expansion at a slower rate with 17% of respondents vs prior 30% indicating increased prices paid for inputs.
Bonds up with the 30 yr yield falling @ 4.69%; 10 yr @ 4.64; 5 yr @ 4.59; 2yr @ 4.62; 6 mo @ 4.76. 2yr was above the 10 year 12/27 - 03/07; 2 above 30 year 02/09 - 03/07.
Recent DJIA History: 25 weeks ago, -270 breaking key support, 24 weeks +148, 23 weeks -281, 22 weeks -6, 21 weeks -77, (5 week loss -486).
20 weeks recovery begins +186, 19 weeks +128, 18 weeks +154, 17 weeks +79, 16 weeks +165, (5 week gain +712). 15 weeks -53, 14 weeks -99, 13 weeks +99, 12 weeks +8. 11 weeks -168, (5 week loss -213).
10 weeks +242 on a broadbased new year buy in, 9 weeks +0, 8 weeks -292, 7 weeks +240, 6 weeks -113. (5 week gain +77). 5 weeks +125, 4 weeks +196, 3 weeks -52. 2 weeks +6. Last week +61, (5 week gain +336)
Mon. DJIA +0 in a flat tepid low volume day. Tues, a broadbased bounce DJIA +75 on slightly higher volume with nice internals. Wen. DJIA +58 on steady volume with decent internals.
Today, a split tape day DJIA +43 on steady volume, but the NAZ & tech got slapped down silly. This week DJIA +176, over the last 23 weeks DJIA +602.
Telecom, Utilities, Real Estate, REIT's & Healthcare up nicely. Airlines, Biotech, Tech, Networking, Transports & Gold Bugs down. Semi's pounded down 3%.
DJUA & XOI up nicely. MID & RUT weak. SOX, XAU, DJTA beat down. CAC & DAX down, FTSE & Hang Seng up, Nikkei 225 down BIG.
Dollar clubbed down again vs. Euro 1.2178 & vs.Yen 116.79, XAU down & gold up @ 557, XOI up & crude up 2% @ 63.40, CRB commodities index up @ 327.27.
Looking ahead at potential market influences: Mar 17 Capacity Utilization, Industrial Production, Mich Sentiment.
Further market observations in todays other post. We sense perhaps some consolidation to come.
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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