Market Soapbox 03/24/06
Resistance: DJIA 11325; SP500 1310; Nasdaq 2320; NDX 1710
Support: DJIA 10950; SP500 1270; Nasdaq 2250; NDX 1635
Called into action again. We will be scarce this week, but will endeavour to report.
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Economic reports covered in another post.
YIELD CURVE INVERSION, Bonds up with the 30 yr yield falling @ 4.69%; 10 yr @ 4.66; 5 yr @ 4.66; 2yr @ 4.71; 6 mo @ 4.77.
2yr was above the 10 year 12/27 - 03/07; 2 above 30 year 02/09 - 03/07. 2 yr over 10 yr redux since 03/20; 2yr over 30 yr redux since 03/21.
Recent DJIA History: 26 weeks ago, -270 breaking key support, 25 weeks +148, 24 weeks -281, 23 weeks -6, 22 weeks -77, (5 week loss -486).
21 weeks recovery begins +186, 20 weeks +128, 19 weeks +154, 18 weeks +79, 17 weeks +165, (5 week gain +712). 16 weeks -53, 15 weeks -99, 14 weeks +99, 13 weeks +8. 12 weeks -168, (5 week loss -213).
11 weeks +242 on a broadbased new year buy in, 10 weeks +0, 9 weeks -292, 8 weeks +240, 7 weeks -113. (5 week gain +77). 6 weeks +125, 5 weeks +196, 4 weeks -52. 3 weeks +6. 2 weeks +61, (5 week gain +336. Last week +159.
Mon DJIA -5 in a split tape day. Tues, down then up then way down, DJIA -40 bleeding into the close on lower volume with ugly internals.
Wen, DJIA +82 bouncing back on steady volume with pretty internals. Thur, DJIA -47 in a selloff on steady volume with ugly internals.
Today, DJIA +10 on steady volume with nice internals. This week DJIA 0, over the last 23 weeks DJIA +585.
NDX, MID, RUT, SOX, XAU & XOI up nicely. DJUA down. DAX, CAC, FTSE all up, Hang Seng down & Nikkei 225 up.
Networking, Telecom, Oil, Natural Gas, Broker, Commodity, Cyclical, Tech, Semis, Gold bugs all up nicely. Airlines, Biotech, Utilities down.
Dollar down vs. Euro 1.2094 & vs. Yen 116.14, XAU up & gold up @ 563, XOI & crude up @ 64.26, CRB commodities index up @ 326.98.
Looking ahead at potential market influences: Mar 28 Consumer Confidence; FOMC Policy; Mar 29 EIA Crude; Mar 30 Chain Deflator, GDP, Inital Claims; Mar 31 Personal Income and Spending, Mich Sentiment, Chicago PMI, Factory Orders
Yesterday: "Mar 28 Fed meeting statement will be critical." Judging from the last few days this market is whipsawing on interest rate fears.
Although there is large downside potential, we still see an upside potential for 764 RUT and 1334 SP500.
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
Called into action again. We will be scarce this week, but will endeavour to report.
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Economic reports covered in another post.
YIELD CURVE INVERSION, Bonds up with the 30 yr yield falling @ 4.69%; 10 yr @ 4.66; 5 yr @ 4.66; 2yr @ 4.71; 6 mo @ 4.77.
2yr was above the 10 year 12/27 - 03/07; 2 above 30 year 02/09 - 03/07. 2 yr over 10 yr redux since 03/20; 2yr over 30 yr redux since 03/21.
Recent DJIA History: 26 weeks ago, -270 breaking key support, 25 weeks +148, 24 weeks -281, 23 weeks -6, 22 weeks -77, (5 week loss -486).
21 weeks recovery begins +186, 20 weeks +128, 19 weeks +154, 18 weeks +79, 17 weeks +165, (5 week gain +712). 16 weeks -53, 15 weeks -99, 14 weeks +99, 13 weeks +8. 12 weeks -168, (5 week loss -213).
11 weeks +242 on a broadbased new year buy in, 10 weeks +0, 9 weeks -292, 8 weeks +240, 7 weeks -113. (5 week gain +77). 6 weeks +125, 5 weeks +196, 4 weeks -52. 3 weeks +6. 2 weeks +61, (5 week gain +336. Last week +159.
Mon DJIA -5 in a split tape day. Tues, down then up then way down, DJIA -40 bleeding into the close on lower volume with ugly internals.
Wen, DJIA +82 bouncing back on steady volume with pretty internals. Thur, DJIA -47 in a selloff on steady volume with ugly internals.
Today, DJIA +10 on steady volume with nice internals. This week DJIA 0, over the last 23 weeks DJIA +585.
NDX, MID, RUT, SOX, XAU & XOI up nicely. DJUA down. DAX, CAC, FTSE all up, Hang Seng down & Nikkei 225 up.
Networking, Telecom, Oil, Natural Gas, Broker, Commodity, Cyclical, Tech, Semis, Gold bugs all up nicely. Airlines, Biotech, Utilities down.
Dollar down vs. Euro 1.2094 & vs. Yen 116.14, XAU up & gold up @ 563, XOI & crude up @ 64.26, CRB commodities index up @ 326.98.
Looking ahead at potential market influences: Mar 28 Consumer Confidence; FOMC Policy; Mar 29 EIA Crude; Mar 30 Chain Deflator, GDP, Inital Claims; Mar 31 Personal Income and Spending, Mich Sentiment, Chicago PMI, Factory Orders
Yesterday: "Mar 28 Fed meeting statement will be critical." Judging from the last few days this market is whipsawing on interest rate fears.
Although there is large downside potential, we still see an upside potential for 764 RUT and 1334 SP500.
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!!!
Comments