Market Soapbox 04/21/06
Resistance: DJIA 11390; SP500 1325; Nasdaq 2380; NDX 1745
Support: DJIA 11075; SP500 1285; Nasdaq 2310; NDX 1695
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Oil over $75 per barrel and we sense tis headed for $82-$85.
Bonds UP with the 30 yr yield falling @ 5.09%; 10 yr @ 5.01; 5 yr @ 4.91; 2yr @ 4.90; 6 mo @ 4.90. 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29.
MON, oil went over $70, and the money went into rescuing the bond market. Another ugly day for stocks on higher volume with terrible internals, DJIA -63.
All majors beat DOWN except DJUA, NYSE, XAU, XOI. Airlines stomped -6%, commodity, oil, natural gas and gold bugs all up BIG. All base metals, oil and natural gas jumped up BIG.
TUE, oil went over $73, but an expected bounce on short covering & higher volume, with a media FOMC twist and gorgeous internals, DJIA +195, biggest gain since October.
WEN, DJIA +10 on lower volume with nice internals. DJTA, NAZ, MID, RUT, SOX, XOI, XAU all up BIG. Oil over $74, Gold $636, all base metals and energy commods UP BIGTIME.
THUR, a schizo split tape day, DJIA +64 on steady volume with ugly internals. Yea, ugly. Gold & commods reversed today, big time.
FRI, another wavy gravy, herky jerky split tape day, DJIA was up nicely then came back down DJIA +5 on steady volume with midlin internals. This week DJIA +211, since 09/23/05 DJIA +659.
Indexes UP: DJUA, NYSE, XOI, XAU. DOWN: SOX, NAZ, NDX, with RUT & MID weak.
Sectors UP: Materials, Energy, Gold Bugs, Natural Gas, Oil, Commodity, Utilities. DOWN: Tech, Semis, Healthcare, Biotech, Airlines, Consumer Discr.
Overseas: DAX, CAC, FTSE UP, Hang Seng DOWN & Nikkei 225 UP.
Dollar DOWN vs. Euro 1.2392 & vs. Yen 115.84, XAU & gold UP 2%@ 635.5, XOI & crude UP 2% @ 75.17, CRB commodities index UP @ 358.59. Silver +3.5%, Copper +6.4%, Platinum +2.75%
The Dollar had its worst week vs the Euro in over a month. Commodities got pounded Thurs and bounced back Fri along with bonds & utilities. The market has surged to new highs, does it have legs to withstand $80 oil and Fed Funds at 5.25%?
If you think the extended period of $50-$60 oil is starting to cause difficulties, watch how $75-80 oil will really cut back consumer spending while driving up stagflation and interest rates even further than they are now.
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 11075; SP500 1285; Nasdaq 2310; NDX 1695
In our top story tonight, Generalissimo Francisco Franco is STILL dead. Oil over $75 per barrel and we sense tis headed for $82-$85.
Bonds UP with the 30 yr yield falling @ 5.09%; 10 yr @ 5.01; 5 yr @ 4.91; 2yr @ 4.90; 6 mo @ 4.90. 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29.
MON, oil went over $70, and the money went into rescuing the bond market. Another ugly day for stocks on higher volume with terrible internals, DJIA -63.
All majors beat DOWN except DJUA, NYSE, XAU, XOI. Airlines stomped -6%, commodity, oil, natural gas and gold bugs all up BIG. All base metals, oil and natural gas jumped up BIG.
TUE, oil went over $73, but an expected bounce on short covering & higher volume, with a media FOMC twist and gorgeous internals, DJIA +195, biggest gain since October.
WEN, DJIA +10 on lower volume with nice internals. DJTA, NAZ, MID, RUT, SOX, XOI, XAU all up BIG. Oil over $74, Gold $636, all base metals and energy commods UP BIGTIME.
THUR, a schizo split tape day, DJIA +64 on steady volume with ugly internals. Yea, ugly. Gold & commods reversed today, big time.
FRI, another wavy gravy, herky jerky split tape day, DJIA was up nicely then came back down DJIA +5 on steady volume with midlin internals. This week DJIA +211, since 09/23/05 DJIA +659.
Indexes UP: DJUA, NYSE, XOI, XAU. DOWN: SOX, NAZ, NDX, with RUT & MID weak.
Sectors UP: Materials, Energy, Gold Bugs, Natural Gas, Oil, Commodity, Utilities. DOWN: Tech, Semis, Healthcare, Biotech, Airlines, Consumer Discr.
Overseas: DAX, CAC, FTSE UP, Hang Seng DOWN & Nikkei 225 UP.
Dollar DOWN vs. Euro 1.2392 & vs. Yen 115.84, XAU & gold UP 2%@ 635.5, XOI & crude UP 2% @ 75.17, CRB commodities index UP @ 358.59. Silver +3.5%, Copper +6.4%, Platinum +2.75%
The Dollar had its worst week vs the Euro in over a month. Commodities got pounded Thurs and bounced back Fri along with bonds & utilities. The market has surged to new highs, does it have legs to withstand $80 oil and Fed Funds at 5.25%?
If you think the extended period of $50-$60 oil is starting to cause difficulties, watch how $75-80 oil will really cut back consumer spending while driving up stagflation and interest rates even further than they are now.
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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