Market Observations 08/15/06
Housing & Consumer pullback?? Answers?? Home Depot gave lowered guidance on FY06 EPS. WalMart Q2 earnings fell 26% YOY, 1st profit decline in over 10 years!!!!
3M approved a $1B stock buyback; SBB (stock buybacks), M&A (merger acquisition) and consolidation will continue to artifically boost equities valuations and create less jobs.
Today's PPI media misread (core PPI dropped, ignoring that intermediate goods inflation is raging.) boosted the market as short sellers ran for cover and MAX PAIN on options was hit across the board.
XOI, XMI & DJUA saw profit taking with sector rotation into Tech. Oil & Gold slipped to 3 week lows as the 10 yr headed for a 4 month low. Suspicious?? New 52 week lows over highs 2 to 1, excepting the NYSE.
The RUT is knocking on overhead resistance @ 700, watch this for any potential breakout to the upside. Tomorrow CPI, Housing Starts, Industrial Production & Capacity Utilization await.
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!!!
3M approved a $1B stock buyback; SBB (stock buybacks), M&A (merger acquisition) and consolidation will continue to artifically boost equities valuations and create less jobs.
Today's PPI media misread (core PPI dropped, ignoring that intermediate goods inflation is raging.) boosted the market as short sellers ran for cover and MAX PAIN on options was hit across the board.
XOI, XMI & DJUA saw profit taking with sector rotation into Tech. Oil & Gold slipped to 3 week lows as the 10 yr headed for a 4 month low. Suspicious?? New 52 week lows over highs 2 to 1, excepting the NYSE.
The RUT is knocking on overhead resistance @ 700, watch this for any potential breakout to the upside. Tomorrow CPI, Housing Starts, Industrial Production & Capacity Utilization await.
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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