Market Observations & Reports 08/02/06
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead and someone else has taken his place.
EIA Inventory Crude -1.8M barrels; YTD +15.7; Gasoline -0.1; YTD +5.7; Distillate +0.7; YTD +5.4 ;Propane +2.9; YTD -4.4. The weekly drawdown spurred crude to the upside.
ADP Employment a weak +115K, Non Farms awaits Friday. PNG earnings +36% with upside EPS forward guidance, stock brokeout +4.7% on high volume.
10 year note 4th straight day below 5%. The Treasury announced an increase in frequency for 30 year bond auctions spurring supply concerns. Bonds were UP on the day.
Observing a 10 day intraday chart: the RUT bounced off of 700 for the 6th time in 6 days, during that time it has bottomed 5 times at 685, talk about range bound. Watch these levels for a potential breakout to the upside or downside.
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!!!
EIA Inventory Crude -1.8M barrels; YTD +15.7; Gasoline -0.1; YTD +5.7; Distillate +0.7; YTD +5.4 ;Propane +2.9; YTD -4.4. The weekly drawdown spurred crude to the upside.
ADP Employment a weak +115K, Non Farms awaits Friday. PNG earnings +36% with upside EPS forward guidance, stock brokeout +4.7% on high volume.
10 year note 4th straight day below 5%. The Treasury announced an increase in frequency for 30 year bond auctions spurring supply concerns. Bonds were UP on the day.
Observing a 10 day intraday chart: the RUT bounced off of 700 for the 6th time in 6 days, during that time it has bottomed 5 times at 685, talk about range bound. Watch these levels for a potential breakout to the upside or downside.
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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