BOE, ECB, Initial Claims & Observations 10/05/06
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.
BOE rate holding @ 4.75, ECB +25bps @ 3.25%
Initial claims -17K @ 302K, continuing claims +15K @ 2.45M
Tues the market closed at an all time high as oil fell under $59. Yesterday, the market headed towards the all time intraday high of 11908, as gold fell under $570.
Today, the RUT & MID surged up as large caps & the DJIA took a breather. We suspect SP500 1361 & NDX 1704 are inflection points which could be hit around 10/11.
We sense a consolidation or correction awaiting. If its a small consolidation, perhaps afterwards we head up to hit NDX 1796 & SP500 1381 around 10/25?
If its a correction, a redux of May's correction magnitude would occur in the near term. Tomorrow, Non Farms Payroll awaits, a large deviation from expectations would ripple the markets.
The Nattering One senses a low number and more "Happy Daze" mania. Our sequel to Double Whammy Eh Hoser? will be out next week and there will be a Part III. More to come, stay tuned, no flipping.
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!
BOE rate holding @ 4.75, ECB +25bps @ 3.25%
Initial claims -17K @ 302K, continuing claims +15K @ 2.45M
Tues the market closed at an all time high as oil fell under $59. Yesterday, the market headed towards the all time intraday high of 11908, as gold fell under $570.
Today, the RUT & MID surged up as large caps & the DJIA took a breather. We suspect SP500 1361 & NDX 1704 are inflection points which could be hit around 10/11.
We sense a consolidation or correction awaiting. If its a small consolidation, perhaps afterwards we head up to hit NDX 1796 & SP500 1381 around 10/25?
If its a correction, a redux of May's correction magnitude would occur in the near term. Tomorrow, Non Farms Payroll awaits, a large deviation from expectations would ripple the markets.
The Nattering One senses a low number and more "Happy Daze" mania. Our sequel to Double Whammy Eh Hoser? will be out next week and there will be a Part III. More to come, stay tuned, no flipping.
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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