Market Observations 11/16/06
THU, up, up, up, DJIA +54 on below avg volume with nice internals. All UP cept XAU, XOI, NYA, RUT. Gold steady, crude -4.7%, under $57, largest single day decline since Aug 05.
DJIA new all time high close 12305. SP500 hit 1403, close 1399. Perhaps a reload at 1395, then retest? Or a pass GO card to 1415 or even 1430 by Turkey day?
Breeching 1388 would be a major warning, speaking of which... Warning, Danger Will Robinson: A near term peak could be lurking at 1415 or 1430.
Odds & Ends: HP beat the number, if you excluded some one off costs, forward guidance was in line with analyst expectations.
HP's July 2005 plan to eliminate 15,300 jobs, or 10% of the workforce, would save $1.9B annual, 10,000 employees had been laid off by the beginning of the quarter.
To preserve profit margin, the company also said in May that it will shut down 84 data centers to save an additional $1B a year, and close offices.
DJIA new all time high close 12305. SP500 hit 1403, close 1399. Perhaps a reload at 1395, then retest? Or a pass GO card to 1415 or even 1430 by Turkey day?
Breeching 1388 would be a major warning, speaking of which... Warning, Danger Will Robinson: A near term peak could be lurking at 1415 or 1430.
Odds & Ends: HP beat the number, if you excluded some one off costs, forward guidance was in line with analyst expectations.
HP's July 2005 plan to eliminate 15,300 jobs, or 10% of the workforce, would save $1.9B annual, 10,000 employees had been laid off by the beginning of the quarter.
To preserve profit margin, the company also said in May that it will shut down 84 data centers to save an additional $1B a year, and close offices.
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