Market Observations 12/05/06
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.
Oil, gold & bonds eased back, the dollar stabilized, equities rose.
The MID & RUT made all time highs with the DJIA & OEX setting an all time closing highs today.
However, the DJIA did not break its all time intraday high. Beware, the NDX, NASDAQ & DJ COMP are still below highs set around Nov 22.
SP500 1415 is a critical level to acheive 1435-1440, NDX 1828 is critical to get to 1861. Should these lagging indices follow to new highs in the next few days, that would confirm the upward move.
I expect a small pullback to MAX PAIN to shakeout the weak hands by options unwind next Wen. Perhaps SP500 1397-1400 to reload for Santa's sleigh ride to 1435-1440 SP500.
If those lagging indices DO NOT followthrough to new highs before there is a pullback, or fail to set new highs on the retrace up, beware the potential forming of a very nasty double top.
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!
Oil, gold & bonds eased back, the dollar stabilized, equities rose.
The MID & RUT made all time highs with the DJIA & OEX setting an all time closing highs today.
However, the DJIA did not break its all time intraday high. Beware, the NDX, NASDAQ & DJ COMP are still below highs set around Nov 22.
SP500 1415 is a critical level to acheive 1435-1440, NDX 1828 is critical to get to 1861. Should these lagging indices follow to new highs in the next few days, that would confirm the upward move.
I expect a small pullback to MAX PAIN to shakeout the weak hands by options unwind next Wen. Perhaps SP500 1397-1400 to reload for Santa's sleigh ride to 1435-1440 SP500.
If those lagging indices DO NOT followthrough to new highs before there is a pullback, or fail to set new highs on the retrace up, beware the potential forming of a very nasty double top.
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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