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Jeff Bailey : 4/20/2005 1:18:59 AM

BIG Block alert ... at 05:01:17 PM EDT, 1,500,000 shares crossed the wire on the StreetTracks Gold Trust (GLD) at $43.28. I'm thinking this was an order that was accumulated during the day, then billed to client at closing tick.

OI Technical Staff : 4/19/2005 9:59:59 PM

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Jeff Bailey : 4/19/2005 5:07:35 PM

Closing Internals at this Link

Jeff Bailey : 4/19/2005 4:57:03 PM

Closing Market Watch at this Link

Jeff Bailey : 4/19/2005 4:59:49 PM

Pivot Matrix for tomorrow at this Link VIX.X pegs WEEKLY Pivot early then "crammed" lower. Trader's may want to check most active PUTS for out the money strikes that were sold/most active as they may well mark a lower target of support.

Jeff Bailey : 4/19/2005 4:26:08 PM

SanDisk (SNDK) $27.16 +2.02% ... higher at $27.31. WEEKLY Piv= $26.86, WEEKLY R1 $28.13, WEEKLY R2 $30.12.

Jeff Bailey : 4/19/2005 4:24:42 PM

Semiconductor HOLDRs (SMH) $30.95 +2.17% ... jumping to $31.64. WEEKLY R1 at $31.73, WEEKLY R2 at $33.53.

Jeff Bailey : 4/19/2005 4:23:27 PM

Intel (INTC) $22.63 +1.89% ... surging to $23.37 on headline numbers. WEEKLY R1 = $22.99, WEEKLY R2 just ahead at $23.86.

Jeff Bailey : 4/19/2005 4:07:28 PM

Closing MM Profiles at this Link

Jeff Bailey : 4/19/2005 4:03:18 PM

Semiconductor HOLDRs (SMH) go out at $30.95 +2.17% .... WEEKLY Pivot = $30.80. Batter up!.... Intel (INTC) earnings just ahead.

Jeff Bailey : 4/19/2005 4:02:08 PM

Painting the tape on Pacholder High Yield (PHF) $8.94 +0.67% ... session high and penny above WEEKLY Pivot.

Jeff Bailey : 4/19/2005 4:01:21 PM

Swing trade bullish cancel order alert ... cancel order to buy 1/2 bullish position in the QQQQ $34.98 +0.69% ... at $35.12.

Jeff Bailey : 4/19/2005 3:59:53 PM

Dollar Index (dx00y) 83.59 -0.48% ... tomorrow's DAILY Pivot levels ... 83.47, 83.61, Piv = 83.85, 83.99, 84.23.

Linda Piazza : 4/19/2005 3:54:08 PM

At least tomorrow, we'll have some firm resistance levels to watch on the OEX, since it spent most of the day establishing the ten-minute 100/130-ema's as important. Still hasn't pushed above them. Still hasn't broken the support of its rising regression channel.

Jeff Bailey : 4/19/2005 3:56:02 PM

Swing trade long setup alert ... go long 1/2 bullish position in the QQQQ $35.05 +0.86% ... should it trade $35.12 before the 04:00 PM EDT closing tick. Target $36.12, stop $34.80.

Linda Piazza : 4/19/2005 3:45:32 PM

The OEX still can't get past the ten-minute 130-ema. The ten-minute 21/100/130-ema's have all been variously playing a part in the OEX's trading behaviors on since about midday last Wednesday at least.

Linda Piazza : 4/19/2005 3:44:08 PM

The TRAN did not confirm its double-top formation. Instead, it's been trying to form a continuation-form inverse H&S on the five-minute chart, but is having some difficulty confirming the formation, it appears.

Linda Piazza : 4/19/2005 3:36:55 PM

The OEX bounces again from the support of its rising regression channel, up toward the ten-minute 100/130-ema again, with those at 551.36 and 552.13. The 130-ema has so far been capping advances.

Jonathan Levinson : 4/19/2005 3:36:30 PM

QQQQ has spiked back above the broken support line but has found resistance short cycle channel resistance at 35.08, so far a nominally lower high beneath the 35.10-.13 confluence. Unless the bears can push the price back below 35.00 shortly, however, that short cycle downphase will whipsaw to the upside. Link

Jeff Bailey : 4/19/2005 3:34:48 PM

Buy Program Premium SPX 1,153.95, DIA $101.31, QQQQ $35.06.

Jeff Bailey : 4/19/2005 3:27:56 PM

Bema Gold (BGO) $2.34 +5.42% ... pressing best levels of session ($2.34) here.

Jonathan Levinson : 4/19/2005 3:25:13 PM

Session high for gold here, +6.40 at 435.40, with HUI up 6.71 at 192.46 and XAU +2.22 at 90.27.

Jeff Bailey : 4/19/2005 3:24:58 PM

Pre Paid Legal (PPD) $34.22 +1.33% Link ... announing 2005 Q1 recruiting up 258%, membership +11%, $10 million stock repurchase program and $0.30 cash dividend.

Linda Piazza : 4/19/2005 3:22:40 PM

Here's what the OEX's 15-minute Keltner chart suggests: Support is trying to firm from 550.24-550.72, but the OEX is currently tangled in Keltner lines that aren't really firm either direction until about 553.40-553.80. There, they look firmer than support, suggesting that it's going to be easier for the OEX to decline than to climb much higher than 553.70. That's just not much information for those who might already be in bullish plays and wanting to know if they're failing. I've got three different charts with three different versions of QCharts-drawn rising regression channels, each placing support at a different level, but one suggests that 550 is bottom support for the rising regression channel. Bulls don't want to see that fail on a 15-minute closing basis, I don't think. Keep a watch on the TRAN to see if it confirms its potential double-top of shoots to a new high to help give some guidance.

Jeff Bailey : 4/19/2005 3:22:25 PM

10 Most Actives ... LU $2.59 +9.74%, QQQQ $34.97 +0.60%, INTC $22.57 +1.62%, JDSU $1.66 +8.49%, SPY $115.11 +0.54%, MSFT $24.56 -0.36%, ORCL $11.89 +0.76%, CSCO $17.21 +1.11%, ADCT $2.25 +19.68%, EMC $12.96 +12.99%

Jonathan Levinson : 4/19/2005 3:21:44 PM

QQQQ failed to regain the broken trendline and has sunk back to the 34.95 level, NQ just printing below 1424 for the first time here. Ten year treasuries finished strong, TNX -4.6 bps at 4.203%.

Jeff Bailey : 4/19/2005 3:15:31 PM

Corn Products (CPO) $23.00 +6.72% Link ... continues its torrid rebound.

Jeff Bailey : 4/19/2005 3:11:50 PM

03:00 Internals at this Link

Jeff Bailey : 4/19/2005 3:08:05 PM

Sell Program Premium ... SPX 1,151.89, DIA $101.16, QQQQ $34.98

Jonathan Levinson : 4/19/2005 3:07:49 PM

QQQQ 100-tick update at this Link breaking rising support now.

Linda Piazza : 4/19/2005 3:04:51 PM

Here's where the OEX is with regard to its ascending regression channel, the ten-minute 100/130-ema's that are playing a part in S/R today, and the green horizontal mark near the top that indices the 38.2% retracement of the drop from the 4/12 high: Link

Jeff Bailey : 4/19/2005 3:02:57 PM

03:00 Market Watch at this Link

Jonathan Levinson : 4/19/2005 2:56:16 PM

Volume breadth has strengthened, with advancing volume beating declining volume 3.4:1 on the NYSE and 3.5:1 on the Naz, despite the mild declines in the TRIN at .88 and TRINQ at .78, both of which are neutral readings.

Jeff Bailey : 4/19/2005 2:53:58 PM

U.S. Insurers opposed to draft of Asbestos Trust Bill - Dow Jones. S&P Insurance (IUX.X) 287.12 +0.71% ...

Linda Piazza : 4/19/2005 2:52:44 PM

Just deadly dull watching of the OEX as it climbs through its ascending regression channel. Still likely a countertrend move. Perhaps likely to get tangled up between the 200-sma and -ema, even for a day or two. Perhaps even for a day or two.

Jonathan Levinson : 4/19/2005 2:51:56 PM

The CRB had a good day, up 6.01 at 303.70 on strength in coffee, soybeans, heating and crude oil. The USD Index held its 83.70 low but failed on a bounce attempt to 83.87: Link

Jeff Bailey : 4/19/2005 2:51:44 PM

Verizon (VZ) $34.32 +0.94% ... Online unit announces expansion of broadband availability in the Northeast Kingdom - PR Newswire

Jeff Bailey : 4/19/2005 2:49:57 PM

Pseg Funding 8.75 (PSEG) $27.41 -0.29% ... declares $0.56 quarterly dividend. (SEC yield = 8.172%). Slight bearish arbitrage here.

Linda Piazza : 4/19/2005 2:42:48 PM

Here's what happens with countertrend moves, especially countertrend OEX calls (because volatility indices are likely dropping while the OEX climbs in a countertrend move after a big drop). Yesterday, at 11:59, with the OEX at 549.51 and just coming off a higher low, you could have entered a 550 call position with the calls at 9.60 bid x 9.80 ask. A few minutes ago, with the OEX at 551.98, that same call was 9.30 bid x 9.60 ask. Although the OEX rose a point and a half, you would have lost money on this position, even if you were good at splitting the spread and were successful at doing that on both the entry and the exit. Of course, this effect was exacerbated by the fact that yesterday was the post opex Monday and options prices were probably inflated anyway, but this illustrates the reason that I don't like to trade countertrend plays with options or suggest them for readers. They're tricky to enter and exit anyway, and then you have this!

Jeff Bailey : 4/19/2005 2:41:48 PM

June Unleaded Gas (hu05m) $1.58 +4.63% ... held 50% retracement ($1.50) from bullishly fitted 38.2%. Not testing resulting 61.8% at $1.58. WEEKLY Pivot Levels ... $1.42, $1.46, Piv = $1.52, $1.56, $1.62.

Jeff Bailey : 4/19/2005 2:37:55 PM

Starbux (SBUX) $46.19 -1.72% ... how many cups of coffee to equal a gallon of gas?

Jonathan Levinson : 4/19/2005 2:32:36 PM

QQQQ bulls need to see rising support at 34.97 hold. Note that the last push found resistance at a lower high, potentially the first sign of trouble for the not-yet-overbought short cycle upphase. Nevertheless, the intraday trend remains up above that 34.97 level. Link

Jeff Bailey : 4/19/2005 2:30:26 PM

U.S. Dollar Index (dx00y) 83.83 -0.20% (30-minute delayed) ... comeback from session low of 83.70. DAILY S1 here.

Linda Piazza : 4/19/2005 2:29:54 PM

The top of the OEX's rising regression channel is now just over 553, and will soon align with the Keltner resistance just above 553, too. The ten-minute 100/130-ema's, at 551.38 and 552.24, have been providing resistance today, first one and then the other, so watch those, too. The 38.2% retracement of the entire move from the 4/12 high is just over 554, so that the 553-554 zone is one from which to watch for a potential rollover. Remember that the OEX could retrace as high as a 50% retracement of that decline, at about 556.60, and still be consistent with a bear-flag climb, with such a rise taking it between the 200-sma and 200-ema.

Jeff Bailey : 4/19/2005 2:28:39 PM

Selling long 4000 shares of BGO $2.29 bid in personal account here.

Jeff Bailey : 4/19/2005 2:23:53 PM

Buy Program Premium ... SPX 1,154.67, DIA $101.45, QQQQ $35.07

Jeff Bailey : 4/19/2005 2:22:33 PM

June Crude Oil (cl05m) $53.50 =3.94% .. after moving above WEEKLY Pivot at 10:35 AM EDT, found buyers all afternoon at that level. Just off session high and should not find formidable selling until WEEKLY R1 ($54.33) and the 61.8% bullishly fitted retracement of $54.51.

Jeff Bailey : 4/19/2005 2:18:49 PM

02:00 Internals at this Link

Linda Piazza : 4/19/2005 2:15:57 PM

On the TRAN, 15-minute Keltner resistance is beginning to firm up near 3450-3464.00. The TRAN is at 3443.92 as I type. Support is trying to firm just above 3430, too, so I hope the TRAN's Keltner chart isn't setting up into an equilibrium positions where it cycles in an ever-tighter pattern.

Jeff Bailey : 4/19/2005 2:05:47 PM

Bema Gold (BGO) $2.31 +4.10% ... gets trade at 5-mrt BLUE #5.

Jonathan Levinson : 4/19/2005 2:04:01 PM

May crude is up 3.18% here at 51.975, ten year notes reversing their earlier pullback with TNX back down to a 4.6 bp loss at 4.203%.

Linda Piazza : 4/19/2005 2:03:55 PM

Not much of a stop run yet on the OEX, was it? Support is now from 550.54-551.05. Resistance near 553.60.

Jeff Bailey : 4/19/2005 2:02:58 PM

02:00 Market Watch at this Link

Jonathan Levinson : 4/19/2005 2:02:12 PM

QQQQ intraday chart update at this Link , pulling back from a high of 35.10 and testing the previous high, now 1st support at 35.05.

Jeff Bailey : 4/19/2005 1:58:34 PM

Applied Digital (ADSX) $3.08 +18.91% ... percentage gainer and decent bounce similar to that found the gap higher from 10/13/04. However, today's volume very light at 1.49 million compared to the 31.01 million, which ignited the stock to eventual high of $8.55. Bears will be covering here with risk to $3.75.

Jonathan Levinson : 4/19/2005 1:56:24 PM

There's been a surge of volume during the past 20 minutes, but overall volume is very light, with 64.8M QQQQ's traded compared with yesterday's big 110.7M shares. The average has pulled higher to 104.1M shares since late last week.

Linda Piazza : 4/19/2005 1:52:42 PM

The OEX attempts that break higher, as I suspected it might do during the stop-running time of day. Market watchers will be waiting to see if indices get slapped back or if they can build on breakout attempts . . . better known as stop-runs. The OEX's 200-sma and -ema's should be strong resistance, particularly as they're coming near the 38.2% retracement of the entire decline off the 4/12 high, so bulls need to have profit-protecting plans in place as the OEX attempts to break out.

Jonathan Levinson : 4/19/2005 1:51:34 PM

1st test of 35.10-35.13 QQQQ confluence from below here. 30 min channel resistance is 35.11, 60 min resistance up to 35.15. These levels should continue to advance if price holds above the previous session highs at 35.05.

Jeff Bailey : 4/19/2005 1:50:05 PM

S&P 500 Index (SPX.X) 1,153.34 +0.64% ... presses best levels of session with energy and tech leading advance. QQQQ $35.09 +0.97% ... intra-day reverse head/shoulder pattern hints that WEEKLY Pivot will be tested.

Linda Piazza : 4/19/2005 1:47:43 PM

The OEX attempts a breakout toward the top of the rising regression channel and the 200-sma, but hasn't quite made it yet. I wouldn't be surprised to see a move higher during this stop-running time of day. What's important is what happens after that attempt. Will the OEX be slapped back? Will it consolidate for days between the 200-sma and -ema's?

Jonathan Levinson : 4/19/2005 1:46:26 PM

QQQQ testing the prior high here after finding support at the wedge apex on a pullback to 34.98.

Linda Piazza : 4/19/2005 1:38:30 PM

Stop run up toward the 200-sma for the OEX during the just-entered stop-running time of day? I wouldn't be surprised, but bulls need to have their profit-protecting plans in mind if that happens.

Jonathan Levinson : 4/19/2005 1:38:40 PM

May crude oil is up 3.42% here to 52.10. 2-day 10 tick chart at this Link

Jonathan Levinson : 4/19/2005 1:34:20 PM

Upside break for QQQQ here with a little burst of volume. Current session high is 35.05, with key confluence at 35.10-.13: Link

Linda Piazza : 4/19/2005 1:33:57 PM

The OEX's 15-minute Keltner chart still shows the Keltner support currently from 550.42-550.64 holding up, but below that, support thins. Resistance is at 551.65, but the strongest resistance is at 553.60-563.64.

Jonathan Levinson : 4/19/2005 1:30:32 PM

QQQQ continues to coil into its pennant, with support up to 34.93 and resistance down to 34.98. A surge of volume will confirm the break, but given the sideways bias since yesterday, it could just drift through the apex without a breakout or -down. The TRIN and TRINQ are holding at 1.07 and .95 respectively here, still at the high end of neutral.

Linda Piazza : 4/19/2005 1:22:31 PM

Depending on how you draw the rising trendline off the TRAN's Friday low, the TRAN may be breaking below that trendline now. A lower version of the trendline, with fewer price points, crosses at about 3400, with the TRAN at 3427.38 as I type.

Jonathan Levinson : 4/19/2005 1:19:39 PM

QQQQ intraday chart update at this Link

Jeff Bailey : 4/19/2005 1:17:48 PM

1:00 Internals at this Link

Linda Piazza : 4/19/2005 1:16:25 PM

I wanted to remind everyone that we'll soon be reaching one typical period of stop-running action. The period from 1:35-1:55 seems many stop-running actions, although the time varies.

Linda Piazza : 4/19/2005 1:13:56 PM

The OEX continues to find support on the midline of the rising regression channel, narrowing its range as it moves ever close to next strong Keltner resistance, now at 553.65-553.74, but still dropping to meet the rising regression channel.

Jeff Bailey : 4/19/2005 1:08:45 PM

1:00 Market Watch at this Link

Jonathan Levinson : 4/19/2005 1:25:31 PM

The 8B 4-week Treasury bill auction generated a strong 2.7 bids tendered for each accepted, with a high rate of 2.69%. However, this remains the lowest bid-to-cover ratio this month, with last week's hitting 3.04. Indirect bidders (foreign central banks) took a modest 660K of the total. Ten year treasury yields have edged slightly lower since 1PM, currently -3.8 bps at 4.211%.

Linda Piazza : 4/19/2005 1:01:17 PM

As long as the OEX still travels higher within its likely bear flag, but hasn't traveled high enough to undo the possibility that it's just a bear flag, I'm still watching for a potential breakdown out of that flag, but one that might not occur today. Still think it's highly possible that we'll see a retest of the 200-sma or at least a near-retest.

Jonathan Levinson : 4/19/2005 12:50:37 PM

Volume breadth has weakened slightly, with 2.6 NYSE advancing shares for each declining, 2.9 advancing shares for each declining on the Naz. The TRIN is up to .99, TRINQ .97, both at the upper end of neutral and reflecting slightly stronger selling pressure.

Jeff Bailey : 4/19/2005 12:44:44 PM

iShares South Africa Fund (EZA) $72.79 +2.46% ...

Jeff Bailey : 4/19/2005 12:43:45 PM

iShares Latin America (ILF) $80.81 +2.98% ....

Linda Piazza : 4/19/2005 12:42:04 PM

The OEX remains within its rising regression channel. No breakdown. No upside breakout.

Jeff Bailey : 4/19/2005 12:41:31 PM

WEEKLY Pivot Matrix for three (3) weeks from 03/21/05-04/08/05 at this Link

Linda Piazza : 4/19/2005 12:38:26 PM

So far, the advdec line pulls back, but in a bull-flag-like pullback. Nothing major.

Jeff Bailey : 4/19/2005 12:37:02 PM

U.S. Dollar Index (dx00y) 83.78 -0.26% ... WEEKLY S1 gives way in today's session. On 03/21/05 the dx00y closed out at 82.88. Here's the Pivot Matrix for 03/22/05./premium/92/chartlink.aspx?mm=&Path=/oin/mm/chartlink/595_03212005014328

Jonathan Levinson : 4/19/2005 12:36:06 PM

QQQQ broke lower out of the range, never reaching the morning highs on this attempt and currently holding below 7200 tick SMA resistance at 34.95. Channel support is in the 34.70-.75 range, but the intraday indicators are pretty chopped up after the past day and a half's sideways slide within the 40 cent range.

Linda Piazza : 4/19/2005 12:33:21 PM

The OEX is back to the midline of its rising regression channel, having shown a form of bearish divergence on its last approach to the top of that channel (didn't quite touch it). Keltner support on the 15-minute channel coincides to the midline support. This does look strong enough to support the OEX, at least temporarily, but a failure on a 15-minute close below 550.36 would make the OEX vulnerable to a decline toward the bottom support of the regression channel, since support thins out below the current support. Remember that it's possible that this rise is just a bear-flag rise into resistance.

Jeff Bailey : 4/19/2005 12:26:59 PM

Bema Gold (BGO) $2.28 +3.16% Link ... on 03/21/05, BGO traded a session high of $2.80, tested its 200-day SMA from underneath on 03/22/05 and got slapped harder than a miner at a tree-hugger's convention.

Jonathan Levinson : 4/19/2005 12:25:57 PM

June gold spiked to a high of 425.20, currently back to 434.30. 432-3 was significant resistance, and bulls will want to see it hold as support on a closing basis. Daily chart at this Link

Jane Fox : 4/19/2005 12:25:02 PM

Dateline CNN White smoke and ringing bells signal selection of new pope.

That was pretty quick

Linda Piazza : 4/19/2005 12:24:33 PM

The OEX turns down from the ten-minute 100/130-ema's, turning toward the 21-ema that had proven to be resistance for so long during the steep decline late last week and Monday. That 21-ema is at 550.25 currently. It has not violated the bear flag's support.

Jeff Bailey : 4/19/2005 12:23:38 PM

Newmont Mining (NEM) $41.73 +2.15% Link ... testing downward trending 21-day SMA. On 03/21/05, NEM traded a session high of $43.86. That was 38.2% retracement if taken from the 11/17/04 high to 02/09/05 low.

Jonathan Levinson : 4/19/2005 12:21:55 PM

There's a relatively small Treasury auction today, 8B of 4-week t-bills to be announced at 1PM. Ten year treasuries are holding their gains, with ten year yields currently -4.5 bps at 4.204%. Daily TNX chart at this Link

Jeff Bailey : 4/19/2005 12:20:08 PM

StreetTracks Gold (GLD) $43.28 +1.38% Link ... moving into its 03/18-3/21 lower gap.

Jonathan Levinson : 4/19/2005 12:16:03 PM

QQQQ continues to hover on the rising 7200 tick SMA line, currently at 34.96. The short cycles point higher, but so far QQQQ has been failing at 35, below the earlier morning range. Above it, 35.10-.13 remains both confluence resistance and the top of the 30 and 60 min channels. Link

Linda Piazza : 4/19/2005 12:12:25 PM

While the OEX's climb still looks like a bear flag climb, the TRAN's looks more like a rising wedge, usually but now always, bearish. The TRAN's 200-sma is at 3462.16, with the TRAN currently at 3446.19, with that wedge rising into the 200-sma.

Jeff Bailey : 4/19/2005 12:08:23 PM

12:00 Internals at this Link

Jonathan Levinson : 4/19/2005 12:07:34 PM

Session high for June gold here at 434.80, +5.80 or 1.35%, May crude +2.48% at 51.625.

Linda Piazza : 4/19/2005 12:07:21 PM

The OEX's 15-minute Keltner chart now shows the following: Nearby support is at about 550.50, with nearest resistance at 551.77 and stronger resistance just under the 200-sma.

Linda Piazza : 4/19/2005 12:02:09 PM

Double top or inverse H&S? Either conclusion is possible on the OEX's five-minute chart.

Jeff Bailey : 4/19/2005 12:02:01 PM

12:00 Market Watch at this Link

Tab Gilles : 4/19/2005 12:01:29 PM

Vatican has possibly chosen a new pope. Not confirmed.

Jeff Bailey : 4/19/2005 11:58:03 AM

Hem continues to unravel at Hancock Fabric (HKF) $6.45 -4.16% Link after stock traded bearish vertical count of $8.00 on heavy volume of 1.798 million shares.

Jeff Bailey : 4/19/2005 11:54:27 AM

Sonic Automotive (SAH) $20.12 -5.76% ... probing gap lower open here.

Jonathan Levinson : 4/19/2005 11:54:12 AM

Stepping away for 10 minutes here.

Linda Piazza : 4/19/2005 11:47:23 AM

The OEX tests the equal-high level, with tentative bearish price/MACD divergence, but it still remains within the potential bear flag.

Jeff Bailey : 4/19/2005 11:45:29 AM

Pacholder High Yield (PHF) $8.93 +0.56% ... session high here and WEEKLY Pivot. Bidder comes up with 3,000 at the bid of $8.92. Making a higher low and close above $8.93 should be near-term bullish for equities. Link S&P Banks (BIX.X) 349.58 +0.56% ... still hovering at their WEEKLY Pivot.

Jonathan Levinson : 4/19/2005 11:43:29 AM

The CRB has spiked sharply upward, now +4.37 at 302.06 on strength in coffee, silver and soybeans. Currently, May crude oil is up 1.25 at 51.625, silver +2.56% at 7.224. The US Dollar Index dipped as low as 83.70 on my delayed chart: Link

Jeff Bailey : 4/19/2005 11:35:06 AM

17 Prisoners released to Afghanistan from Guantanamo. - Dow Jones

Tab Gilles : 4/19/2005 11:34:44 AM

$FVX & $TNX Link Link

EVV & PHF Link Link

Jonathan Levinson : 4/19/2005 11:34:27 AM

QQQQ fell a couple of pennies short of the prior high of 35.04. Currently, 30 and 60 min channel resistance overlap at 35.10.

Linda Piazza : 4/19/2005 11:33:27 AM

Stepping away for a few minutes.

Linda Piazza : 4/19/2005 11:33:19 AM

The OEX still climbs within its rising regression channel. Here's what the 15-minute Keltner chart shows. A breakout signal has been maintained, with the upside target now from 553.78-554.05, just below and near the 200-sma. Those in bullish positions should certainly have a profit-protecting plan in mind for that test.

Jeff Bailey : 4/19/2005 11:30:18 AM

June Crude Oil (cl05m) $53.15 +3.26% (30-min delayed)

Jeff Bailey : 4/19/2005 11:29:48 AM

Iran sees new oil production coming online from offshore fields - Dow Jones.

Jonathan Levinson : 4/19/2005 11:29:12 AM

Volume breadth is stronger than yesterday, with 3.2 advancing NYSE shares for each declining, 2.9 on the Nasdaq. Currently, the TRIN is a neutral .95, ditto the TRINQ at .79.

Jeff Bailey : 4/19/2005 11:29:05 AM

General Motors (GM) $25.05 -4.3% ... CFO saying company has no plans to cut brands.

Jonathan Levinson : 4/19/2005 11:25:27 AM

Ten year bonds are edging back off their earlier highs, TNX up to a 3.6 bp loss at 4.213%. May crude is down to a 2.38% gain at 51.575 after hitting a high of 51.90. Old support at 52 is acting as resistance.

Linda Piazza : 4/19/2005 11:24:15 AM

The OEX finally rises through its rising regression channel again. Upside resistance on that channel is now at about 552.00, with nearest (but slight) Keltner resistance a little lower on the 15-minute chart. Those hoping for a higher rise today do not want to see a lower high or an equal one with bearish divergence.

Tab Gilles : 4/19/2005 11:24:10 AM

GLD Link

$GOX Link

EUR/USD daily Link

Jeff Bailey : 4/19/2005 11:20:19 AM

Buy Program Premium ... SPX 1,151.65, DIA $101.11, QQQQ $34.93

Jonathan Levinson : 4/19/2005 11:18:39 AM

QQQQ is advancing from the lows, but doing so gradually. The 60 min cycle channel continues to point higher, lagging the 30 min channel in the process of turning down. The oscillators are still in upphases, but the bounce from yesterday morning still looks like a bear flag/wedge at the bottom of Friday's cliff. Until QQQQ can break 35.13, with a confirming print above 35.33, this week's show of strength will continue to appear corrective within the daily cycle downphase.

Linda Piazza : 4/19/2005 11:17:58 AM

The OEX is still stuck near the middle of the rising regression channel, but is again sinking beneath Keltner resistance, teetering on the edge of falling through that rising regression channel again. Evidence is still mixed.

Jeff Bailey : 4/19/2005 11:15:44 AM

11:00 Internals at this Link Yesterday's Internals at this Link

Jeff Bailey : 4/19/2005 11:08:23 AM

11:00 Market Watch at this Link

Jonathan Levinson : 4/19/2005 11:06:29 AM

Gold continues to march higher, with June e-minis up 4.70 at 433.70, silver up a whopping .201 at 7.245. HUI and XAU are +2.83% at 191.01 and +2.01% at 89.82 respectively. Crude is up 2.68% at 51.725. These bounces appear to be launching on the back of the USD Index, below 83.80 this morning: Link

Linda Piazza : 4/19/2005 11:03:49 AM

Here's how the OEX performs with respect to its rising regression channel. Keltner and channel evidence were mixed earlier as to whether the OEX would find support at the midline of the channel, but so far, that's still holding: Link

Jonathan Levinson : 4/19/2005 10:54:25 AM

Thanks, Marc.

Jeff Bailey : 4/19/2005 11:01:05 AM

Program Trading Levels for Tuesday ... HL Camp & Company has their computers set for program buying at $+3.32 and set for selling at $+0.66. No buy program premiums since the opening tick. Two (2) sell program premiums 10:20-10:25 AM and 10:45-10:50 AM EDT.

Jonathan Levinson : 4/19/2005 10:52:31 AM

QQQQ is testing 30 min channel support at 34.75. A failure to bounce will that channel descend. Key confluence is at the low of yesterday's range, 34.64.

Jeff Bailey : 4/19/2005 10:51:46 AM

Most Actives ... LU $2.45 +3.81%, QQQQ $34.79 +0.11%, ADCT $2.25 +19.68%, SPY $114.88 +0.33%, INTC $22.36 +0.63%, JDSU $1.65 +7.84%, MSFT $25.50 -0.60%, CSCO $17.23 +1.17%, EMC $12.47 +8.71%, AAPL $36.23 +1.71%

Jonathan Levinson : 4/19/2005 10:50:56 AM

Thanks, Marc- I already do. The trouble is that the standalone is written in java, which is continually tripping over all the traps that MSFT is accused of setting for it. Never seems to run smoothly.

Linda Piazza : 4/19/2005 10:48:50 AM

In my 10:23 post, I said I wouldn't be surprised to see the OEX pull back to 549.25-549.70, and the OEX has indeed pulled back to that level and even deeper. I mentioned then that if the OEX was strong, it would find support there, at the midline of its potential bear flag rising regression channel, but that if it was weak, it would probably cycle all the way down through to bottom support. The OEX is trying to hold at the midline, but Keltner evidence makes it look vulnerable to the deeper pullback, and perhaps even a retest of yesterday's low.

Jeff Bailey : 4/19/2005 10:47:12 AM

Service Corp. (SCI) $6.85 -2.69% Link ... world's largest provider of deathcare facilities rather defensive and digging into February's relative lows.

Tab Gilles : 4/19/2005 10:45:05 AM

Murphy Oil (MUR) Link

MUR PnF Bearish Price objective of $86 Link

Yesterday's low was $87.13. Link

Jeff Bailey : 4/19/2005 10:44:00 AM

U.S. Dollar Index (dx00y) 83.90 -0.11% ... hovering at its WEEKLY S1 and overnight lows here.

Jonathan Levinson : 4/19/2005 10:42:19 AM

Back from yet another java crash- it sure would've been nice if IB had chosen some other language for its TWS.

May crude oil has reversed its earlier losses and is currently up a strong 2.83% to 51.80, off a high of 51.85. Bonds are firmer as well, TNX -3.2 bps to 4.217%. QQQQ is back above gap support at 34.89, with the 30 min channel just starting to flatten from its earlier sharp rise.

Linda Piazza : 4/19/2005 10:44:11 AM

Confused enough by today's action? Here's an old monthly Dow chart that I prepared back at the first of the year, when the Dow was reaching toward the year's highs. I think it was first prepared for use in a Wrap. (Note: the annotations are the old ones, from the first of the year, as that diamond's resistance was first being tested again.) Link So, the diamond's area of strongest resistance did hold, but that roughly formed inverse H&S is still there, too, complicating the outlook. If you've been reading my commentary long, you know how unreliable I believe that continuation-form inverse H&S's can be, but that I still watch them for guidance. The interesting thing about this one is that the Dow could pull all the way back to 8800-9000 or so, the location of the left shoulder, and still not invalidate the formation.

Jeff Bailey : 4/19/2005 10:41:09 AM

eBay (EBAY) $31.82 -2.39% ...

Jeff Bailey : 4/19/2005 10:40:50 AM

CBOE Internet (INX.X) 175.76 -0.17% ... inches into the red.

Jeff Bailey : 4/19/2005 10:39:39 AM

10-year yield ($TNX.X) down 3.6 bp at 4.213%. Pacholder High Yield (PHF) $8.92 +0.45% ...

Jeff Bailey : 4/19/2005 10:39:00 AM

SPX 1,151.37 +0.47% ...

Jeff Bailey : 4/19/2005 10:38:30 AM

S&P Banks (BIX.X) 349.50 +0.13% ... thinking .... "broader market bulls need more than this to think anything other than a dead cat bounce."

Jeff Bailey : 4/19/2005 10:32:53 AM

June Crude Oil (cl05m) $52.20 +1.41% (30-min delayed) ... WEEKLY Pivot Levels ... $49.36, $50.73, Piv= $52.96, $54.33, $56.56.

Jeff Bailey : 4/19/2005 10:30:23 AM

Dow Jones Home Construction (DJUSHB) 810.85 +3.74% ...

Jonathan Levinson : 4/19/2005 10:27:28 AM

Without data here- trying a reboot.

Jeff Bailey : 4/19/2005 10:25:47 AM

Altair Nanotechnologies (ALTI) $3.22 +19.70% ... higher after company discloses initial shipment of battery electrode nanomaterials to Advanced Battery Technologies. The company said the nanomaterials will be used to manufacture and test prototype polymer lithium batteries as part of the partnership between Altair and Advanced Battery, which was announced on April 4.

Jonathan Levinson : 4/19/2005 10:23:45 AM

Is anyone else having problems with their Interactive Brokers feed?

Jeff Bailey : 4/19/2005 10:23:24 AM

Current OPEN MM Profiles at this Link

Tab Gilles : 4/19/2005 10:23:59 AM

Dupont (DD) Nice bounce off of 200-ma. Link Link XLB Link

Linda Piazza : 4/19/2005 10:23:09 AM

I wouldn't be surprised to see an OEX pullback to 549.25-549.70, based on Keltner, MA and rising regression channel evidence. Question is: will it stop there? That's the midline of the rising regression channel, and, if it's particularly strong, it will rise again from that midline support. If it's not it will sink all the way through to bottom support.

Jonathan Levinson : 4/19/2005 10:16:26 AM

QQQQ is breaking 7200 tick SMA support here for the first time this morning, testing gap support at 34.87 now: Link

Jeff Bailey : 4/19/2005 10:16:49 AM

Franklin Covey (FC) $3.47 +14.52% Link .. whipping back higher after 04/13/05 gap higher earnings.

Jonathan Levinson : 4/19/2005 10:14:44 AM

The US Dollar Index is down in the wake of the PPI data, back below 84 and testing support to 83.85. The CRB is up .98 at 298.67, led by coffee, heating oil and crude oil.

Linda Piazza : 4/19/2005 10:15:30 AM

I've redrawn (or rather, I've done it with the help of QChart's tool) the rising regression channel in which the OEX trades, the possible bear flag, with the redrawing showing that the OEX did not break out of the channel: Link Although I'm aware of the possibility, I don't think I'm cheating to fit my bias because I just think I didn't have enough data points yet yesterday at the close. I'm not currently in an OEX play and haven't currently suggested one, so there's no need for me to see the OEX go any direction or the other. I've got nothing at stake, so this is just an unbiased look at what might be happening. Yet this still looks like a potential flag moving toward a retest of the 200-sma, maybe to get all the way there, maybe not. I'm still watching for a potential breakdown out of that flag, with that even maybe not occurring today.

Jeff Bailey : 4/19/2005 10:14:36 AM

10:00 Internals at this Link

Tab Gilles : 4/19/2005 10:10:09 AM

$NDX Nasdaq 100 Link

$VXN Link

Linda Piazza : 4/19/2005 10:09:51 AM

Here's what the OEX's 15-minute Keltner chart currently depicts: A Keltner line currently at 551.30 has been rising slightly with the OEX but still providing resistance. It looks as if the OEX might need to pull back slightly, with next support from 549.54-550.28. That pullback may be happening as I type. Below that, support thins. The upside target remains just above 554, but the breakout remains tentative, too.

Jeff Bailey : 4/19/2005 10:09:19 AM

VIX.X 15.14 -8.57% ... DAILY Pivot Levels ... 15.01, 15.76, Piv = 17.16, 17.91, 19.31.

Jonathan Levinson : 4/19/2005 10:08:13 AM

Nymex crude reopens for trading with the May contract edging lower to a .65 gain at 51.025. The overnight high was 51.275.

Jeff Bailey : 4/19/2005 10:06:02 AM

10:00 Market Watch at this Link

Jonathan Levinson : 4/19/2005 10:05:09 AM

A session low for GE here at 36.13, +.13 for the day, as the SPX prints new highs- a strange combination. Either that, or IB is mis-reporting the print.

Linda Piazza : 4/19/2005 10:02:57 AM

According to QCharts anyway, advdec approaches +3000 issues. I haven't found this to be a great market-timing tool, as it can indicate either exuberant buying all day or an extreme that will soon see a reversal, but keep a watch on that. Jane may have more detailed information to share, so watch for her posts, too.

Jeff Bailey : 4/19/2005 10:02:52 AM

Orphan Medical (ORPH) $10.53 +23.15% Link .. percentage gainer after the company said its found a new home and will agree to being bought by privately held Jazz Pharmaceuticals. Shareholders of ORPH will get $10.75 per share in cash once the deal closes in the third-quarter of 2005.

Jonathan Levinson : 4/19/2005 10:02:01 AM

QQQQ 100 tick chart update at this Link

Linda Piazza : 4/19/2005 10:01:12 AM

The breakout signal on the OEX's 15-minute Keltner channel is preserved and the OEX bounced back to the top of the ascending regression channel, too. While the OEX hasn't built on its early gains, it so far tentatively preserves the breakout signal. The 15-minute candle itself is one that potential can signal a reversal--to be confirmed during this 15-minute period--so that corroborates the tentativeness. Just no clear outcome yet.

Jonathan Levinson : 4/19/2005 10:00:10 AM

Ten year treasuries have flipped positive, rising from the 8:30 data, with ZN currently up 1/16 at 111 5/32, TNX down 1 bp at 4.239%.

Jeff Bailey : 4/19/2005 9:58:35 AM

AstraZeneca (AZN) $43.64 +1.01% Link no "ill effect" from last night's NCI decision. Morgan Stanley upgrading AZN to "overweight" from "equal-weight" as the firm lifted its view on European pharmas to "ttractive"from "in-line," citing Medicare, cost cutting and pipeline visibility.

Jeff Bailey : 4/19/2005 9:54:27 AM

Johnson & Johnson (JNJ) $69.12 +0.11% Link ... said it earned $2.9 billion, or $0.97 per share in the latest quarter, up from $2.5 billion, or $0.83 in the same period a year ago. Sales were up 11% to $12.83 billion, compared to $11.56 billion last year. Sales were favorably impacted by 2.2% due to currency exchange. The figures compared favorably to analysts' estimates of $0.92 per share on revenues of $12.5 billion.

Jonathan Levinson : 4/19/2005 9:55:07 AM

The Fed's open market desk drains again, this time with a 4.25B overnight repo against the 6.75B expiring from yesterday, for a net drain of 2.5B today.

Linda Piazza : 4/19/2005 9:51:50 AM

The OEX did create the breakout signal on the 15-minute Keltner channel, but immediately turns down again. This downturn may be for the purpose of retesting former resistance to see if it holds as support, but the OEX is also moving back inside its flag formation. Although the breakout signal was created, I held it to be suspect as it was being created (see other posts) and this action confirms my suspicion. I still think it possible that the OEX could climb within the flag, but this throwover begs the question as to whether there will now be a test breakdown out of the flag's support, now that the test breakout didn't hold.

Jeff Bailey : 4/19/2005 9:50:35 AM

Coca Cola (KO) $42.51 +3.73% Link ... reported quarterly profit of $1 billion, or $0.42 per share, which was down from $1.13 billion, or $0.46 per share in the year-ago quarter. Consensus was for KO to earn $0.43 per share. Revenues for the latest quarter came in at $5.27 billion, up from the $5.08 billion in the year-ago quarter and slightly above the consensus estimate of $5.17 billion.

Jeff Bailey : 4/19/2005 9:47:21 AM

Pfizer (PFE) $27.80 +0.72% Link ... drug giant said it earned $301 million, or $0.04 a share, which was down from $2.3 billion, or $0.30 per share in the year-ago quarter. Revenues rose 5% to $13.1 billion from $12.49 billion in the year ago quarter. PFE said it took a charge to repatriate $28.3 billion in cash from overseas and a $622 million charge related to its purchase of Pharmacia in 2002. An additional charge of $766 million was taken for suspending sales of Bextra at teh request of the FDA. Excluding the charges, PFE said it earned $0.54 a share, which was a penny better than consensus estimates.

Jonathan Levinson : 4/19/2005 9:45:00 AM

The 30 min cycle channel has turned sharply higher here, with resistance up to 35.19 currently, which is also the 161% retracement of yesterday's range. QQQQ is printing what appears to be a bull flag atop yesterday's range, with the 7200 tick SMA rising to 34.89 here. The 30 min cycle should remain bullish on a 30 min cycle basis with price above that level.

Linda Piazza : 4/19/2005 9:43:35 AM

About three minutes to go in the first 15-minute period, and the OEX may preserve its breakout signal, suggesting a move up toward 554 or just above. I really do dislike these breakout signals set up in the first few minutes of trading, though. When I was testing Donchian channel breakout signals, the breakout signals created in the first 15 or thirty minutes of trading were highly untrustworthy. Sometimes performed great, and sometimes were the setups for pop-and-drop days.

Jeff Bailey : 4/19/2005 9:40:30 AM

Fannie Mae (FNM) $54.94 +0.97% Link ... maintains common stock dividend of $0.26 per share.

Linda Piazza : 4/19/2005 9:37:35 AM

The OEX also attempts an upside breakout on the 15-minute Keltner channels, with a first 15-minute-period close above the Keltner line currently at 550.22 setting an upside target near 554.07-554.57, if such a close should occur during this first period. If the bear flag formation is to be preserved, there should be a pullback toward that flag's support soon.

Linda Piazza : 4/19/2005 9:35:38 AM

As I type, the OEX already tries to break over the top of the potential bear flag that it was forming as it climbed off yesterday's high. Will it maintain that breakout or leave only a candle shadow behind?

Jeff Bailey : 4/19/2005 9:35:28 AM

General Motors (GM) $26.00 -0.72% Link ... The world's largest automaker reported a quarterly loss of $1.1 billion, or $-1.95 per share, compared with a profit of $1.3 billion, or $2.25 a share in the year-ago quarter. GM said revenues fell 4.3% to $45.8 billion from $47.8 billion a year ago. GM did not provide a tally for health care expenses in the quarter but has said it expects its full-year tab for medical expenses to approach $6 billion.

Linda Piazza : 4/19/2005 9:34:19 AM

With yesterday's OEX candle being a small-bodied candle with upper and lower shadows, those with bullish views will be glad to see this morning's opening action. I'm still looking at the possibility of a bear flag forming, with that flag perhaps climbing up to retest the 200-sma, but with that move likely/possibly a countertrend one and therefore risky to trade with options.

Jeff Bailey : 4/19/2005 9:29:05 AM

Lucent Tech (LU) $2.36 Link ... higher at $2.58 and #2 on most active list after the telecom equipment maker said it earned $282 million, or $0.06 per share on revenues of $2.34 billion. Analysts were looking for $0.04 per share on sales of $2.31 billion.

Jonathan Levinson : 4/19/2005 9:27:46 AM

QQQQ has edged back to the premarket highs, with 30 min channel resistance up to 35.05 here. 34.90 support held when tested, a positive sign for 30 and 60 min cycle bulls. Link

Jeff Bailey : 4/19/2005 9:25:23 AM

ADC Telecom (ADCT) $1.88 Link ... higher at $2.32 and atop this morning's pre-market most active list after boosting its Q2 outlook. The company said sales from continuing operations should range from $292 million to $297 million. Profits from continuing operations are estimated at around 3 cents a share, including charges. In late February, ADC had projected sales from continuing operations for the quarter ending April 29 of around $260 million to $270 million, and income of about 2 cents per share, including charges for restructuring and acquisitions.

Jeff Bailey : 4/19/2005 9:21:03 AM

HL Camp & Company has not yet updated their program trading levels for Tuesday.

Jonathan Levinson : 4/19/2005 9:18:58 AM

NVR reported earnings of $14.38 per share or 117.9M, up from 12.58 per share or 100.6M y-o-y. Esstimates were for $15.09 per share. The company missed on revenue as well, earning 956.6M vs. expectations of 1.05B, though still up 9% from last year's Q1 revenue of 878.6M. New orders fell from 3318 to 3312.

Linda Piazza : 4/19/2005 8:53:52 AM

Futures bounced after the 8:30 numbers. Monday, the OEX set up into a likely bear flag that might be retracing a portion of the decline off the 4/12 high. The 38.2% retracement lies at about 554.17, just pennies above the 200-sma: Link Since we're watching for a rollover entry, we'll be watching for a breakdown out of this bear flag. A break above the 50% retracement of that decline off the 4/12 high and especially above the 61.8% retracement will have us questioning the bear-flag supposition, as would a vertical break to the upside out of that rising regression channel, but until then, the assumption I'll be making is that any long plays would be countertrend ones and therefore not high-odds for profitability. Doesn't mean that we couldn't see a relief rally that really soars. They do happen, but that doesn't undo the unpredictability of success on a countertrend play. So, we can hope to see a solid, well-formed bear flag form, with the breakdown point then easy to pinpoint. Any such breakdown might not happen today.

Jonathan Levinson : 4/19/2005 8:47:35 AM

JNJ reported Q1 earnings of 97 cents or 2.93B, beating estimates by a nickel, up from 83 cents or 2.5B in Q1 last year. Sales were up 11% from 11.56B to 12.83B y-o-y. Domestic sales rose 4.9%, while international sales were up 20.1%.

Jonathan Levinson : 4/19/2005 8:34:56 AM

Bonds recovered slightly on the data, but are sinking again as I type, TNX currently up 2.1 bps at 4.27%. Equities popped back up after dipping slightly, QQQQ up .22 at 34.98 here. Gold and silver are at session highs of 429.30 and 7.09.

Jonathan Levinson : 4/19/2005 8:33:30 AM

Housing starts fell 17.6%, the largest drop since 1991, to 1.837M. Estimates were for 2.09M. The prior month's reading was revised from 2.195M to 2.229M.

Building permits came in at 2.023M, est. 2.094M. The February number was revised from 2.107M to 2.107M.

Jonathan Levinson : 4/19/2005 8:31:17 AM

PPI .7% vs. .6% est.

Core PPI .1% vs. .2% exp.

Jonathan Levinson : 4/19/2005 8:50:27 AM

GM reported a Q1 loss of $1.48 per share or $839M, beating estimates by a penny, down from a profit of $1.2B or $2.12 this quarter last year. GM is currently down 2.02% at 25.66.

Jonathan Levinson : 4/19/2005 8:19:30 AM

QQQQ printed a nominally higher high of 35.04, a few ticks above yesterday's high and above the intraday channel tops. If price can hold above the 34.90 area past the opening bell, the 30 and 60 min channels, which continue to look for upphases, will shift those resistance zones higher. Currently, the 7200 tick SMA is down at 34.80. Intraday 100 tick chart at this Link

Jonathan Levinson : 4/19/2005 7:35:18 AM

Equities are up, ES trading 1151.25, NQ 1426.5 at a session high, YM 10104 and QQQQ +.26 at 35.01 off a high of 35.10. Gold is flat at 429, silver up 2 cents at 7.064, ten year notes down 9/32 at 110 27/32 and crude oil up 75 cents at 51.125.

We await the 8:30 releases of the Producers Price Index, est. .6%, the Core PPI, est. .2%, housing starts, est. 2.09M and building permits, est. 2.094M.

Linda Piazza : 4/19/2005 6:59:38 AM

Good morning. The Nikkei and most other Asian markets posted gains Tuesday, although most did not make up Monday's losses. Helping to promote those gains were hopes of an easing of tension between China and Japan, with the heads of both countries slated to attend an Asia/Africa conference later this week. Also, although the Chinese government has refused to offer apologies or compensation for damage done during recent anti-Japan demonstrations, a real estate management firm allied with China's Ministry of Foreign Affairs has at least offered to repair the Japanese consulate. Japan has not responded to the offer. European markets also climb this morning despite troubling economic data out of the U.K. and Germany. Our futures didn't respond much to Asian gains, but popped near the European open, currently higher but off their overnight highs. As of 6:42 EST, gold was down $0.30, and crude, up $.80 to $51.17. More detail about Asian and European markets follows in succeeding paragraphs.

The Nikkei gapped higher by 80 points Tuesday morning on its way to a triple-digit gain, with techs gaining after the TXN's earnings report. Some termed the buying bargain hunting. Despite that gain of 127.42 points or 1.16% and the close at 11,065.86, the Nikkei still has far to go to retrace Monday's losses.

Stocks that had received the hardest drubbing Monday saw some rotation back into their sectors Tuesday. Techs and chip-related stocks gained.

Most other Asian markets gained, too. The Taiwan Weighted gained 0.58%, and South Korea's Kospi climbed 0.81%. South Korea's LG Electronics gained after reporting a 31% drop in Q1 operating profit as the company dealt with the effects of a firmer won against the dollar and higher production costs. That result was deemed better than expected, leading to the rise. Singapore's Straits Times rose 1.00%, and Hong Kong's Hang Seng climbed 0.67%. China's GDP is to be released tomorrow, and economists believe that recent governmental steps to tighten lending practices might result in a slowing of China's economy. GDP growth may be 9% or less, some believe, the slowest rate of growth in two years. While earlier, many had hoped to see the government successfully create a soft landing, recent declines in the U.S. have worried global exporters relying on China and the U.S. to drive their sales. The Shanghai Composite climbed 0.18%.

European markets climb, too, if somewhat more timidly just ahead of the U.S.'s economic numbers. Techs performed well in earliest European trading this morning. Roche rose after reporting earnings. In the U.K. March's inflation rose 1.9%, the steepest rise in seven years, according to a Bloomberg article. Economists deem the Bank of England more likely to raise rates as a result. In Germany, March PPI climbed 0.6% month over month, worse than predicted but better than many had feared. The ZEW Center for European Economic Research reported that April's sentiment number fell to 20.1 from the previous month's 36.3. Although one article notes expectations of a fall to only 33.3 and another deems the result "horrible," at least one CNBC Europe commentator felt that the decline was expected, predicted by other recent economic numbers. Higher oil prices was one culprit, of course, in the worsening sentiment. Continued high unemployment was another.

As of 6:47 EST, the FTSE 100 had gained 15.20 points or 0.31%, to trade at 4,842.30. The CAC 40 had gained 15.97 points or 0.40%, to trade at 3,965.56. The DAX had gained 11.24 points or 0.27%, to trade at 4,213.44.

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