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Jeff Bailey : 8/22/2005 11:17:12 PM

Program Trading Levels for Tuesday ... HL Camp & Company has their computers set for program buying at $+2.80 and set for program selling at $+0.65.

OI Technical Staff : 8/22/2005 9:59:59 PM

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Disclaimer: Stocks discussed in the Market Monitor are for educational purposes only and any analysis is not meant to imply a recommendation for or against that stock. The analysts in this forum as on any other website are prohibited by the SEC from giving any specific advice to ANY individual trader. All information posted is for ALL readers and is not meant to be directed to any individual. Our analysts cannot answer any email questions regarding any specific stock. Please do not ask and please do not take offense if requests are denied.

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Jeff Bailey : 8/22/2005 6:39:17 PM

Ask an energy analyst ... I've received several questions from subscribers regarding a meeting/interview I've set up with a friend of mine at AG Edwards (Tom Covington) Link . If you've got some questions for Tom that I can relay, please send me an e-mail. In the subject line, please type "Energy Question for Jeff."

Also... if you have any good "Aggie jokes," please forward them to me also.

Jeff Bailey : 8/22/2005 6:17:41 PM

Iraq Constitution Delayed ... Dow Jones reporting that Iraqi leaders have put off a vote on a draft constitution, adjourning Parliament at the midnight (4 p.m. EDT) deadline, giving themselves another three days to try to win over the Sunni Arab minority whose support is key to ending the insurgency.

Parliament speaker Hajim al-Hassani said there was strong interest in reaching unanimity on the draft "so that the constitution pleases everyone."

"All these groups in the coming three days will try, God willing to reach accord on some points that are still disagreements," he said. "The draft constitution has been received and we will work on solving the remaining problems."

He then adjourned the session without a vote.

Al-Hassani said if the various parties couldn't come to an agreement within three days then each party would be able to vote its own position on the constitution.

Sunni Arabs issued a statement early Tuesday saying they rejected the constitution because the government and the drafting committee didn't abide by an agreement for consensus.

"We reject the draft constitution that was submitted because we did not have an accord on it," said Sunni delegate Nasser al-Janabi.

Jeff Bailey : 8/22/2005 5:45:47 PM

CBOE Index Put-Call Ratio was 150.3% vs. Friday's 170.4% with Monday's index call volume at 344,721 and put volume at 518,163. Friday's call volume came in at 559,930 vs. put volume of 954,159.

CBOE Equity Put-Call Ratio for Monday was 57.3% (Call=666,747 : Put=382,096) vs. Friday's 57.6% (Call=781,185 : Put=449,642).

Jeff Bailey : 8/22/2005 5:40:29 PM

Dow Jones Transportation Average (TRAN) 3,725.32 +0.17% ... will be lowered by 0.46 Tuesday when shares of CSX Corp. (CSX) $45.13 +0.51% go ex-dividend. CSX pays a quarterly dividend of $0.10 per share.

Jeff Bailey : 8/22/2005 5:35:42 PM

Allmerica Financial (AFC) $38.82 -0.30% ... ticks quietly higher at $39.75 in extended session after Goldman Sachs (GS) $111.70 +0.38% said it has agreed to buy the variable life insurance and variable annuity business of AFC.

Under terms of the deal, the investment bank will pay $275 million up front and an estimated $70 million over three years. The final purchase price will be determined at closing and is subject to adjustments.

After the acquisition, Allmerica Investment Trust, a roughly $3 billion mutual fund complex owned by Allmerica, will merge with Goldman Sachs Variable Insurance Trust, subject to regulatory and policyholder approvals.

The variable life insurance and variable annuity business, which is no longer open to new policies, represents a total of about $11 billion in assets and some 200,000 policyholders. The acquisition is expected to close later this year.

Goldman, which had revenue of $20.55 billion in 2004, said the acquisition will add to its existing reinsurance business.

Jeff Bailey : 8/22/2005 5:05:17 PM

Closing U.S. Market Watch at this Link

Jeff Bailey : 8/22/2005 5:00:23 PM

Closing Internals found at this Link

Jeff Bailey : 8/22/2005 4:45:23 PM

Pivot Matrix for Tuesday at this Link

Jeff Bailey : 8/22/2005 4:11:28 PM

Current OPEN MM Profiles at this Link ...

Jeff Bailey : 8/22/2005 4:01:02 PM

KBW Bank Index (BKX.X) 99.89 +0.24% Link ... struggles to hold a close above its 200-day SMA (99.87) for the first time since falling below on 08/05/05.

Jeff Bailey : 8/22/2005 3:53:34 PM

Chicago Merchantile (CME) $275.45 +0.71% ... bids to best levels of the session after CNBC reports that Japan will begin offering "weather futures."

What will they think of next to trade futures on?

According the the Chicago Merchantile, it is estimated that nearly 20% of the U.S. economy is directly affected by the weather.

Jeff Bailey : 8/22/2005 3:48:36 PM

CEA Acquisition Corp. (BB:CEAS) $5.60 (unch) ... agrees to merge with etrials Worldwide, reportedly the first company to offer fully integrated, easy-to-use eClinical software for the clinical trial process. After completion of the merger, etrials Worldwide will be a wholly owned subsidiary of CEAC and etrials shareholders will own a majority interest in the parent company CEAC, a public reporting company.

Upon conclusion of the merger, etrials will receive up to $21 million in cash from CEAC, depending upon the number, if any, of CEAC shares that may be converted to cash in accordance with CEAC's charter as a result of being voted against the merger. These warrants, which will expire in February 2008, are exercisable at $5.00 per share. CEAC may call the warrants, in whole and not in part, at a price of $.01 per warrant if the price of its common stock equals or exceeds $8.50 per share during a defined period. The warrants that will be issued in the merger may be exercised on a "cashless" basis. If all of the warrants are exercised for cash, CEAC will receive gross proceeds of $61,500,000. However, there can be no assurance that CEAC's stock will trade at the $8.50 for the required period, or that, if called, all of the warrants being issued in the merger will be exercised for cash. There can also be no assurance that any of the warrants will be exercised in the absence of a call.

Jeff Bailey : 8/22/2005 3:43:14 PM

Iraqi Constitution ... Deputy Prime Minister Ahmad Chalabi saying a draft constitution will be submitted shortly to parliament as members convened in a meeting room.

Jeff Bailey : 8/22/2005 3:08:25 PM

03:00 Internals found at this Link

Jeff Bailey : 8/22/2005 3:02:03 PM

03:00 Market Watch found at this Link

Jeff Bailey : 8/22/2005 3:00:05 PM

SEC sues 2 ex-Bristol-Myers (BYM) $24.65 -0.12% executives for fraud scheme to prematurely recognize $1.5 billion in revenue from the company's two largest wholesaler clients. The SEC is seeking to impose civil penalties on Frederick Schiff, former chief financial officer, and Richard Lane, former president of the company's worldwide medicine group.

Jeff Bailey : 8/22/2005 2:56:47 PM

DJ - Israel, Palestinian leaders voice Commitment to Peace.

Jeff Bailey : 8/22/2005 2:45:44 PM

September Unleaded Gas (hu05u) $1.86 -2.10% (30-minute delayed) ...

Jeff Bailey : 8/22/2005 2:44:14 PM

Oil Service Index (OSX.X) 160.18 -1.27% ... probes Friday's lows.

Jeff Bailey : 8/22/2005 2:43:20 PM

Mexico's 1st Half August Inflation seen up 0.15%. A Dow Jones Newswires survey of 7 economists produced a mean estimate of a 0.15% rise in the country's consumer price index in the first two weeks of August. The 0.15% estimate would be below the 0.28% rise seen in the first half of July, and the 0.38% rise in the first half of August 2004. It would lower annual inflation to around 4.2% from 4.5% at the end of July, bringing CPI to its lowest annual level since early 2004.

Core inflation, which excludes volatile components such as fresh fruit and vegetables, energy, and education, is around an annual 3.4%.

Analysts are split over when they think the Bank of Mexico, which ended a 16-month tightening cycle in June, may start easing and allow the overnight rate to fall from 9.75% where it has been for several months. Some think it could come as soon as this week, others not before October.

Jeff Bailey : 8/22/2005 2:08:53 PM

02:00 Internals found at this Link

Jeff Bailey : 8/22/2005 2:01:57 PM

02:00 Market Watch found at this Link

Jeff Bailey : 8/22/2005 1:58:52 PM

JM Smuckers (SJM) $45.45 -5.35% Link ... sandwiched lower after reporting a 9% decline in quarterly profit, which the company attributed to increased marketing costs and expenses for restricted stock compensation. The maker of Jif peanut butter and Smucker's jamps reported a profit of $29.9 million, or $0.51 a share, which compares with $32.8 million, or $0.60 a share profit in the year-ago quarter.

Excluding $4.5 million in costs related to the company's acquisition of International Multifoods and other restructuring expenses, the company said it earned $0.56 a share.

Jeff Bailey : 8/22/2005 1:48:46 PM

Jim (01:20:25) ... yes, this has been a problem for several weeks now. I don't think it is the reporting data service providers (QCharts, etc.), but something at the source.

Jeff Bailey : 8/22/2005 1:47:22 PM

Delta Air (DAL) $1.40 -6.66% Link ... Invoked a "bankruptcy protection" provision in its pilots contract, and issued a warning of dwindling cash levels that gives both sides 30 days to negotiate changes to their 5-year contract.

Jeff Bailey : 8/22/2005 1:44:42 PM

Foundry Networks (FDRY) $11.80 +7.27% Link ... Pacific Growth raised its rating on the stock, citing a strong product portfolio and an improving business environment.

Jim Brown : 8/22/2005 1:36:55 PM

EBAY lost support at $40 this morning and could be heading back to fill the earnings gap at $35.

Jim Brown : 8/22/2005 1:27:01 PM

Parallel Petroleum (PLLL) is spiking on news of strong insider buying over the last month. Could be some good news ahead.

Jeff Bailey : 8/22/2005 1:22:43 PM

13-week Treasury YIELD ($IRX.X) up 1.9 bp at 3.447%. DJ - The U.S. Treasury awarded $18.00 billion in three-month bills at Monday's auction at a high rate of 3.460%.

The Treasury received bids totaling $43.70 billion and accepted $18.00 billion, including $1.91 billion of noncompetitive tenders. The dollar price was 99.115778 and the investment rate, or bond-equivalent return, was 3.539%.

The Treasury also sold $323 million of bills to foreign and international monetary authority accounts on a noncompetitive bidding basis. Foreign and international noncompetitive tenders totaled $323 million.

The bid-to-cover ratio, an indication of demand, was 2.43, Treasury said.

Tenders submitted at the high yield were allotted 58.30%.

The median rate was 3.450%; that is, 50% of the amount of accepted competitive bids were tendered at or below that rate.

Of the competitive bids accepted, 5% were tendered at or below the rate of 3.440%.

Jim Brown : 8/22/2005 1:20:25 PM

Jeff I am seeing the same 4.219. Could be a feed problem at the source.

Jeff Bailey : 8/22/2005 1:15:58 PM

My 10-year yield ($TNX.X) data feed looks to be down as it has flatlined at 4.219% since 12:30 PM EDT, but I would surmise it is lower yield than 4.219%.

Longer-dated 30-year YIELD ($TYX.X) up 0.7 bp at 4.428%. WEEKLY Pivot Levels ... 43.61, 43.91, Piv= 44.35, 44.64, 45.08.

Jeff Bailey : 8/22/2005 1:13:39 PM

S&P Banks Index (BIX.X) 355.70 -0.09% ... early morning gains now gone after test of WEEKLY R1. Weekly Pivot here looks like early week failure.

Jim Brown : 8/22/2005 1:12:44 PM

A/D has gone negative for the day

Jim Brown : 8/22/2005 1:11:41 PM

CNBC is saying an Indian company is considering a higher bid on PKZ. Right on! We could see $60 before my November calls expire.

Jim Brown : 8/22/2005 1:10:08 PM

All indexes except for the Russell and the SOX are now in the red. The Russell is probably stronger on energy stocks. There are a couple hundred energy stocks in the small caps.

Jeff Bailey : 8/22/2005 1:09:20 PM

01:00 Internals found at this Link

Jim Brown : 8/22/2005 1:07:07 PM

It would be interesting to see what would happen if Chevron launched a competitive bid for PKZ just to get back at China for making them pay more for Unocal. They would not even have to follow through with the bid to force CNPC to bid more. CNPC has a clause allowing them to match any new bid. Chevron could bid up the price and then walk, laughing all the way.

Jeff Bailey : 8/22/2005 1:02:03 PM

01:00 Market Watch found at this Link

Jim Brown : 8/22/2005 12:56:52 PM

I picked up a few of the PKZ November $55 calls this morning just in case somebody tries to outbid the $54 offer by CNPC. PKZ is uniquely positioned to profit from recent discoveries in that area. Just speculation but at a premium of $1.15 it was cheap.

Jeff Bailey : 8/22/2005 12:57:47 PM

Encore Acquisition (EAC) $31.01 +3.60% Link ... Company said it signed two agreements to purchase oil and gas interests and an oil and gas company from private sellers for about $123 million. The properties have estimated proven reserves of about 48 billion cubic feet of gas equivalent and current daily production of 10.5 million cubic feet equivalent.

The properties are expected to generate about $29 million of cash flow in 2006, and include 37,352 net acres of undeveloped leasehold.

Encore said the acquisitions are scheduled to be completed in September and October, and that it will fund the deals with its $450 million credit facility.

Jeff Bailey : 8/22/2005 12:54:22 PM

Archer Daniels Midland (ADM) $21.74 +3.52% Link ... Higher after Citigroup upgraded its rating on the stock and lifted its bullish target to $26. The broker cited opportunities for ethanol and plastics derived from corn.

Jeff Bailey : 8/22/2005 12:52:13 PM

Alpharma (ALO) $23.97 +19.79% Link ... stock jumps to new 52-week high after company said it continues to consider "strategic alternatives" to maximize shareholder value, but didn't provide specifics on any possible transactions.

Jeff Bailey : 8/22/2005 12:44:14 PM

Maytag (MYG) $18.79 +0.37% ... Company's Board OK's Whirlpool (WHR) $80.99 -1.02% acquisition. Signs merger pact valued at $21.00 per share. Maytag Board recommends holders adopt agreement.

Jeff Bailey : 8/22/2005 12:39:38 PM

10-year YIELD ($TNX.X) 4.219% ...

Jeff Bailey : 8/22/2005 12:39:18 PM

BIX.X 356.01 -0.01% ...

Jeff Bailey : 8/22/2005 12:38:31 PM

Sell Program Premium ... DIA $105.38, SPX 1,218.32, QQQQ $38.62

Jim Brown : 8/22/2005 12:31:49 PM

Nasdaq at a new six week low. Lookout below!

Jeff Bailey : 8/22/2005 12:31:19 PM

BIX.X 356.32 +0.07%, TNX.X 4.219%

Jeff Bailey : 8/22/2005 12:30:54 PM

Sell Program Premium DIA 105.54, SPX 1,220.42, QQQQ $38.70

Tab Gilles : 8/22/2005 12:27:09 PM

COMPQ I agree Jim. Link

Jeff Bailey : 8/22/2005 12:26:33 PM

S&P Banks Index (BIX.X) 356.56 +0.14% ... session low now. WEEKLY Pivot below at 355.75.

Jeff Bailey : 8/22/2005 12:25:50 PM

S&P 500 Index (SPX.X) 1,221.56 +0.15% ... up just 2 points. Has slipped back under its WEEKLY Pivot.

Jim Brown : 8/22/2005 12:25:10 PM

Nasdaq and Dow both headed for critical support and a break here could produce a sudden implosion as both levels are the last support before a big support void. The Dow has risk to 10250 and the Nasdaq to 2050. Link

Jeff Bailey : 8/22/2005 12:24:37 PM

10-year YIELD ($TNX.X) up just 1.2 bp at 4.223%. Has slipped below its WEEKLY Pivot.

Jeff Bailey : 8/22/2005 12:19:48 PM

Iraq Oil Official ... DJ - Exports resumed at Basra Port.

Jeff Bailey : 8/22/2005 12:09:30 PM

12:00 Internals found at this Link

Marc Eckelberry : 8/22/2005 12:06:01 PM

I might get my QQQQ 38.40 gap close sooner than I thought. I'm not sure I will bail then, maybe even roll-over into November puts. Profiled the 39 September puts a few weeks ago at .65, we are even so far.

Jim Brown : 8/22/2005 12:05:45 PM

Nasdaq support at 2135 about to be tested once again and I am betting it will not hold.

Jeff Bailey : 8/22/2005 12:02:47 PM

12:00 Market Watch found at this Link

Linda Piazza : 8/22/2005 12:02:02 PM

Checking back in again. Since so many are out the early part of the week, I'll try to check in when I can, but can't promise many posts, especially this afternoon. OEX traders: The advdec line was telling the truth today about the fun being mostly over for the short-term move, as I suggested in my last post. Now, though, the OEX hits mid-channel Keltner support and might attempt a bounce. The advdec line suggests it as a possibility, too, although neither promise a bounce. If the OEX does bounce, those betting on a decline through that same old Keltner channel want 15-minute closes beneath a Keltner line now at 569.79. Bears need to consider taking partial profit and resetting stops to breakeven on the rest, if not taking all profit, if the OEX should hit or closely approach a Keltner line currently at 566.69. The 200-sma is at 566.38. Some might prefer the "partial profit and rest to breakeven" route, hoping to capture a break through the 200-sma, but don't let the position turn into a loss.

Jeff Bailey : 8/22/2005 11:59:26 AM

Did get a Sell program premium last 10-minutes. SPX fell from 1,226.69 to current 1,224.59.

Jeff Bailey : 8/22/2005 11:56:16 AM

Current OPEN MM Profiles found at this Link

Jim Brown : 8/22/2005 11:50:34 AM

It is really quiet today in the monitor because Jonathan and Linda are on vacation. I saw Linda sneak in a couple posts but I would not expect many more. Jonathan will be back on Wednesday while Linda will be gone (?) all week for a well deserved break.

Jeff Bailey : 8/22/2005 11:48:06 AM

10-year YIELD ($TNX.X) chart with updated WEEKLY/MONTHLY Pivot retracement at this Link

Tab Gilles : 8/22/2005 11:37:27 AM

CandleGlance Drug/Biotech Link

Jeff Bailey : 8/22/2005 11:35:50 AM

S&P 500 (SPX.X) with updated WEEKLY/MONTHLY Pivot retracement at this Link

See S&P Banks (BIX.X) 357.88 +0.51% chart with updated WEEKLY/MONTHLY at MM 10:58:44.

Jim Brown : 8/22/2005 11:22:14 AM

I can't wait for the Ron Insana show at 2:PM today. The OSTK saga will probably be updated again after being preempted on Friday by the Vioxx news. I believe the street is going out of their way to bury the OSTK CEO after his negative comments on everbody. They are going to make him eat that Sith Lord statement. Everybody knows I have been negative on them for months. Half of everything I have ever bought from them I had to return. The shipments come in with the return address cut off the box and no invoice or packing list inside. They go out of their way to make it hard to return anything. I went short last week but was stopped out on the spike over $48. I hit it again later in the week as the commentators began to gang up on the CEO and I am hoping for a break under support at $41 after the next interview.

Jim Brown : 8/22/2005 11:13:20 AM

A/D at a new post open low at +1800

Jeff Bailey : 8/22/2005 11:10:40 AM

11:00 Internals found at this Link

Tab Gilles : 8/22/2005 11:07:37 AM

Intel (INTC) Link Link

CandleGlance Link

Jeff Bailey : 8/22/2005 11:03:42 AM

11:00 Market Watch found at this Link

Jeff Bailey : 8/22/2005 11:01:44 AM

10-year YIELD ($TNX.X) up 3.5 bp at 4.246%. YIELD high so far this session has been 4.255%. It would be my continued analysis (seeming "contrarian" to some analysts) that the banks need HIGHER yield from 10-year and 30-year to create bullish margins.

Jeff Bailey : 8/22/2005 10:58:44 AM

S&P Banks Index (BIX.X) with updated WEEKLY/MONTHLY Pivot retracement at this Link ... early test of WEEKLY R1 sets positive tone. Overlapping 359 resistance is key to bear's case. If broken to upside (see MACD curling higher and threatening "buy signal") then quick run to WEEKLY R2 likely.

Jim Brown : 8/22/2005 10:56:37 AM

TOL is scheduled to report earnings on Thursday and possibly provide some support for the sinking sector. TOL, LEN, CTX, BZH are all on the verge of a new leg down.

Linda Piazza : 8/22/2005 10:45:14 AM

I'm checking back in for a few minutes before being gone for a while. The OEX has been testing the top of that same old Keltner channel that's been containing it for a while, currently trying to break out of the upside. A 15-minute close above the Keltner line currently at 570.61 will set an upside target of 574.15, but be careful of trusting these breakout targets too much, especially if the close above that line is only a minimal one, and remember that there hasn't yet been a 15-minute close above that Keltner channel. A look at the advdec line on the 15-minute Keltner channel shows that the advdec line was not similarly able to break out this morning, and pulls back toward next support at about 1717. As long as it stays above that level (now at 2007 on QCharts), it might be likely to go on challenging resistance and perhaps could still break through, but if it begins tumbling more, it might bring the OEX down with it. So, watch the advdec line, as it's suggesting that unless we're going to have a wild breakout day with advdec values heading up toward a whopping 4000 level (30-minute Keltner chart target), much of the fun may be over and markets may begin a steadying. I won't be here to watch minute-by-minute developments and things could change from this posting, but that's what shows up now.

Tab Gilles : 8/22/2005 10:41:55 AM

Nasdaq100 ($NDX) Link

Jim Brown : 8/22/2005 10:28:27 AM

A/D line has started to crack with a drop to +2050 from the +2656 high.

Jim Brown : 8/22/2005 10:24:57 AM

Speaking of the SOX I heard Mary Thompson echoing the "Book-to-Bill came in "higher" spin this morning with the BTB at .93. You can always come in higher if you revise the prior month to a number lower than the current number. That revision rarely gets reported. The June number was also .93 but they revised it down to .90 so this month could show another gain.

Jeff Bailey : 8/22/2005 10:14:46 AM

Friday's Internals found at this Link

Jeff Bailey : 8/22/2005 10:13:35 AM

10:00 Internals found at this Link

Jim Brown : 8/22/2005 10:13:22 AM

Big gainers in the energy sector this morning are KMI +18.1, AHC +1.58, STR +1.38, BTU +1.43 with coal appearing the strongest with FCL and ACI seeing strong gains as well.

Jeff Bailey : 8/22/2005 10:02:51 AM

Amerco (UHAL) $58.71 +1.22% ... notable new 52-weeker at the NASDAQ.

Jeff Bailey : 8/22/2005 10:02:09 AM

10:00 Market Watch found at this Link

Jeff Bailey : 8/22/2005 9:59:29 AM

Credicorp. Ltd. (BAP) $21.42 +2.24% Link ... DJ - Investment bank UBS on Monday upgraded financial holding company Credicorp Ltd. (BAP) to a buy from a neutral rating, citing "a stronger macro environment, Credicorp's improved operating performance and valuation multiples that are not demanding."

In a report, UBS said it remains positive on Peru, with Credicorp as its preferred play on the improving domestic story.

The investment bank cited better-than-expected second quarter results as well as support from improved asset quality and credit recoveries.

Credicorp's main holding is Banco de Credito, which operates in Peru and in Bolivia, while it also offers investments services and has an insurance company, among other units.

Credicorp reported second-quarter net income of $46.4 million, up from $32.9 million in the same quarter a year earlier. It also reported net income for the first half of $90.0 million, up 43% from $62.9 million in the same year-earlier period.

Peru's gross domestic product, which expanded nearly 5.0% last year, could grow by about 6.0% this year, government officials have said.

Jeff Bailey : 8/22/2005 9:55:08 AM

Currencies ... DJ - The Brazilian real sstrengthened against the dollar in early trading Monday as investors reacted positively to explanations given by Finance Minister Antonio Palocci over the weekend regarding allegations of corruption made against him by a former aide.

At 1300 GMT, the real was trading at 2.410 per dollar, compared with 2.450 per dollar at Friday's close.

Jim Brown : 8/22/2005 9:53:22 AM

Federal Reserve officials will be speaking out on the economy and central bank policy this week, and their comments could shake the markets. Chicago Federal Reserve Bank President Michael Moskow will discuss the economy Wednesday night at the Illinois CPA Society's 25th Annual Business & Technology Solutions Show, and his comments could move stocks Thursday. Friday Fed Chairman Alan Greenspan will discuss central banking at an economic symposium in Jackson Hole, Wyo.

Jeff Bailey : 8/22/2005 9:53:12 AM

10 Most Active ... QQQQ $39.01 +0.48%, MRK $27.45 -2.13%, EYET $17.91 +28.21%, OSIP $32.12 -21%, PANC $10.85 +53.9%, PFE $25.55 (unch), SPY $122.98 +0.41%, MSFT $27.00 +1.01%, CSCO $17.89 +0.39%, DAL $1.32 -12%

Jeff Bailey : 8/22/2005 9:49:47 AM

Iraqi Oil Exports ... were shut down on Monday by a power cut that darkened parts of central and southern Iraq, including the country's only functioning oil export terminals, Iraqi and foreign oil officials said.

Exports through the country's other main route, the northern export pipeline to Turkey, have long been halted by incessant sabotage.

Iraqi officials said sabotage was also responsible for Monday's blackout, which prevented oil from being pumped into tankers waiting at berths.

A port official and an employee at the South Oil Co., which runs Iraq's southern oil fields, said workers stopped pumping stopped at 7 a.m. Monday. Both men spoke on condition of anonymity because they are not authorized to talk to media. They gave no further details.

Jim Brown : 8/22/2005 9:48:14 AM

Linda, Jane and Jonathan are all going to be away from the monitor today as summer vacations draw to a close. I did see Linda sneak in a post this morning proving she is a market junkie despite being on vacation. It should be really quiet in the monitor today.

Jeff Bailey : 8/22/2005 9:36:59 AM

Red Robin Gourmet Burgers (RRGB) $47.09 +6.27% Link ... Company said late Friday that former Chief Executive Michael Snyder has reimbursed the company $1.25 million for various aircraft, travel and entertainment expenses. The Greenwood Village, CO-based restaurant chain said it will recognize a $0.05 per share after-tax gain in the third quarter as a result of the reimbursement. Snyder's retirement was announced Aug. 11. In a statement, the company said an internal investigation determined that some of Snyder's expenses were "inconsistent with company policies" or "lacked sufficient documentation."

Jeff Bailey : 8/22/2005 9:33:02 AM

Petrokazakhstan (PKZ) $54.50 +20% Link ... agreeing to be bought by China National Petroleum for $55 a share.

Jeff Bailey : 8/22/2005 9:28:28 AM

Panacos Pharmaceuticals (PANC) $7.05 Link ... stock soaring and #2 most active in this morning's pre-market trade after the company reported promising results from a Phase II trial of its lead HIV drug PA-457.

Jeff Bailey : 8/22/2005 9:26:03 AM

Eyetech Pharmaceuticals (EYET) $13.99 Link ... atop this morning's most active list and higher at $18.80 after the company agreed to be bought by OSI Pharmaceuticals (OSIP) $40.77 Link which trades lower at $33.52, for $20 a share, or $935 million.

Jeff Bailey : 8/22/2005 9:21:43 AM

Program Trading Levels or Monday ... HL Camp & Company has their computers set for program buying at $+2.85 and set for program selling at $+0.55.

Linda Piazza : 8/22/2005 8:20:23 AM

I'm officially on vacation beginning this morning, but am checking in for a moment. As I said Friday afternoon, I believe that the OEX's pattern could still be a "b" distribution pattern as the OEX rattles between the converging 10- and 50-sma's resistance and the 200-sma's support. Remember that the OEX could bounce up again today to retest that 50-sma, although I'd think that three days with longer upper shadows would discourage many bulls. They haven't asked me, though. A close outside of either of those MA's would perhaps change the OEX's trading range, but if the 200-sma is broken, heed the BIX's example, and consider a possible support at the 200-ema, at 562.82, and a consolidation zone between the two. Before you believe too strongly that the OEX is slipping below the 200-sma at 566.31, you'll want to see a 15-minute close beneath a Keltner line currently at 566.21, and you'll need to be very cautious about the possibility of the OEX springing right back up and negating the downside signal. On a break through the topside, the 10- and 50-sma's, you'll want to see a 15-minute close above a Keltner line currently at 569.93. I'll check in whenever I can, especially these next two days when I know Jonathan is also out on the Options side of the Monitor, but I won't always be available.

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