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Jeff Bailey : 10/14/2005 1:12:47 AM

Program Trading Levels for Friday ... HL Camp & Company has their computers set for program buying at $+5.66 and set for program selling at $+2.54.

Tab Gilles : 10/14/2005 12:59:08 AM

Energy Select Spyder (XLE) $46/$45 level finds support. Link

Murphy Oil (MUR) Back on 9/16 I called MUR a Buy/entry level $48.85. Currently testing 38.2% Fib Retracement. Link Looking at LEAPS, specifically... Jan 2006 35.0000 Call (MURAG.X) Link

Tab Gilles : 10/13/2005 11:29:10 PM


$NAHL hits -200 on daily, but no $NASI reversal. Link

$NASI/$NDX/$NAHL weekly No reversal yet. Link Link

Nasdaq100 ($NDX) Link

Nasdaq Volatilty Index ($VXN) daily Link weekly Link

OI Technical Staff : 10/13/2005 9:59:59 PM

The Market Monitor has been archived. You may view it and any previous days here: Link

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.

Results posted in the Market Monitor are hypothetical and OIN does not claim that any reader achieved these exact results. Due to the lag time between research, writing, posting, uploading, reading and execution there will be differences between the actual signal given and the fill achieved by the reader. Fills may be better or worse but in most cases they will be different. The writers will make every effort to give advance notice of intended signals and indicate potential price targets. Your individual results may vary depending on your activity level and aggressiveness. This forum is intended as an education service only. Trading involves risk and should not be attempted by anyone not ready to accept this risk. By acting on any signal in this forum you agree and personally accept this risk.

Jeff Bailey : 10/13/2005 6:01:13 PM

Closing U.S. Market Watch found at this Link

Jeff Bailey : 10/13/2005 5:33:43 PM

Closing Internals found at this Link

Jeff Bailey : 10/13/2005 4:42:07 PM

Current OPEN MM Profiles found at this Link ... Today's Activity ... Closed out a portion of the Dynamic Materials (BOOM) short at $18.60 ($+1.72, or +8.46%) after learning the stock was slated to split 2:1 today. This will bring greater liquidity to the stock, which could bring some new institutional players (bulls and bears) to the table. Hefty gain in some near-term oversold market conditions warrants a profit.

Closed out the Goldman Sachs GS Oct. $100 Puts (GS-VT) at $0.15. ($-0.60, or -80%).

Stopped out of the Apple Computer AAPL Nov. $55 Puts (QAA-WK) at the bid of $4.30 when the stock traded my bearish stop of $51.88. ($0.00, or 0.00%).

Swing traded long 1/2 position in PortalPlayer (PLAY) at the offer of $28.00, stop currently at $26.00, targeting $33.00.

Jeff Bailey : 10/13/2005 4:02:02 PM

Sell Program Premium ... DIA $102.07, SPY $117.58

Linda Piazza : 10/13/2005 4:02:00 PM

And the SOX produces its morning star reversal signal, the OEX, its spring up from the bottom of its broadening formation, the RLX a bounce at least from the bottom of its consolidation pattern, and the TRAN a spring, although not quite back to the midpoint of today's big range or to its 200-ema. Almost to that midpoint. So there are some beginning signs, but some still require confirmation tomorrow. See you then.

Linda Piazza : 10/13/2005 3:49:49 PM

Advdec line still climbing. The OEX is so far maintaining Keltner support at the line currently at 547.07, with the OEX currently at 547.77. Sure would like to see it close above the 60-minute 21-ema at 548.31. It's not that I care that much (other than the usual caring for what happens with our economy and stock markets) whether markets head up or down, but so many markets were approaching or at what I'd targeted as potentially strong support that bearish trades had become scarier than longs to me. We need to relieve some of that oversold pressure and see where we are. I wish that the long signals had set up today instead of yesterday, but they just didn't according to the parameters that I use.

Jeff Bailey : 10/13/2005 3:48:52 PM

S&P Banks (BIX.X) 330.89 +0.82% ... gets the trade at DAILY R1. Let's see if they do any better than the QQQQ did on their first kiss.

QQQQ $37.91

Linda Piazza : 10/13/2005 3:41:04 PM

The SOX has been trying to confirm a morning-star formation on its daily chart. Barring a strong drop into the close, it should do it. Those hoping for a few days of rebounding want to see it close the day above its 200-ema at 442.90 to best preserve that morning-star formation. SOX at 446.03 as I type.

Linda Piazza : 10/13/2005 3:39:32 PM

The OEX has still not been able to close a 60-minute period above the 21-ema at 548.25. If ti should close anywhere near its current 547.34 level, it will have produced a rather convincing doji at support, with the lower shadow of that doji having dipped all the way down to the bottom of its broadening formation and the OEX having sprung up from there. Such signals need confirmation the next day, however.

Linda Piazza : 10/13/2005 3:33:29 PM

After dipping down to test the 61.81% retracement of its rally off the June low into the summer high, the TRAN has sprung up, now back above September's lows. It hasn't yet retraced more than 50% of today's decline however, which would be a more convincing show of strength. So far, it's good to see for those hoping for a rally, but not yet strongly convincing. TRAN at 3580.86 as I type, with the midpoint of the day's range at about 3591. The 200-ema is at 3596.98, but I haven't found that strongly correlative for the TRAN, or at least not as much as for some other indices.

Jeff Bailey : 10/13/2005 3:27:19 PM

S&P Banks (BIX.X) 330.61 +0.73% ... set for test of their DAILY R1 330.66.

Linda Piazza : 10/13/2005 3:25:41 PM

The SOX barely maintains its 15-minute Keltner support at 445.14 on 15-minute closes. The SOX is at 445.90, consolidating above that number for four 15-minute periods now.

Jeff Bailey : 10/13/2005 3:22:32 PM

03:00 Internals found at this Link

Linda Piazza : 10/13/2005 3:18:46 PM

Those hoping for a continued climb would like to see the OEX maintain 15-minute closes above the Keltner line currently at 546.87. If that line isn't maintained on 15-minute closes, it means that the resistance that had held the OEX back so long is not holding yet as support. OEX at 546.93 as I type. Next support at 544.99 and then at 543.47.

Jeff Bailey : 10/13/2005 3:17:13 PM

Sell Program Premium ... DIA $102.09, SPX 1,176.50, QQQQ $37.76

Jeff Bailey : 10/13/2005 3:04:41 PM

03:00 Market Watch found at this Link

Linda Piazza : 10/13/2005 3:03:24 PM

It looks possible, although perhaps not yet probable, that the advdec line will now climb into that next resistance zone, from -1200 up to -990.

Linda Piazza : 10/13/2005 3:01:42 PM

Here's where the SOX is currently on a 15-minute Keltner channel: Link Needs to maintain values above that S/R being tested if it's to continue to climb.

Linda Piazza : 10/13/2005 2:58:33 PM

The OEX doesn't look as if it will produce a 30-minute close above the Keltner line currently at 548.78, the next step needed before any tentative confirmation of strength in the OEX. It's still got that reversal signal on the 60-minute chart and there are other tentatively positive signs and I've been watching for a possible bounce, but we just have to keep our wits about us and realize that any signs seen yet are still quite tentative. OEX at 547.50 as I type.

Linda Piazza : 10/13/2005 2:54:14 PM

Nice rally, and since I've been looking for a rally for two days now, I'm not surprised to see it, but the advdec line is just now moving up into potentially strong resistance, testing one resistance level at about -1500 as I type and then with another that extends up to about -990. Here's an advdec line chart that shows some of what I'm watching today, although on a shorter time-frame than I usually watch. Link So, while gratifying to those looking for a bounce for whatever reason--to short or to participate in a long play--the bounce isn't yet proven to be sustainable.

Jeff Bailey : 10/13/2005 2:51:48 PM

Dynamic Materials (BOOM) $19.04 -4.03% ... retraces 50% of today's decline.

Jeff Bailey : 10/13/2005 2:49:50 PM

Sell Program Premium ... DIA $102.30, SPX 1,178.30, QQQQ $37.83

Linda Piazza : 10/13/2005 2:48:49 PM

OEX testing the 548.89 HOD. It's a few cents below it as I type, at 548.81.

Jeff Bailey : 10/13/2005 2:48:14 PM

QQQQ $37.88 +1.06% ... alert

Linda Piazza : 10/13/2005 2:46:32 PM

The OEX just closed a 15-minute period above former Keltner resistance at 547.24. The candle left a long upper shadow, so wasn't particularly convincing, but the OEX climbs again. Those hoping to see further climbs want the OEX to hold 546.51-547.24 support on 15-minute closes. OEX at 548.02 as I type.

Linda Piazza : 10/13/2005 2:41:30 PM

The SOX charged past its 200-ema as if it weren't there and it's already moved far toward meeting its 450.60-ish upside target from its inverse H&S. SOX at 446.02 as I type.

Linda Piazza : 10/13/2005 2:39:35 PM

The advdec line has broken above one barrier that's been holding it back all day. Although it's got other resistance above it, this is a first sign of an upside breakout. This is not the usual type of signs that I watch, however, as the advdec line is now far closer to resistance than to support, where I usually look for long signals, but it's a tentative upside breakout from an equilibrium position. I have not seen this particular signal before on the advdec line, but as long as it's climbing, that's good for bulls. Just watch out at the -1600 level and then again at -1200 to -990. Advdec line at -1655 as I type, QCharts value.

Linda Piazza : 10/13/2005 2:36:21 PM

OEX rising toward a test of its 60-minute 21-ema, at 548.39, with the OEX currently at 548.03. The OEX has not closed a 60-minute period above this, although it's pierced it intra-hour, since the afternoon of 10/4.

Linda Piazza : 10/13/2005 2:30:56 PM

The OEX was not able to close the last 15-minute period above the Keltner resistance currentlya t 547.19-547.70. Those hoping for a continued bounce want to see it hold 545.96 support on 15-minute closes. OEX at 546.70 as I type, just having completed a convincingly looking reversal signal on its 60-minute chart.

Linda Piazza : 10/13/2005 2:27:00 PM

Advdec line still climbing, but only to the top of its consolidation zone today. Still not particularly convincing yet, but it's better than having it drop, I guess. No breakout there by any stretch of the imagination.

Linda Piazza : 10/13/2005 2:25:15 PM

The OEX has done a credible job of completing a three-candle reversal signal during the last three 60-minute periods. It's not a classic one because the previous 60-minute period's near-doji was a harami and not a doji below the previous red candle, but it's close enough. Next, however, the OEX will have to produce a 60-minute close convincingly above the 60-minute 21-ema at 548.53. The OEX has been testing this average all the way down and hasn't produced a 60-minute close above it since the afternoon of 10/4. The OEX is approaching it as this 60-minute period closes. OEX at 547.79.

Jeff Bailey : 10/13/2005 2:27:07 PM

Good gravy alert! ... AAPL $53.51 +6.87% Link ... a trade at $56 would negate the recent sell signal at $50. Then initial bullish vertical count would be ... 8 x's times 3 = $24, add $24 to $49, and get ... $73.

Jeff Bailey : 10/13/2005 2:22:14 PM

Dell Computer (DELL) $32.97 +0.98% ... has been pinned under its DAILY R1 $32.97.

Linda Piazza : 10/13/2005 2:21:32 PM

Advdec line is still just coiling, not producing anything like a breakout either direction. It's either going to be a follower today or else it's saying not to expect too much, so I'm cautiously watching the climbs in the indices.

Jeff Bailey : 10/13/2005 2:20:43 PM

PortalPlayer (PLAY) $27.72 +6.08% ... hugging its DAILY R1 of $27.64. Session low/high has been Daily Pivot of $26.37 and $28.70.

Linda Piazza : 10/13/2005 2:20:26 PM

All day, the SOX has been hinting that it would try to lead the way higher. It's at that 200-ema now, however, and this is a big test.

Linda Piazza : 10/13/2005 2:19:20 PM

SOX still doing battle with that 60-minute 21-ema at 441.42, and it's perhaps going to go down to the wire as to whether it's going to close this current 60-minute period above that or not. It's still testing the neckline after punching through it, and this extra little bit of confidence is needed in that confirmation, to ensure that there's not a quick turnaround. In this market, even that amount of extra reassurance can't be counted on to produce a climb up to the 550.60-ish upside target, especially not with the 200-ema in the way, but it's a first step. SOX climbed while I typed and is now at 442.04.

Jeff Bailey : 10/13/2005 2:18:38 PM

QQQQ $37.61 +0.32% ... did pop above DAILY Pivot of $37.65 to $37.71, but quickly pushed back lower.

Jeff Bailey : 10/13/2005 2:17:43 PM

VXN.X 17.31 -2.52% ... spike lower from 17.60 reading. Daily Pivot Levels ... 16.26, 17.15, Piv = 17.44, 17.96, 18.24.

Jeff Bailey : 10/13/2005 2:14:35 PM

02:00 Internals found at this Link

Linda Piazza : 10/13/2005 2:14:37 PM

All the way down since 10/5, the OEX has maintained bullish price/RSI divergence on its 60-minute chart. I mentioned this morning that the last time the OEX did that, the bounce was almost 20 points when it occurred. Markets are wounded here and I'm not suggesting that such a bounce should be expected this time, if one is beginning (not certain yet), but only that one should come, that this kind of 60-minute divergence can't last forever without producing a bounce and that you don't want to hold onto bearish positions if your stop is violated and let it turn into a losing position.

With that caution uttered once again, I have to say that the advdec line is still not giving me convincing evidence of a sustainable bounce in progress. Not yet.

Linda Piazza : 10/13/2005 2:10:44 PM

The SOX has tentatively confirmed its inverse H&S. It faces its important 200-ema at 442.86, so this is tentative confirmation only. Needs a confirming 60-minute close above the 21-ema at 441.46, too. SOX at 441.87 as I type.

Linda Piazza : 10/13/2005 2:08:36 PM

SOX approaching that 441.75 neckline for its inverse H&S. It's at 441.56 as I type, doing battle with the 60-minute 21-ema. I think it needs a confirming 60-minute close above that average, currently at 441.44 before we truly consider the inverse H&S confirmed.

Jeff Bailey : 10/13/2005 2:04:53 PM

02:00 Market Watch found at this Link

Linda Piazza : 10/13/2005 2:04:00 PM

OEX climbs above Keltner resistance at 545.41, up toward resistance at 547.18. It tested this resistance earlier today and closed a 15-minute period at this resistance, but was never able to convincingly close above it. Such a close would be just one tentative step in the direction of a bounce. OEX at 546.30 as I type.

Jeff Bailey : 10/13/2005 2:02:32 PM

Chicago Merc (CME) $301.70 -5.43% ... CNBC reporting that it has heard that Refco (RFX) accounts for roughly 12% of the exchanges daily volume.

Jeff Bailey : 10/13/2005 1:59:20 PM

QQQQ $37.57 +0.21% ... 5-minute interval chart from Friday to current at this Link ... Note: Tests of Daily Pivots have been turned lower with no trade at the DAILY R1.

Analysis: Signal for any type of reversal would have to be a trade at DAILY R1 at this point.

Linda Piazza : 10/13/2005 1:56:44 PM

SOX rising toward the neckline of that inverse H&S on its 60-minute chart, the neckline at 441.75 and the SOX at 440.36. It has resistance at 441.33 in the form of the 60-minute 21-ema.

Linda Piazza : 10/13/2005 1:55:40 PM

Oh, I also wanted to mention that the OEX produced a near doji the last 60-minutes, so a strong climb this 60 minutes and a close anywhere near 547.50 would produce a non-classic morning-star reversal signal. OEX at 545.36 as I type. We've seen other reversal signals while the OEX has been dropping. On the 6th, we saw a strong tweezer bottom signal, but it sure didn't go far. Anyway, it's something to watch.

Linda Piazza : 10/13/2005 1:53:25 PM

Advdec line just hit potential support, then bounced a little. Channels are settled into an equilibrium position. On an equity or an index like the OEX, this means that energy is being pent up prior to a breakout one direction or the other, but no information is given as to the timing or the direction. Guess we knew that already, but the central fact here is that, for once and as has been true all day, this indicator is giving me no information at all. Since it's a primary ingredient of the signals I watch, I'm relegated to the sidelines here. I can say that the OEX draws nearer and nearer to all those targets and potentially strong support levels, and that's about it.

Linda Piazza : 10/13/2005 1:47:46 PM

OEX next support at 543.78 on 15-minute closes. OEX at 543.95. Next support 541.97.

Jeff Bailey : 10/13/2005 1:47:38 PM

Chicago Merc (CME) $298.22 -6.51% Link ... also weak today.

Jeff Bailey : 10/13/2005 1:46:49 PM

Refco (RFX) $7.90 -27.18% ... still halted.

Linda Piazza : 10/13/2005 1:46:38 PM

Advdec line weakening again. Looking vulnerable to -3400. It's at -3231 as I type, so that's not a big stretch, is it?

Jeff Bailey : 10/13/2005 1:46:11 PM

GS-VT get action at $0.20 ... GS $111.70 -3.41%

Linda Piazza : 10/13/2005 1:37:50 PM

The SOX has a nicely formed inverse H&S at the bottom of its descent, head at yesterday's low, shoulders at about 436, or a little below, and neckline at 441.75. The SOX is at 439.40 as I type. In addition to moveing above that neckline, I think the SOX would have to close a 60-minute period above the 60-minute 21-ema at 441.23 to confirm that formation. The upside target, if the formation confirms (still a big "if") would be about 550.60, so at about the midline of the SOX's big rising regression channel on the weekly chart.

Linda Piazza : 10/13/2005 1:33:51 PM

OEX can't close those 15-minute periods above the first Keltner resistance, currently at 545.42. The first support is at 543.89-544.12. OEX at 544.76.

Linda Piazza : 10/13/2005 1:31:12 PM

The advdec line just coils. No information there.

Jane Fox : 10/13/2005 1:27:13 PM

DAteline WSJ Refco will shut down its Refco Capital Markets unit for 15 days, due to lack of liquidity amid a series of damaging disclosures.

Jeff Bailey : 10/13/2005 1:19:15 PM

01:00 Internals found at this Link

Jeff Bailey : 10/13/2005 1:11:06 PM

Sell Program Premium ... DIA $101.77, SPX 1,170.47, QQQQ $37.50

Linda Piazza : 10/13/2005 1:10:55 PM

Next OEX support 543.95 on 15-minute closes.

Jeff Bailey : 10/13/2005 1:04:42 PM

01:00 Market Watch found at this Link

Linda Piazza : 10/13/2005 12:54:21 PM

No OEX 15-minute close above first Keltner resistance. That's at 545.91 currently, with next support at 544.05. OEX at 545.77 as I type.

Linda Piazza : 10/13/2005 12:52:36 PM

Advdec line handily dispatched one bit of resistance and now heads up into that near -2000 and up to -1850. It's at -2285 as I type. It's going to get really iffy after that, because the next band it tests, if it gets through this one, is going to be tough resistance unless we're going to see an upside breakout this afternoon. I've been watching for such an event, but until we have evidence that it's begun, we have to be careful about assumptions.

Jeff Bailey : 10/13/2005 12:50:05 PM

Bullish swing trade long alert ... for 1/2 bullish position in PortalPlayer (PLAY) $28.00 +7.15% here, stop $26.00, target $33.00

Linda Piazza : 10/13/2005 12:50:19 PM

The SPX has bounced back above that weekly 72-ema after testing it. I mistakenly referred to the weekly 200-ema earlier, but it's actually the 72-ema I've been watching, currently at 1171.46. I got the number right in my earlier post, just not the right -ema. I've been watching this for a long time as a potential target and also potentially strong support, but on a weekly closing basis.

Linda Piazza : 10/13/2005 12:46:37 PM

OEX back at first resistance, at 545.87 on 15-minute closes.

Linda Piazza : 10/13/2005 12:44:53 PM

Advdec line pushing temporarily past that resistance. Can it hold?

Linda Piazza : 10/13/2005 12:44:33 PM

Here are some things I've been watching on the OEX's 60-minute chart, and one of the reasons for mentioning a 540-543 downside target, but my concerns about whether it would be met. Link

Jeff Bailey : 10/13/2005 12:39:33 PM

AAPL most active options ... Oct. $47.50 Put $0.20 (23,884:59,194), Oct. $50 Call $2.45 (17,313:81,217), Oct. $50 Put $0.45, 13,748:65,564)

Linda Piazza : 10/13/2005 12:37:58 PM

The advdec line isn't yet telling me that the declines or at least the testing of support is finished. I'm watching for signs, but they're not there yet. A beginning, but only a beginning, would be an advdec line sustained move above about -2700, with the advdec line now rising to -2893, but rising into known resistance. These are QCharts values.

Jeff Bailey : 10/13/2005 12:37:27 PM

Bearish swing trade put stop alert ... Apple Computer $51.90 +5.38% ... stopping out on the AAPL Nov. $55 Puts (QAA-WK) at the bid of $4.30.

Linda Piazza : 10/13/2005 12:32:00 PM

Advdec line former support held as resistance. That resistance is from -3000 to -2700, with the advec line now at -3143, with next strong support at -3600.

Linda Piazza : 10/13/2005 12:28:59 PM

OEX testing Keltner support at 544.20 on 15-minute closes, with the OEX at 544.15 as I type, and with next support at 542.31.

Linda Piazza : 10/13/2005 12:27:54 PM

RLX coming down to retest yesterday's and September's lows. Yesterday's was a little lower than the September low of 420.72, with yesterday's at 419.88. It's looked to me for a while as if a fitted retracement bracket with a downside target of about 420 works rather well for the RLX's decline off its summer high, so I've been expecting the RLX to level off around here. If it instead cascades through that 420 zone, I guess I'll be redrawing the fitted Fib bracket. RLX at 420.82 now.

Jeff Bailey : 10/13/2005 12:24:17 PM

Refco (RFX) $7.90 -27.18% Link ... has been alted since earlier this morning.

Jeff Bailey : 10/13/2005 12:22:30 PM

Swing trade close out put alert ... for the Goldman Sachs GS Oct. $100 Puts (GS-VT) at the offer of $0.15.

GS $110.62 -4.38% ...

Linda Piazza : 10/13/2005 12:22:26 PM

Here's where the OEX is with respect to that broadening formation that I've been watching for so long, watching the BIX lead the way, always a step or two ahead of the OEX as it tumbled through a similar formation on its chart. The blue horizontal line marks a zone of potential support more than a particular line. As you can see, the OEX tests potentially strong support beginning at the current level down toward 540 and perhaps a little below. Link

Jeff Bailey : 10/13/2005 12:20:43 PM

12:00 Internals found at this Link

Linda Piazza : 10/13/2005 12:17:55 PM

SOX still holding above its 200-sma, but now slightly negative.

Linda Piazza : 10/13/2005 12:16:17 PM

Advdec line climbing into the former support that had held it all day on each retreat, so it's possible that it will now be resistance. That's up to about -2600, with the advdec line now at -2797.

Linda Piazza : 10/13/2005 12:14:02 PM

The 50% retracement of the SOX's decline off the bull market high into the bear-market low is at about 1159, another number to keep in mind if we should be a washout move. SOX at 1170.38 as I type.

Linda Piazza : 10/13/2005 12:12:08 PM

Bullish divergences keep showing up and keep meaning nothing. There's bullish price/RSI divergence on the RUT's 15-minute through 60-minute chart, for example. On the 60-minute chart, it's been holding since October 6th.

Linda Piazza : 10/13/2005 12:08:56 PM

The SPX is currently testing that weekly 200-ema, at 1171.38, with the SPX currently at 1170.61.

Jeff Bailey : 10/13/2005 12:07:15 PM

It's like there's a "cult" out there ... Apple Computer (AAPL) $51.67 +4.89% ...

Linda Piazza : 10/13/2005 12:07:14 PM

OEX bouncing from Keltner support now at 544.39, continuing to show (so frustratingly) Keltner-style bullish divergence. That support still descends, however, and the bounce has been tepid so far. Next support below that at 542.45, near the 540-543 downside target suggested by several others means. Next resistance is 546.50. As I've said earlier today, the parameters I watch haven't been setting up a trade in any direction. They almost got to a point of setting up a bearish entry, but the advdec line collapsed before that signal could be completed and is now in the middle of Neverland again, looking vulnerable to more downside, perhaps after a bounce up to -2700 or so, but with support at -3600 or so. It's at -2980 as I type.

Tab Gilles : 10/13/2005 12:06:17 PM

$NASI/$VXN/$NAHL daily Link

$NASI/$NAHL/$NDX weekly Link

Nasdaq 100 $NDX daily Link

I'll be out until tonight....keep an eye on these charts for that reversal.

Jeff Bailey : 10/13/2005 12:05:43 PM

12:00 Market Watch found at this Link

Linda Piazza : 10/13/2005 12:00:26 PM

SOX negative now. It's at 436.20 with the 200-sma at 433.31. Dow dipped below the 7/07 low of 10,175.40, now at 10,173.69.

Linda Piazza : 10/13/2005 11:59:23 AM

Here we go. I mentioned earlier that if the advdec line didn't turn around quickly, we were likely to see a quick drop to -3500, and it's at -3305 as I type.

Jeff Bailey : 10/13/2005 11:58:56 AM

Sell Program Premium ... DIA $101.80, SPX 1,169.50, QQQQ $37.42

Linda Piazza : 10/13/2005 11:57:34 AM

New low on the OEX. Support at 454.45 on 15-minute closes currently being tested, with the OEX at 545.40 as I type. Next support at 544.65 on 15-minute closes.

Tab Gilles : 10/13/2005 11:54:33 AM

20+ Year Treasury Bond Fund iShare (TLT) Link

Linda Piazza : 10/13/2005 11:50:25 AM

SOX still positive.

Linda Piazza : 10/13/2005 11:50:00 AM

RUT at the low of the day.

Linda Piazza : 10/13/2005 11:46:19 AM

Advdec line dipping, at least temporarily, beneath support that has held all day until now. A quick trip to -3550 could be in store unless it turns around soon.

Jeff Bailey : 10/13/2005 11:43:50 AM

Apache Corp. (APA) $62.86 -4.32% Link ... probing its correlative bullish support trend and rising 200-day SMA Link

Linda Piazza : 10/13/2005 11:41:52 AM

A little deeper dip on the OEX than wannabe bulls would have liked, as it dipped a little lower than the optimum right shoulder level. However, it has since bounced right back to that optimum 547 level, leaving only a candle shadow below it, as it did when forming the left shoulder. An inverse H&S remains possible, if not yet probable. OEX at 547.28 as I type.

Linda Piazza : 10/13/2005 11:39:22 AM

With Jonathan not here today, I wanted to note what I see on the QQQQ regular and Keltner chart. It's possible to draw a descending regression channel off last Friday's high on the QQQQ's, just as it has been possible on many other indices. Today, the QQQQ's have moved up to test the top of that QCharts-drawn descending regression channel, currently at about 37.61. The QQQQ's are turning down from the top of that channel, clinging to Keltner support currently at 37.57 on 15-minute closes with the QQQQ's right there as I type. I wouldn't consider an upside break out of that channel confirmed until there was also a 15-minute close above the Keltner resistance currently at 37.70. Bottom support is trying to flatten out for the first time in days, with first support at 37.45 and next at 37.36 on 15-minute closes. RSI rattles around in the neutral zone, currently at 46.42, and that RSI chopping around kind of tells the tale here. I don't see any stronger confirmation here of even short-term direction than I do on the OEX. Are the QQQQ's going to head to the bottom of that channel again or are they going to break through the top? Not many clues to be gained from this chart, as yet.

Jeff Bailey : 10/13/2005 11:37:55 AM

Current OPEN MM Profiles ... found at this Link

Linda Piazza : 10/13/2005 11:32:43 AM

Those hoping that any kind of bounce gets underway want to see the advdec line hold above about -2700 and the OEX not dip far below 547. Advdec line now at -2545 (QCharts) and OEX at 547.01 as I type.

Jeff Bailey : 10/13/2005 11:30:32 AM

Bearish swing trade lower stop alert ... for Dynamic Materials (BOOM) ... to $22.10

BOOM $18.81 -5.19% ...

Linda Piazza : 10/13/2005 11:22:46 AM

OEX trying to cling to support. I just don't see anything definitive about the sustainability of the climb off the LOD. The advdec line coils between nearest support and nearest resistance.

Linda Piazza : 10/13/2005 11:18:12 AM

The OEX is back at the Keltner line that it struggled so long to break above, with that Keltner line at 547.47, with the support important at 15-minute closes. The OEX is currently at 547.44.

Jeff Bailey : 10/13/2005 11:16:27 AM

11:00 Internals found at this Link

Linda Piazza : 10/13/2005 11:10:43 AM

And there is a pullback in the OEX. Watch that right-shoulder level, as suggested in my 11:07 post.

Jeff Bailey : 10/13/2005 11:10:36 AM

Sell Program Premium ... DIA $102.18, SPX 1,176.61, QQQQ $37.58

Linda Piazza : 10/13/2005 11:07:13 AM

Even if the OEX is going to continue to bounce, not yet proven, I'm seeing the possibility for a potential inverse H&S to build with a head at yesterday's and today's lows, a neckline at about 549.34 or perhaps at today's high if its going to be a descending neckline, and left shoulder at about 547 (with a punch lower that was soon reversed). That presents the possibility of a pullback to form a right shoulder, with that pullback beginning anywhere from the current day's high up to that 549.34-ish zone. So, if there is a pullback, watch for potential support in the 547-ish zone and then a rounding up again. Bears want a deeper fall and invalidation of the formation; bulls want to do away with the whole right-shoulder formation at all and just keep climbing, but do want the formation to confirm if there is indeed a pullback.

Jeff Bailey : 10/13/2005 11:03:43 AM

11:00 Market Watch found at this Link

Linda Piazza : 10/13/2005 11:01:49 AM

Advdec line so far holding to -1950 support, but with -1350 to -990 resistance just overhead. It's at -1735 (QCharts version) as I type.

Linda Piazza : 10/13/2005 10:55:17 AM

OEX testing next resistance, at 548.48-549.05 on 15-minute closes. It's at 548.44 as I type. If there's a pullback, those hoping for a continued bounce would like to see 547.39 hold on 15-minute closes.

Linda Piazza : 10/13/2005 10:45:46 AM

Advdec line still climbing off its low, but into possibly strong resistance in the -1300 to -990 zone. It's at -1602 as I type, QCharts value.

Linda Piazza : 10/13/2005 10:44:49 AM

If you're in a bullish OEX play, watch the 551-551.10 zone carefully if the OEX should rise that high. That's the site of a descending trendline that began forming on the tops of the 240-minute candles since 10/06. Have profit-protecting plans in place for that test, while recognizing the possibility that the OEX could break through it. I think I'd suggest taking partial profits at that zone and ratcheting up stops.

Jeff Bailey : 10/13/2005 10:44:00 AM

Weekly EIA Capacity Table found at this Link ... 74.86% of nations refining capacity online. Up from 69.79%.

Linda Piazza : 10/13/2005 10:41:43 AM

Advdec line climbing again, but it has to get above and stay above about -990 before bounce could be considered sustainable at all. It's at -1794 as I type, headed into next resistance.

Linda Piazza : 10/13/2005 10:40:33 AM

SOX at a new HOD, at 440.23 as I type. The 200-ema is just above, at 443.36, however.

Linda Piazza : 10/13/2005 10:39:39 AM

For the first time this morning, the OEX has closed a 15-minute period above the Keltner line currently at 547.03. The OEX is at 547.93 as I type, headed toward next resistance at 548.46-548.71 on 15-minute closes.

Linda Piazza : 10/13/2005 10:38:29 AM

SOX rising to test the HOD again, with that HOD at 439.74 and the SOX at 439.43.

Linda Piazza : 10/13/2005 10:37:57 AM

The DOE reports that crude stocks rose for the first time in seven weeks, with crude inventories rising 1 million barrels. Motor gasoline inventories were down 2.7 million barrels, however, and distillates fell 3.4 million barrels.

Jeff Bailey : 10/13/2005 10:37:32 AM

Weekly Crude Oil, Gasoline and Distillate Table found at this Link

Linda Piazza : 10/13/2005 10:34:31 AM

Advdec line so far turning back from resistance again, still coiling near the day's low.

Linda Piazza : 10/13/2005 10:28:16 AM

Advdec line bouncing up to retest resistance again, but now we should wait for the reaction to the inventories number before making any further predictions, I think. The TRAN is attempting a tepid bounce from the former descending trendline off the July high and from just above the September low, with the reaction to the inventories number likely to send it one way or the other.

Linda Piazza : 10/13/2005 10:25:09 AM

Here's my Dow chart from last night's Wrap, with the annotations from last night. It shows the important support being tested now. Link

Jeff Bailey : 10/13/2005 10:24:46 AM

Program Trading Levels for Thursday ... HL Camp & Company has their computers set for program buying at $+6.08 and set for program selling at $+2.83.

Linda Piazza : 10/13/2005 10:21:01 AM

The BIX and BKX are both positive today. Nothing dramatic yet.

Linda Piazza : 10/13/2005 10:17:55 AM

SOX is still positive. BIX, too.

Linda Piazza : 10/13/2005 10:16:18 AM

Advdec line not holding to first tentative support. It's perhaps headed back to -2800 zone. It's at -2541 as I type (QCharts value).

Jeff Bailey : 10/13/2005 10:15:55 AM

10:00 Internals found at this Link

Linda Piazza : 10/13/2005 10:15:24 AM

Once again, the OEX cannot close a 15-minute period above the Keltner line currently at 546.93. Next support at 544.98-545.29. OEX at 546.51 currently.

Linda Piazza : 10/13/2005 10:13:48 AM

The TRAN often zooms up or down ahead of the release of the inventories numbers, and it's zooming down this morning. At 3578.88, it earlier approached the former descending trendline off the July high, with that trendline at about 3572. The September low was 3570.78. So, the TRAN may well be parked at potential support ahead of the inventories number, ready to crash through or bounce.

Linda Piazza : 10/13/2005 10:11:15 AM

Those hoping for a bounce today would like to see the advdec line (QCharts version) hold above about -2400 if there is a pullback and certainly above about -2800. It's at -2195 as I type, indeed pulling back as I suspected it would. (see my 10:09:35 post).

Linda Piazza : 10/13/2005 10:09:35 AM

While the advdec line is climbing off its lows, it's climbing into resistance at the mid-channel level, and so hasn't produced convinving evidence of a bounce yet. As I mentioned earlier, it's not bouncing from a level that allows me to issue a trade recommendation, anyway. It's just not setting up that way. For now, I think there will soon be at least a minor pullback in the advdec line, if not something more severe.

Linda Piazza : 10/13/2005 10:07:23 AM

The OEX is once again challenging the Keltner resistance currently at 546.96 on 15-minute closes, with the OEX struggling late yesterday afternoon to finally claw its way above that and close a 15-minute period above it. There's still plenty of time left in this 15-minute period, but the OEX is currently above that, at 547.21. This would be only the most tentative of first signs of bounce potential, however.

Linda Piazza : 10/13/2005 10:04:55 AM

SOX again rising, although not yet at yesterday's or today's highs. It's at 438.35. It's not a convincing confirmation of yesterday's potential reversal signal, and by the end of the day, it can have convincingly undone that potential reversal signal, but it opened at the right place and has at least stayed mostly above its open. Tentative, tentative as yet, but the SOX behavior provided an early warning of bounce potential even while the advdec line was still crashing.

Linda Piazza : 10/13/2005 10:02:57 AM

Advdec line trying to maintain -2100 support. Will find next resistance at -1500 to -1750 if it does maintain this support and then climb. It's at -2045 as I type.

Jeff Bailey : 10/13/2005 10:02:02 AM

10:00 Market Watch found at this Link

Linda Piazza : 10/13/2005 9:58:28 AM

Advdec line peeking above first resistance now. Hasn't held it long enough to prove anything, but bounce potential builds. Unfortunately, it's not occurring from a level at which the parameters from which I trade offer a trade suggestion. I'm just telling bears to be careful if the advdec holds this support and then demonstrates other signs of a reversal.

Jeff Bailey : 10/13/2005 9:55:52 AM

Filled on 1/4 cover of BOOM at $18.45

Jeff Bailey : 10/13/2005 9:54:07 AM

Bearish swing trade close out 1/2 position alert ... for Dynamic Materials (BOOM) $18.60 -6.25% .

Will continue to hold 1/4 position. I'll explain reasoning for wanting to close out partial later, but stock now has greater liquidity and could attract new set of players.

Linda Piazza : 10/13/2005 9:52:33 AM

I don't have any kind of long or short signal on the parameters I watch. I'll let you know what I see today, but so far, it's not setting up in a way that will allow me to make any trade suggestions. A further downdraft or a bounce appear about equally possible, with the edge so far going toward at least a further testing of support, if not a further downdraft.

Linda Piazza : 10/13/2005 9:50:34 AM

Okay, advdec line trying to steady. A similar earlier attempt failed. The advdec line needs to move above and stay above -2500 to even begin to suggest the slightest bounce attempt. It's at -2581 as I type, about to test resistance. (QCharts values.)

Linda Piazza : 10/13/2005 9:49:03 AM

SPX below yesterday's low, too, getting closer to potential 1171.50-ish support, but this is potential support on a weekly close. Could be breached intra-week. SPX at 1173.06.

Linda Piazza : 10/13/2005 9:48:00 AM

SOX still holding ever-so-slightly to positive values. RUT dropping below yesterday's low, closer to the next 612-615 support zone. At 615.99 as I type.

Linda Piazza : 10/13/2005 9:46:29 AM

Yesterday's OEX low was 545.74. OEX at 545.90 as I type.

Linda Piazza : 10/13/2005 9:45:22 AM

OEX support now at 545.12-545.40 on 15-minute closes. OEX at 546.12 as I type. First resistance at 547.17 on 15-minute closes. Advdec line still dropping.

Linda Piazza : 10/13/2005 9:44:01 AM

SOX has pulled back from its test of yesterday's high. It hasn't gone negative yet, and remains above it's open, but only barely. Hanging on by its fingernails.

Linda Piazza : 10/13/2005 9:43:02 AM

Advdec line still dropping.

Jeff Bailey : 10/13/2005 9:42:09 AM

Dynamic Materials (BOOM) $19.16 -3.42% ... 2:1 split.

I did not know this was taking place today.

Linda Piazza : 10/13/2005 9:40:27 AM

Advdec line testing support still and not doing an impressive job just yet of holding it. It's at -1435 (QCharts value), nearer the LOD than the HOD. No reversal yet, and there's danger of yesterday's pattern repeating until and unless it does.

Linda Piazza : 10/13/2005 9:39:02 AM

Remember crude inventories today, delayed a day, as Jonathan reported yesterday.

Linda Piazza : 10/13/2005 9:38:16 AM

SOX testing yesterday's high.

Linda Piazza : 10/13/2005 9:37:23 AM

Here's the OEX's current Keltner picture. As feared, the OEX opened beneath the Keltner resistance that it had labored so hard to finally breach yesterday afternoon. That's at 547.22 on 15-minute closes. The OEX has next support at 545.15-545.51. It's still descending support, but the OEX has so far avoided closing a 15-minute period below it since the 7th. The OEX currently is at 547.18, testing that overhead resistance.

Linda Piazza : 10/13/2005 9:35:10 AM

The advdec line is testing the same configuration of support it tested yesterday morning before tumbling lower the rest of the day. For a while yesterday that support appeared to hold, and it's doing so today, for now at least. Of course, after yesterday, I'm leery of trusting what I see in the first few minutes of trading.

Linda Piazza : 10/13/2005 9:33:32 AM

Hmm. SOX is actually positive, as those hoping to see its potential reversal signal yesterday completed today would hope. It's not a lot positive, but positive is better than negative for those hoping for a bounce to relieve oversold pressure. Those might be bulls or could be bears looking for a new and safer entry.

Linda Piazza : 10/13/2005 9:32:03 AM

Unfortunately for the bounce potential, the advdec line did not open where I hoped, but above support and it heads down in early trading. It's at -1236, when I had hoped to see it at the -4500 to -4600 level this morning, at an extreme. It still has plenty of room to fall this morning, but it's now in a first support level, so we'll see if that holds any better today than it did yesterday.

Linda Piazza : 10/13/2005 9:27:48 AM

I remember once, in early 2003, I believe, when so many factors pointed to an OEX target just a few points below what had then been produced, just as some targets are now from 540-543, just below yesterday's low. I remember one day when Jeff pointed out that something or other was happening in the bond markets or with the VIX or something and the bottom had been put in. Well, I was still looking at that downside target, indicated on P&F charts, I believe, as well as my own charts and carefully calculated targets. If anyone remembers 2003, you know the ending of this story already. Markets took off, and for too long a while, I was still anticipating a rollover at any moment, and missed the first of the rally. Now, I'm not expecting a rally like that one right now when I say that I see bounce potential building, but also the potential for 5-7 more downside points in the OEX. I'm talking about a short-term and possibly countertrend bounce. But I'm more cautious now about the possibility that all those targets, so nicely drawn and corroborated by so many means, are visible for everyone to see and that some will begin nibbling early and there's always the chance that those downside targets won't be seen. So, that's why I'm cautioning bears, once again today, seemingly unnecessarily lately, to protect profits. Enjoy the downdraft while it continues, but do not let a bounce get away from you because you're sure the markets are going to turn around and hit those downside targets.

Linda Piazza : 10/13/2005 8:56:28 AM

Forgive me if I'm slow preparing my posts today because my fingers are still sore from trying to catch those falling knives yesterday. The parameters by which I enter trades kept setting up potential long signals yesterday, and these are parameters that have often worked for countertrend trades, too, although I don't always take countertrend trades. None of them saw any follow-through. The OEX kept following its descending Keltner support lower, with that support currently at 545.26 on 15-minute closes. Curiously, the OEX never closed a 15-minute period below that--it hasn't since 10/7--and it's been producing bullish Keltner-style and price/RSI divergence on that 15-minute chart since the 10th. That obviously has not helped those trying to catch a bottom, and my cautions to bears to protect profits have worn thin, too.

As I mentioned last night in the Wrap, several indices and stocks produced potential reversal signals yesterday and/or tested support I've been eying for a long time. For example, I've been watching the SPX's weekly 72-ema, currently at 1171.50, for a long time as a potential price target and strong support level. The SPX came awfully close to that yesterday. Close enough? I'm not sure yet, and the currently lower futures hint that it may try testing it again. The SOX bounced from its 200-sma, also producing a potential reversal signal. The RUT came awfully close to its 612-615 potential support, although it surprised me by falling first straight through the 629-630 level that I thought might provide at least temporary support. It tried to steady there for a few minutes yesterday, but not for long, and although it bounced from its low, it did not produce anything close to a convincing potential reversal signal.

And the advdec line. It kept holding to descending-lower support, too, also showing bullish value/RSI divergence. It looked all day as if it were setting up for a bounce, but that bounce never came. This is usually a trustworthy signal. It sometimes gets me in early, but not this early! It was at least hours early and maybe even a couple of days early, depending on what occurs today.

The often trustworthy 240-minute Keltner charts shows a potential for downside to 540.33, currently, but a 240-minute close above 549.32 and especially above 551.15 at least temporarily erases that downside target. Above those levels, resistance thins, too, providing for the possibility of a steeper rise. On a 15-minute basis, the OEX was showing a tendency yesterday at the close to maintain 15-minute closes above the Keltner line then at 547.35, with that being the first time since the first two 15-minute periods of the day that it had been able to do so, but that's likely to be undone at the open this morning. It's the 30-minute chart that's more important currently, though, with the OEX needing a 30-minute close above the line currently at 550.39, a feat it hasn't achieved since late on October 10, to change its downward trend. It needs a 60-minute close above a line currently at 549.88, the 60-minute 21-ema.

It still looks to me as if bounce potential builds, but tell that to the futures. That didn't do me any good yesterday, nor did it do any of you aggressive longs who tried an early long play, but the bullish divergences are showing up all the way on the 60-minute charts. The last time that was happening was on August 29-30, when those divergences were showing up as compared to the August 16 level. It was on August 30 that the OEX began a climb that was to take it almost 20 points higher.

I'm certainly not claiming the OEX is going 20 points higher. I am suggesting there's reason here to be cautious about bearish positions, especially if there's a strong downdraft this morning, accompanied by an advdec line downdraft, say into the -4500 to -4600 region and then a quick reversal. If that happens and if the SOX 200-sma, RUT 612-615, SPX 1171 zones hold as support, some might begin looking for opportunities for cautious countertrend longs if you're the type who plays countertrend plays, but let's look at evidence as it sets up first. The OEX has not yet reached its 543-ish downside target from the break of its neutral triangle on the 60-minute chart or the 540-541-ish target from the 240-minute Keltner chart. A Fib bracket fitted on the current decline, to a downside target of about 540.40-541.00 fits awfully well, too, so I see potential to 540-542, but also building upside pressure. With another potential 5-7 points of downside but with that building pressure and with some potential bounce points hit on other indices, I'm going to be careful about making any trading suggestions at all. Bears should have their profit-protecting plans in place in case there's a lower open, a small bit of follow-through, and then a reversal in the advdec line and a strong rebound.

Linda Piazza : 10/13/2005 7:08:53 AM

Good morning. The Nikkei closed modestly lower after a wild, more-than-200-point range again last night. Other Asian markets were mixed, but European markets turn lower. As of 6:56 EST, gold was lower by $1.90, to $474.70, and crude, lower by $0.04 to $64.08. Our futures were modestly higher at that time. More details about Asian and European markets follows in succeeding paragraphs.

The Nikkei had another volatile night last night. After completing a 200-point wide H&S on Wednesday, the Nikkei gapped lower last night and headed down toward the H&S target, exceeding that 13,300 target and hitting a low of the day of 13,266.90. Then, it zoomed up all afternoon, climbing more than 200 points off that low of the day and temporarily achieving positive values. A last minute small dip closed it down by 14.50 points or 0.11%, at 13,449.24, back at the top of the day's big gap.

Semi-related shares such as Advantest and Tokyo Electron led the morning decline, although banking and steel stocks were also under pressure. Both Advantest and Tokyo Electron are suppliers to Intel, and Advantest's October 26 earnings report should give some insight into what Intel might have to say on November 3. Semi-related Nikon Corp. also fell in earliest trading. Tokyo Broadcasting, not trading at the open, was slated to turn higher when it did open. A shareholder activist has proposed a management buyout, a newspaper reported. Contributing to the morning malaise was a report that showed that the current account surplus narrowed in August by 15.6% from the year-earlier period. It's not difficult to guess the usual culprit, the inflation of imports due to rising oil prices, but exports did show some strength and the number was actually better than projected. In other news, the Tokyo Stock Exchange announced that it might delay is IPO because of a dispute with a Japan's financial watchdog. The IPO had been planned for this fiscal year.

Other Asian markets were mixed. The Taiwan Weighted lost 0.46%, and South Korea's Kospi dropped 1.94% although the Korea Development Institute raised its outlook for economic growth for the year to 3.9% from its previous 3.8% estimate. It believes private consumption has picked up. However, unemployment figures climbed to a four-year high on Thursday, undercutting any positive impact from that statement. Techs such as Samsung Electronics were hit hard Thursday. Singapore's Straits Times eked out a 0.01% gain, and Hong Kong's Hang Seng climbed 0.32%. China's Shanghai Composite dropped 0.80%. The Financial Times reported that the U.K.'s BP Plc has been in talks with Chinese officials concerning taking a major stake in China's largest oil refiner, Sinopec Corp. Last night, China's financial minister spoke about the yuan revaluation, said that China would make decisions based on its own interests, and that such a revaluation would not solve global imbalances.

European markets decline, with oil majors and miners hurting some bourses, including the FTSE 100, but with gains in automakers tempering early losses, at least. A CNBC commentator this morning worried that the European markets might be losing their independence from the U.S. trading patterns and a Marketwatch.com headline reads "U.S. gloom spreads." Those resource-related issues were led to the downside by BHP Billiton after it guided its net oil and gas production expectations lower.

In earliest trading, automakers benefited from a release of Western European passenger car registrations, showing those registrations rising 2.2% in September. The ACEA trade association noted that this shows that the market is recovering. In other news, a private equity group may bid for France's Saint Gobain, with that news sending building and construction-related issues higher in early trading. Supermarket retailer Carrefour climbed after reporting earnings, even though it said that European conditions outside of France may remain difficult, and it helped some other retailers. These early gainers may since have been caught by the steeper declines in the European bourses.

Economic releases today have included the Bank of France's monthly business sentiment index for September, with that climbing to 101 from July's 96. One report notes that there was no August release. There were broad-based increases across industries, and the central bank also increased the third-quarter's growth estimate to 0.4% from the previous 0.4%. A separate release showed September's CPI rising 0.4% month over month, with the year-over-year growth now rising to 2.2% from the previous 1.8%. The EU-harmonized number shows the year-over-year rate now at 2.4%, the highest in more than a year. Energy costs increased, but so did clothing prices. At least one source considered this figure broadly within the range that's been established since the inauguration of the euro, and statements of the ECB's Garganas this morning indicate that he believes that inflation will decelerate next year. Italy's August industrial production was released, showing a climb of 1.3% month over month. One article pegged this as the biggest jump in 8 years. In the U.K., the BCC quarterly economic survey for the third quarter showed that manufacturing sales fell to +3 from the second quarter's +19. Export orders and sales also fell, as did profitability. Price expectations rose as did home sales, but home orders dropped. Employment expectations gained. The BCC called for the Bank of England to cut rates.

As of 6:52 EST, the FTSE 100 was lower by 53.70 points or 1.01%, at 5,288.50. The CAC 40 was lower by 41.20 points or 0.91%, to 4,473.85. The DAX was lower by 23.87 points or 0.48%, to 4,957.90. Earlier, it had reached toward 5,000 again, achieving a day's high so far of 4,993.58.

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