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Jeff Bailey : 12/30/2005 12:05:35 AM

Program Trading Levels for Friday ... HL Camp & Company has their computers set for program buying at $+7.72 and set for program selling at $+6.12.

OI Technical Staff : 12/29/2005 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The Market Monitor has been archived.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 : 12/29/2005 5:42:05 PM

Closing U.S. Market Watch found at this Link

Today's a/d line looked as if market particpants were trying to hold things together, as bears pressed on history that an inverted yield curve will signal recession.

I marked today's YIELD high on the 5-year ($FVX.X) and YIELD low on the benchmark 10-year ($TNX.X). While these readings were not found simultaneously, it shows how close these two bonds' yields are to converging.

Today's 2-year note auction confirms much of the talk that foreign participants are largely interested in the long-end of the curve as the Treasury received no bids from from foreign and international monetary authority accounts on a noncompetitive bidding basis.

Marc Eckelberry : 12/29/2005 5:14:17 PM

That did not turn out to be a very good entry for the INTC calls. Down 15 cents now, but INTC found support at 50%. I'm not sure it will hold and I might exit the trade if it shows any signof dropping 25.

Jeff Bailey : 12/29/2005 5:13:42 PM

Closing Internals found at this Link

Jeff Bailey : 12/29/2005 4:56:11 PM

Current OPEN MM Profiles found at this Link ...

Today's Activity ... Swing trade bullish call for the Valero Energy VLO Feb $50 Calls (VLO-BJ) at the offer of $4.10.

Jeff Bailey : 12/29/2005 4:34:17 PM

Today's Temperatures with February natural gas and heating oil futures settlement at this Link

Feb crude oil settled up $0.50, or 0.84% at $60.32.

Feb unleaded settled up $0.0544, or 3.36% at $1.6732.

Jeff Bailey : 12/29/2005 4:06:30 PM

Department of MMS ... Saying minimal improvement in Gulf oil, natural gas output recovery.

410,618 b/d of oil (27.37% vs. 27.51% last Thursday), 1.95 bcf/d natural gas (19.54% vs. 19.60% last Thursday) off line.

Jeff Bailey : 12/29/2005 4:00:42 PM

Sell Program Premium ... DIA $107.73, SPY $125.22

Jane Fox : 12/29/2005 3:58:41 PM

The bulls have done an admirable job defending support.

Jeff Bailey : 12/29/2005 3:58:26 PM

DIA $107.76 -0.08% ... IBM -0.67%, MMM +0.07%, MO (unch), BA +0.35%, AIG +0.89%

Jane Fox : 12/29/2005 3:57:02 PM

Happy New Year Jonathan.

Jonathan Levinson : 12/29/2005 3:56:33 PM

I will be leaving tonight for the long weekend. Have a safe and happy New Year.

Jonathan Levinson : 12/29/2005 3:55:24 PM

Updated daily chart of QQQQ at this Link shows QQQQ finally losing support in place since November's gap up. Some of the daily cycle indicators are growing bottomy, but there's still room to run lower before reaching levels such as were seen at the October low. On the weekly chart, the indicators are only starting to roll over, and this poses the greater risk to the bulls. Link On this basis, while a retest of the year highs could not be ruled out, there's strong evidence to suggest that even a daily cycle upphase from here would be unlikely to break those highs if it reaches them at all. The weekly cycle rollover sets up a pattern of lower daily cycle highs so long as a weekly downphase continues.

Jeff Bailey : 12/29/2005 3:52:00 PM

VXO.X 11.43 +2.78% ...

VIX.X 11.47 +1.05%

Jeff Bailey : 12/29/2005 3:51:17 PM

DIA $107.84 (unch) ... Jan $108 and $109 Puts now most active. Both dn/up at roughly 3:1

Jonathan Levinson : 12/29/2005 3:37:21 PM

QQQQ's short cycles are buried and due now for a bounce. Price is below all intraday keltner channels, also suggesting a bounce. Last week's lows have been broken, however, on the heels of failed 30/60 min cycle upphases, and given that QQQQ 41 was a level of strong put support, I see the danger here that underwater positions are now subject to hedging and covering, which would mitigate in favor of support at the next lower strike and 41's becoming resistance. I'm not going to try to catch a short cycle bounce here, but would instead look to evaluate shorts on the bounce from 40.90-41.00 should it present itself. Link

Jeff Bailey : 12/29/2005 3:34:16 PM

Not a single buy or sell premium to this point of the session.

DIA $107.78 -0.06%

QQQQ $40.70 -0.70%

SPX 1,254.99 -0.25%

Jonathan Levinson : 12/29/2005 3:25:32 PM

Volume breadth is down to -1.3:1 on the NYSE, -2:1 on the Nasdaq.

Jeff Bailey : 12/29/2005 3:18:03 PM

DIA $107.75 -0.08% ...

Jeff Bailey : 12/29/2005 3:17:32 PM

QQQQ $40.71 ... getting whacked now.

Jonathan Levinson : 12/29/2005 3:16:29 PM

15-min chart of QQQQ at this Link with Tuesday's lows now in play. So much for the Santa Claus rally. Link

Jeff Bailey : 12/29/2005 3:15:04 PM

03:00 Internals found at this Link

Jonathan Levinson : 12/29/2005 3:10:21 PM

Session low for QQQQ at 40.88 here, testing 30/60 min channel support. However, those are no longer oversold, and there's room for lower lows- particularly given the descending triangle noted earlier. Last week's lows are in play below 40.80. Link

Jeff Bailey : 12/29/2005 3:05:17 PM

03:00 Market Watch found at this Link

Jeff Bailey : 12/29/2005 3:01:37 PM

Good gravy ... looking at the QQQQ on 60-minute intervals. Each hours high lower than the prior. You could lay a straight edge at 45-degree downward angle on volume.

Looks like market participants are shorting, shorting, shorting down the scale. Probably some inverted yield curve traders. Tyring to break the Qs.

Jeff Bailey : 12/29/2005 2:57:11 PM

CBOT Holdings (BOT) $98.49 +4.22% ... did kiss $100.00 within past hour.

ICE $36.15 +3.05% ...

Jeff Bailey : 12/29/2005 2:54:32 PM

Valero Energy (VLO) ... updated 60-minute interval chart at this Link ... Volume anemic at best (like many stocks during holiday). MACD trying to get above zero.

Buyers early at WEEKLY S1, sellers steady at WEEKLY Pivot and Tuesday's gap.

Jeff Bailey : 12/29/2005 2:46:35 PM

Valero Energy (VLO) $52.01 +0.26% ... fades after 12:00 high of $52.80. Has also retraced 50% of day's range ($51.21-$52.80)

Jonathan Levinson : 12/29/2005 2:42:49 PM

QQQQ - Exit Point Alert -

Out QQQQ long from 40.92 at 40.92.

My best guess is that this is a descending triangle, and I'm not willing to risk even the stop at this point.

Jeff Bailey : 12/29/2005 2:41:58 PM

VXO.X 11.04 -0.71% ... narrower volatility measure (only 100 stocks) WEEKLY Pivot Levels ... 8.91, 9.39, Piv= 10.32, 10.80, 11.73.

Jeff Bailey : 12/29/2005 2:39:55 PM

DIA ... Jan $109 Puts jump to most active 980:6,852 with dn/up 320/60. Last at $1.40.

Looks like a seller ... $109 + 1.40 = $110.40.

Jeff Bailey : 12/29/2005 2:37:47 PM

IBM 82.64 -0.48% ... retraces 50% of day's range.

DIA $108.08 +0.21% ...

Jeff Bailey : 12/29/2005 2:36:41 PM

VIX.X checked the SPX chain from earlier benchmark. Not much at the prior most actives. Do see the Jan 1,150 Puts (SPT-MJ) now #11 with 1,256 : 287,875. Looks to be a buyer with dn/up 70/270 at $0.35 per contract.

Jeff Bailey : 12/29/2005 2:31:38 PM

VIX.X just "popped" higher to 11.30 from 11.14.

Jonathan Levinson : 12/29/2005 2:30:30 PM

Volume breadth +1.7:1 on the NYSE, +1.05:1 on the Nasdaq here.

Jeff Bailey : 12/29/2005 2:30:01 PM

Current candidates for 2006 "Dow Dog Theory" at this Link ... This theory is to simply sort by highest divend yield. Those 10 are the "Dow Dogs."

The "Little Dog Theory" (LD) is to take the 5 lowest priced of the 10 highest yielding. A play on market psychology that a buyer would rather pay $23.52 for a stock yielding 4.08% than he/she would pay $76.00 for a stock yielding 4.25%.

Note: AT&T and American Express' YrNet% are not correct. SBC bought AT&T, but kept T's name and symbol. American Express (AXP) split off several business units.

Jeff Bailey : 12/29/2005 2:17:12 PM

DIA $108.10 +0.23% ...

Jeff Bailey : 12/29/2005 2:16:25 PM

Big Blue ... trying to perk up a bit ... IBM $82.55 -0.59% ... afternoon highs.

Put on those party hats! (grin)

Jeff Bailey : 12/29/2005 2:14:18 PM

02:00 Internals found at this Link

Jonathan Levinson : 12/29/2005 2:09:56 PM

QQQQ looked a lot more bullish an hour and a half ago when the green arrow printed below the 30/60 min keltner violation and the short cycle indicators were turning up. Price is back where it started after failing at 40.98, and while the wavelet is ticking up again from oversold, the price feels heavy and is looking vaguely like a bearish descending triangle from Tuesday. The stop on our long is at 40.86, but it's looking tempting to exit at 40.93 here given the persistent downtick in the 30 min channel and the heaviness in price. Link

Jeff Bailey : 12/29/2005 2:04:24 PM

02:00 Market Watch at this Link ... Homebuilders might get today's "comeback award."

Jeff Bailey : 12/29/2005 2:02:05 PM

SPX Options Chain Most Acitve ... from earlier this session at this Link ... there was a decent 2,500 contract trade at 12:15 PM EST. The 1,300 Call and 1,200 Put action looks naked to me and premium sellers.

Jeff Bailey : 12/29/2005 1:58:27 PM

DIA Options Chain Most Active ... not seeing much in either the DIA or SPX option chains at this point. Here's the DIA Link

Tab Gilles : 12/29/2005 1:33:00 PM

Nasdaq100 ($NDX) followup to 12/22 8:16AM post. $NDX weekly Link Link

NASI Link

$VXN Link

USPIX Link

Weekly buy and sell points. Link

Jonathan Levinson : 12/29/2005 1:32:10 PM

QQQQ - Stop Loss Adjustment Alert -

QQQQ long from 40.92, move stop to 40.86

The wavelet is ticking up here, and if it fails, then the short cycle will roll over. We won't want to be more exposed than necessary if that happens. Link

Jonathan Levinson : 12/29/2005 1:30:14 PM

Volume breadth +1.55:1 on the NYSE, 1:1 on the Nasdaq.

Jonathan Levinson : 12/29/2005 1:22:22 PM

The short cycle bullish setup for QQQQ has done very not-well so far. A wavelet downphase is approaching oversold territory, and if it can hold at or above our 40.92 long entry, then then next upphase should produce a better push up. But so far, it's looking weak and corrective, and I may snug up the stop or take an early exit if the bulls can't bounce it soon. Link

Jeff Bailey : 12/29/2005 1:17:06 PM

01:00 Market Watch found at this Link

Jeff Bailey : 12/29/2005 1:06:40 PM

QQQQ $40.98 -0.02% ... refused to trade its WEEKLY S1 again today. I thought it "destiny"

Jeff Bailey : 12/29/2005 1:05:37 PM

IBM $82.50 -0.65% ... this may be the critical point for my DIA bullish trade. After trading WEEKLY R1 on Tuesday, IBM has traded along WEEKLY S1 better part of session.

Need the bid from here.

Jeff Bailey : 12/29/2005 1:03:32 PM

01:00 Market Watch found at this Link

Jonathan Levinson : 12/29/2005 1:03:19 PM

Foreign central banks took a respectable 5.8B of the 20B 2-year note auction, which set a high-yield of 4.404%, bid to cover 2.42.

Jeff Bailey : 12/29/2005 12:42:20 PM

Dow Jones Home Construction (DJUSHB) 931.28 +0.02% ... reversing earlier losses.

Jonathan Levinson : 12/29/2005 12:39:26 PM

QQQQ's short cycles are in gear for a bottom here, and the stop is just below yesterday's low. If the bulls drop the ball from this setup, that would set the stage for a retest of last week's low. Link

Jeff Bailey : 12/29/2005 12:37:30 PM

I've got the 13-week yield ($IRX.X) up 7.3 bp at 3.935%. Just spiked to 3.965%.

No al_rts from Fed funds at this point.

Jonathan Levinson : 12/29/2005 12:37:19 PM

QQQQ - Entry Point Alert -

Long QQQQ at 40.92 stop 40.82

Jonathan Levinson : 12/29/2005 12:32:47 PM

Volume breadth +1.4:1 on the NYSE, -1.2:1 on the Nasdaq.

Jonathan Levinson : 12/29/2005 12:29:17 PM

The Treasury's 14-day Cash management bill auction set a high rate of 4.1% yielding 4.164%, the bid to cover 2.1. Foreign central banks took just 721K of the 12B auctioned. Following that auction, the 13-week rate lurched higher, but remains well below the yield on these 14-day bills- IRX now up 6.8 bps to 3.93%. We await the 2 year note auction results at 1PM.

Jeff Bailey : 12/29/2005 12:21:29 PM

5 to 10-year Treasury Yield spread ... just 4 bp from converging.

Jonathan Levinson : 12/29/2005 12:19:07 PM

Session low for GOOG below 422 and -1.11% for the day, QQQQ testing 40.90, currently low 40.89, a few pennies above yesterday's low. Link

Jeff Bailey : 12/29/2005 12:16:47 PM

12:00 Internals found at this Link

Jonathan Levinson : 12/29/2005 12:11:00 PM

The return to the lows here for QQQQ has been more gradual than the rise that preceded it, and volume breadth is only neutral on the Nasdaq, 1:1, and not showing any particular bearishness. Bears need to see a break of yesterday's low before assuming the current range to be anything more serious than consolidation. 30/60 min channel support remains flat at 40.90. Link

Jeff Bailey : 12/29/2005 12:04:37 PM

Matrix Service (MTRX) $9.78 +3.16% ... breaks above bar chart's downward trend from late October high.

Jeff Bailey : 12/29/2005 12:03:41 PM

12:00 Market Watch found at this Link

Jeff Bailey : 12/29/2005 11:51:27 AM

Valero Energy (VLO) $52.56 +1.33% ... gets the trade at WEEKLY Pivot.

Jeff Bailey : 12/29/2005 11:44:31 AM

Current OPEN MM Profiles found at this Link

Jonathan Levinson : 12/29/2005 11:43:38 AM

Stepping away for 10 minutes.

Jonathan Levinson : 12/29/2005 11:29:51 AM

QQQQ's 30 min cycle now points lower while the 60 min points higher, both opposed and at the middle of their range. So far, the short cycle upphase has been very weak, getting no traction, yet my gut feels QQQQ more bullish than bearish- perhaps because of the "never short a dull market" thing... it would take less than a 20 cent move to bury all the sellers since Tuesday at noon. But I don't trust my gut here- if the short cycle upphase doesn't start to bite soon, the next downphase will be very likely to retest the lows and probably yeterday's low as well. Link

Jeff Bailey : 12/29/2005 11:16:37 AM

11:00 Internals found at this Link

Jeff Bailey : 12/29/2005 11:07:31 AM

11:00 Market Watch found at this Link

Jeff Bailey : 12/29/2005 11:05:36 AM

Valero Energy (VLO) $52.30 +0.82% ... trades the overlap.

Jane Fox : 12/29/2005 11:05:15 AM

ER to new daily highs. This is why I like to trade ER it can really move.

Jonathan Levinson : 12/29/2005 11:04:24 AM

Volume breadth rises to +1.3:1 on the NYSE and the Nasdaq.

Jane Fox : 12/29/2005 11:03:54 AM

TICKS +1000

Jane Fox : 12/29/2005 11:03:31 AM

TICKS +800

Jonathan Levinson : 12/29/2005 10:54:11 AM

Volume breadth holds neutral at -1:1 on the NYSE, -1.05:1 on the Nasdaq.

Jeff Bailey : 12/29/2005 10:54:09 AM

Bullish swing trade long alert ... Let's take one (1) of the Valero Energy VLO Feb. $50 Calls (VLO-BJ) at the offer of $4.10. ($3.90 x $4.10)

VLO $51.84 -0.05% ...

Jeff Bailey : 12/29/2005 10:51:14 AM

EIA Inventory data looks bullish for refiners.

Jeff Bailey : 12/29/2005 10:50:58 AM

EIA Weekly Crude Oil, Gasoline, Distillate, Nat. Gas Inventory Table found at this Link

Jane Fox : 12/29/2005 10:42:53 AM

This is going to be whippy sort of day. The AD line and volume have both now crossed back above 0 and chop-o-meter is telling us the best trade right now is no trade. Do you get real tried of hearing this. I sure get tried of typing it all the time. Two or three days in a row of good trading would do us all a lot of good.

Jonathan Levinson : 12/29/2005 10:41:43 AM

New low for QQQQ on a sudden spike lower.

Jonathan Levinson : 12/29/2005 10:40:45 AM

QQQQ drifts higher to test rising support from below, the short cycle trying to turn up as the wavelet oscillator (middle pane) ticks down from overbought: Link . Looks like a recipe for more chop unless the Qs can regain the pivot and 72 SMA at 41.07.

Marc Eckelberry : 12/29/2005 10:38:50 AM

This is danger zone.

Marc Eckelberry : 12/29/2005 10:38:42 AM

QM bidding a little

Jeff Bailey : 12/29/2005 10:38:14 AM

Valero (VLO) $51.81 -0.11% ...

Marc Eckelberry : 12/29/2005 10:37:55 AM

Ten year edging higher than 2 year.

Jeff Bailey : 12/29/2005 10:37:51 AM

EIA Weekly Gross Inputs, Operable Capacity, Utilization Table found at this Link

Marc Eckelberry : 12/29/2005 10:37:07 AM

So far, looks like we nailed the low on INTC.

Jane Fox : 12/29/2005 10:35:49 AM

Dateline WSJ Sales of previously owned homes fell by 1.7% in November, a fresh sign that the high-flying housing market is losing altitude.

The latest snapshot of activity in the housing market, released by the National Association of Realtors on Thursday, showed that November's sales of existing homes, including single-family, town homes and condominiums, totaled 6.97 million units at a seasonally adjusted annual rate. It marked the lowest level of sales since March.

The decline was slightly steeper than the 1.3% drop that analysts were expecting before the report was released. Yet, even with the drop, economists said the housing market remains in healthy shape and is on track to set record-high home sales for the fifth year in a row in 2005.

Jonathan Levinson : 12/29/2005 10:32:31 AM

Headlines:

GASOLINE STOCKS DOWN 1.2M BARRELS IN LATEST WEEK: DOE

CRUDE STOCKS UP 100,000 BARRELS IN LATEST WEEK: DOE

10:31am DISTILLATE STOCKS DOWN 900,000 BARRELS IN LATEST WEEK: DOE

Jonathan Levinson : 12/29/2005 10:31:42 AM

From the EIA website:

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) inched up by 0.1 million barrels from the previous week. At 322.6 million barrels, U.S. crude oil inventories are well above the upper end of the average range for this time of year. Total motor gasoline inventories declined by 1.2 million barrels last week, putting them in the lower half of the average range. Distillate fuel inventories fell by 0.9 million barrels last week, and are just above the lower end of the average range for this time of year. A drop in high-sulfur (heating oil) distillate fuel more than compensated for a slight increase in low-sulfur (diesel fuel) distillate fuel inventories. Total commercial petroleum inventories dropped by 7.4 million barrels last week, but remain above the upper end of the average range for this time of year.

Jeff Bailey : 12/29/2005 10:30:06 AM

Luby's (LUB) $13.18 +10.10% Link ... Swings to Q1 profit Luby's Inc. (LUB) helped by increased traffic at some restaurants and catering events related to hurricane-relief efforts.

In a press release Thursday, the Houston restaurant operator reported net income in the three months ended Nov. 23 of $2.22 million, or 8 cents a share. A year ago, the company posted a loss of $1.02 million, or 5 cents a share.

Sales rose 6.9% to $73.3 million from $68.6 million in the year-ago quarter.

Analysts expected earnings of 3 cents a share on revenue of $70 million.

Jonathan Levinson : 12/29/2005 10:24:05 AM

Stuck on a phone call- back in a few minutes.

Jeff Bailey : 12/29/2005 10:17:04 AM

10:00 Internals found at this Link

Marc Eckelberry : 12/29/2005 10:16:54 AM

INTC is near 50 dma, 200 dma and oversold.

Marc Eckelberry : 12/29/2005 10:15:38 AM

ALERT: Buy INTC APR 25 calls at 1.70, stop .85.

Jonathan Levinson : 12/29/2005 10:10:45 AM

QQQQ's has support to 40.90, and the short cycle/wavelet indicators are oversold, though still pointing south. Volume is very light, and the longer intraday cycles are ambiguous. I suspect that yesterday's low will hold if tested, but it will be difficult to get a manageably tight stop under a long here, particularly because of the choppy action and whipsaws we've been seeing this week. Link

Jeff Bailey : 12/29/2005 10:06:41 AM

Dow Jones Home Construction (DJUSHB) 923.77 -0.78% ... slips back below its 200-day SMA.

Jeff Bailey : 12/29/2005 10:05:32 AM

10:00 Market Watch found at this Link

Jonathan Levinson : 12/29/2005 10:04:27 AM

Session low for QQQQ below rising support from yesterday: Link . Volume breadth ticks negative, -1.05:1 on the Nasdaq.

Jonathan Levinson : 12/29/2005 10:03:26 AM

Chicago PMI 61.5 vs. 60 exp.

Jonathan Levinson : 12/29/2005 10:02:52 AM

Awaiting Chicago PMI.

Jonathan Levinson : 12/29/2005 10:02:18 AM

Headlines:

CONFERENCE BOARD: HELP-WANTED AD INDEX 39 VS NOVEMBER'S 38

U.S. NOVEMBER EXISTING HOME SALES FALL 1.7% TO 6.97M

U.S. EXISTING HOME INVENTORY AT 19-YEAR HIGH

U.S. NOVEMBER EXISTING HOME PRICES UP 13.2% YEAR OVER YEAR

Jeff Bailey : 12/29/2005 9:56:52 AM

Intercontinentalexchange (ICE) $35.28 +0.57% ... now trading with options.

Jonathan Levinson : 12/29/2005 9:55:34 AM

Volume breadth down to 1:1 on the NYSE, +1.35:1 on the Nasdaq.

Jeff Bailey : 12/29/2005 9:55:17 AM

Matrix Service (MTRX) $9.62 +1.47% ...

Jeff Bailey : 12/29/2005 9:54:37 AM

Valero Energy (VLO) $51.46 -0.79% ... Jan/Feb/March Option Montage at this Link ... Looking at the Feb $50, or $52.50 Calls. They're not cheap so I'd like to wait and see the data.

Could nibble with a partial before.

Jonathan Levinson : 12/29/2005 9:54:04 AM

A 7.75B overnight repo from the Fed leaves us with a net add for the day of 2.5B. Demand was light enough to drive the stop out rate on that overnight money to 4.15%, 10 bps below the overnight target rate.

Jonathan Levinson : 12/29/2005 9:52:05 AM

QQQQ edges lower to rising support connecting yesterday's lows. If it fails, 40.85-.90 support will come back into view: Link

Jeff Bailey : 12/29/2005 9:48:55 AM

Altair Nanotechnologies (ALTI) $2.21 +5.74% ... and Western Oil Sands extend phase one of technology licensing pact.

Jonathan Levinson : 12/29/2005 9:42:58 AM

Don't forget the 10AM Chicago PMI, est. 60, Existing Home Sales, est. 7M and Help Wanted Index, est. 39.

Jonathan Levinson : 12/29/2005 9:40:49 AM

Volume breadth strengthens to +1.7:1 on the NYSE, +2.8:1 on the Nasdaq.

Jonathan Levinson : 12/29/2005 9:36:15 AM

QQQQ 7 day 3-min chart at this Link - 41.18-.20 remains key upside confluence resistance.

Jonathan Levinson : 12/29/2005 9:32:17 AM

Volume breadth is +1.1:1 on the NYSE, +2.3:1 on the Nasdaq at the open.

Jonathan Levinson : 12/29/2005 9:31:40 AM

QQQQ's 72 SMA is at 41.04 , 30/60 min channel resistance at 41.15/41.24 , and 30/60 min channel support is 40.90/40.97 .

Jeff Bailey : 12/29/2005 9:31:21 AM

Goldcorp (GG) $21.85 +0.59% ... challenges 52-week high early.

Jonathan Levinson : 12/29/2005 9:17:56 AM

Analysts polled by Reuters expect crude supplies to drop by 800K barrels, distillates to drop by 700K barrels.

Jonathan Levinson : 12/29/2005 9:07:08 AM

QQQQ's 30 cycle was stalled and threatening to roll over at yesterday's close, while the 60 min cycle continued to point higher from just below the midpoint of its range. This morning's strength has the 30 min cycle ticking back up within that ongoing 60 min upphase. QQQQ tested 41 support yesterday, but put open interest decreased only slightly, with the put to call ratio at QQQQ 41 continuing to favor support 2.41:1. I will update the channel and SMA levels when they refresh at the opening bell.

Jonathan Levinson : 12/29/2005 8:44:43 AM

The Fed has 19.25B in expiring repos to address today, and has just announced a 14B 14-day repo, leaving 5.25B to cover in the short term announcement just before 10AM.

Jonathan Levinson : 12/29/2005 8:31:33 AM

No reaction from the market, QQQQ up .03 at 41.02, TNX down 1 bp at 4.368%.

Jonathan Levinson : 12/29/2005 8:30:56 AM

Headlines:

U.S. WEEKLY INITIAL JOBLESS CLAIMS UP 3,000 TO 322,000

U.S. 4-WEEK AVG JOBLESS CLAIMS UP 250 TO 325,000

U.S. CONTINUING JOBLESS CLAIMS UP 85,000 TO 2.72M

U.S. INSURED UNEMPLOYMENT RATE UNCHANGED AT 2.1%

Jonathan Levinson : 12/29/2005 8:23:14 AM

Treasuries have ticked up to positive, with TNX -.8 bps at 4.37% here at the open, steeper against the 13-week rate, with IRX down 2.5 bps to 3.837%.

Jonathan Levinson : 12/29/2005 7:56:35 AM

Equities are up, ES trading 1265.5, NQ 1682.5, YM 10846 and QQQQ +.05 to 41.04. Gold is up 3.3 to 519.60, silver is up .069 to 8.998, ten year notes are down 1/32 to 109 35/64, crude oil is down .175 to 59.65 and natural gas is down .045 to 11.50 (basis QGG06 contract).

We await the 8:30 releases of Initial Claims, est. 322K, then at 10AM, the Chicago PM, est. 60, Existing Home Sales, est. 7M, Help Wanted Index 39, and at 10:30, the weekly EIA Petrol report.

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