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OI Technical Staff : 3/21/2006 9:59:59 PM

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Jeff Bailey : 3/21/2006 8:04:02 PM

DELL $29.86

Jeff Bailey : 3/21/2006 8:03:56 PM

INTC ... $19.66

Jeff Bailey : 3/21/2006 8:03:39 PM

MSFT ... last tick $27.05

Jeff Bailey : 3/21/2006 8:03:30 PM

Overnight session ends ... AMD last tick $33.86.

Jeff Bailey : 3/21/2006 7:54:16 PM

Advanced Micro (AMD) $34.44 +0.84% ... seller moves in on INET with offer at $33.95. Extended session low has been $33.84.

Jeff Bailey : 3/21/2006 6:44:07 PM

Fed Chairman Bernanke ... Questions if Companies Should Own Certain Banks ... DJ - Federal Reserve Chairman Ben Bernanke is raising concerns about a legal provision that lets companies own a certain kind of bank, including one Wal-Mart Stores Inc. (WMT) wants to operate in Utah.

The Fed chief's comments were aimed at an exemption in federal law that allows companies to own such banks, called industrial loan companies.

"The question of whether, or to what extent, the mixing of banking and commerce should be permitted is an important issue and one that we believe should be made by Congress," Bernanke said. "The decision has important ramifications for the structure of the American financial system and the economy, particularly because any widespread combinations of banking and commerce likely would be irreversible."

Bernanke's comment came in a written response to questions on that and other issues raised by Rep. Brad Sherman, D-Calif., during a February hearing. Bernanke's response, dated Monday, was released to The Associated Press on Tuesday.

"It is for these reasons that the (Fed) board has encouraged Congress to review the exemption in current law," Bernanke wrote.

The Fed chief addressed the matter in broad terms. He didn't mention Wal-Mart specifically.

Wal-Mart, the nation's largest retailer, has filed an application to operate an industrial loan company in Utah. The Bentonville, Ark.-based retailer is seeking to set up such a bank so it could process credit card, debit card and electronic check transactions from its retail locations.

Former Fed Chairman Alan Greenspan, who retired at the end of January, had urged Congress to close the legal loophole. Bernanke took the helm of the central bank Feb. 1.

On other matters, Bernanke again urged Congress to trim the budget deficit, especially in light of the need for the government to prepare for the retirement of the baby boom generation.

"I believe that reducing the federal deficit is very important," he said. "I urge the Congress to proceed on that effort in a timely manner."

Bernanke also said that although the country's massive trade deficits - which set record highs four years in a row - "cannot continue to widen forever," these deficits need not trigger a "precipitous decline" in the value of the U.S. dollar. Were such a decline in the dollar to occur, it wouldn't necessarily disrupt financial markets, production or employment, he said.

"The dollar fell sharply in the mid-1980s without triggering substantial economic dislocations," he said. "However, the possibility of a future disruptive correction of the U.S. trade deficit cannot be ruled out."

Jeff Bailey : 3/21/2006 6:34:07 PM

Dell Computer (DELL) $30.27 +1.71% .... last tick $29.86 extended.

Jeff Bailey : 3/21/2006 6:33:16 PM

Intel (INTC) $19.78 +0.81% ... last tick at $19.66 extended.

Jeff Bailey : 3/21/2006 6:32:31 PM

Advanced Micro (AMD) $34.44 +0.84% ... last tick $33.84 extended.

Jeff Bailey : 3/21/2006 6:30:22 PM

QQQQ $41.11 -1.05% ... last tick at $40.89 extended.

Jeff Bailey : 3/21/2006 6:29:50 PM

After Hours movers ... Microsoft (MSFT) $27.75 -0.53% ... Falls to $27.02 in extended after the company said it won't release consumer version of new windows operating system until January 2007.

AP Story Link

Jeff Bailey : 3/21/2006 6:27:49 PM

After Hours movers ... Bristol Myers Squibb (BMY) $22.83 -0.78% ... jumped to $24.75 extended session after the company, along with Sanofi-Aventis (SNY) $43.68 -1.66%, says it reached an agreement to settle its patent infringement lawsuit with Apotex. Suit relates to a composition of matter patent for blood thinner Plavix.

Reuters story Link

Sonafi-Aventis (SNY) last tick at $47.01

Jeff Bailey : 3/21/2006 6:21:16 PM

Current OPEN MM Profiles found at this Link

Today's Activity ... Swing trade stopped on the full position in the iShares Lehman 7-10yr (AMEX:IEF) at $82.30 ($+0.60, or +0.73%)

Day traded long a full position in the NASDAQ-100 Tracker (QQQQ) at $41.71, but was stopped out shy of target at $41.85 ($+0.14, or +0.34%)

Swing traded long 1/2 position in Cnooc Ltd. (CEO) at the offer of $80.98. Stop currently below MONTHLY S1. (liquidity very similar to PTR so trade light)

Swing traded short shares of Advanced Micro Devices (AMD) at the bid of $35.24. Stop for now just above today's highs and WEEKLY R1/Monthly S2 correlation) with target of $32.50.

Jeff Bailey : 3/21/2006 5:58:25 PM

Stock Pivot Matrix for tomorrow at this Link

In Play for MM Profiles are ... SUN (long call), PTR (long put), CEO (long 1/2 stock), AMD (short 1/2 stock)

Jeff Bailey : 3/21/2006 5:45:31 PM

NYSE NH/NL Ratio Chart at this Link ... VERY STRONG, but VERY OVERBOUGHT on the "f"ive day ratio.

Jeff Bailey : 3/21/2006 4:55:43 PM

Closing Internals found at this Link

For the NYSE 10-day NH/NL ratio, it would currently take a reading of 82.00% for a 3-box reversal higher.

For the NASDAQ 10-day NH/NL ratio, it would currently take a reading of 76.00% for a 3-box reversal higher.

Jeff Bailey : 3/21/2006 4:40:32 PM

Closing U.S. Market Watch found at this Link

Jeff Bailey : 3/21/2006 4:31:31 PM

03:12 PM EST Temperatures with April Heating Oil and Nat Gas futures settlements at this Link

April Unleaded settled up 0.51% at $1.8395.

April Crude Oil futures contract expires today and settled up 0.25% at $60.57.

May Unleaded was up 1.02% at $1.7878.

May Crude Oil was up 0.61% at $62.34.

June Unleaded was up 1.10% at $1.7878.June Crude Oil was up 0.87% at $63.61.

Jeff Bailey : 3/21/2006 4:04:43 PM

Sell Program Premium ... DIA $112.26, SPY $129.56

Jeff Bailey : 3/21/2006 3:49:40 PM

SPX 1,297.41 -0.58%

Jeff Bailey : 3/21/2006 3:48:56 PM

Iran Iranian Leader Ayatollah Ali Khamenei approves direct talks with U.S.

Jeff Bailey : 3/21/2006 3:47:54 PM

SUN $75.99 +0.82%

VLO $56.83 +0.14% ... back and forth they go.

Jeff Bailey : 3/21/2006 3:46:46 PM

PTR $99.59 +1.77%

CEO $80.62 +1.07%

Jeff Bailey : 3/21/2006 3:45:09 PM

Late buyer of the PTR Apr $90 Puts at $0.50 ... 61 contracts

Jeff Bailey : 3/21/2006 3:31:48 PM

April Crude (cl06j) Official April contract settlement at $60.57, $+0.15, or +0.25%. Will roll to May contracts for this evening's Closing U.S. Market Watch.

Jeff Bailey : 3/21/2006 3:28:26 PM

Sell Program Premium ... SPX 1,296.46, QQQQ $41.13

Jeff Bailey : 3/21/2006 3:26:23 PM

Advanced Micro (AMD) $34.68 +1.55% ... will simply make note of a "bad tick" to $38.00. Juuuuust in case.

Jeff Bailey : 3/21/2006 3:12:54 PM

03:00 Internals found at this Link

Jeff Bailey : 3/21/2006 3:03:10 PM

03:00 Market Watch found at this Link

Jeff Bailey : 3/21/2006 2:54:44 PM

SPY $129.77 -0.49% ... yesterda, SPY traded its WEEKLY Pivot to the penny. Slips below here and SELLERS want it to stay that way is my thought.

Jeff Bailey : 3/21/2006 2:53:05 PM

VIX 11.51 -2.6%

Jeff Bailey : 3/21/2006 2:52:20 PM

TRIN alert 1.06

Jeff Bailey : 3/21/2006 2:51:58 PM

Sell Program Premium ... SPX 1,298.28 , QQQQ $41.31, SOX 501.63

Jeff Bailey : 3/21/2006 2:51:19 PM

PTR vs. CEO ... On 03/08/06 08:33:32 PM EST Link I noted China's Ministry of Commerce setting its 2006 crude oil export quotas.

CEO has lagged PTR's move, but from a "fundamental" basis, I would think that CEO not as vulnerable as PTR should oil prices really drop sharply.

Jeff Bailey : 3/21/2006 2:31:42 PM

VIX 11.50 -2.45% ... Still below WEEKLY Pivot, so bulls could still find a gear.

Jeff Bailey : 3/21/2006 2:26:29 PM

TRIN 0.92 ... now. Bounced like a rubber ball from DAILY S2.

QQQQ $41.49 -0.16% ... "ran out of gas."

Jane's comments from Friday pay off again for an index trader.

Jeff Bailey : 3/21/2006 2:15:24 PM

Current OPEN MM Profiles found at this Link

Jeff Bailey : 3/21/2006 2:02:08 PM

Price out some AMD May $35 Puts (AKD-QG) at $2.30 x $2.35, but seem very "expensive." IV currently 0.4446

Jeff Bailey : 3/21/2006 1:57:53 PM

Bearish swing trade short alert for 1/2 position in Advanced Micro (AMD) $35.24 here, stop $36.10, target $32.50.

Jeff Bailey : 3/21/2006 1:38:20 PM

10-year ($TNX.X) up 6.7 bp at 4.723%

Jeff Bailey : 3/21/2006 1:37:48 PM

ishares Lehman (IEF) $82.07 -0.53% ... session low and below WEEKLY Pivot. Bulls are gone at $82.20 with modest profits.

Jeff Bailey : 3/21/2006 1:27:42 PM

Sunoco (SUN) ... updated 60-minute interval chart at this Link

Jeff Bailey : 3/21/2006 1:20:03 PM

Bullish call raise stop alert ... on the Sunoco SUN Aug $85 Call (SUN-HQ) to $74.25 on the underlying from $73.75.

SUN $76.78 +1.87% ... at this time.

Jeff Bailey : 3/21/2006 1:15:20 PM

01:00 Internals found at this Link

Jeff Bailey : 3/21/2006 1:03:22 PM

01:00 Market Watch found at this Link

Jane Fox : 3/21/2006 1:00:14 PM

These new silver and gold ETF's based on the metal itself will be very important once we enter a bear market because a falling market will affect all stocks including the silver and gold stocks even though the metals are doing just fine.

Jeff Bailey : 3/21/2006 12:57:45 PM

TRIN 0.66

VIX.X 11.22

Jeff Bailey : 3/21/2006 12:57:21 PM

Bullish day trade stop alert for the QQQQ $41.85

Jeff Bailey : 3/21/2006 12:53:10 PM

QQQQ $41.93

Jeff Bailey : 3/21/2006 12:52:53 PM

TRIN alert 0.54.

Jeff Bailey : 3/21/2006 12:52:34 PM

Day trade raise stop alert ... for the QQQQ to $41.85.

Bulls looking to inflict some pain that can follow closely, you might well look for a "trend day" and see how far shorts puts it.

Jane Fox : 3/21/2006 12:52:10 PM

The new Silver ETF will be "SLV" and we are all awaiting the new Gold Miner's ETF based on the index $GDM.x

Jeff Bailey : 3/21/2006 12:46:51 PM

QQQQ $41.95 +0.96% ... day trade bulls still firm with stop $41.79.

Jeff Bailey : 3/21/2006 12:45:46 PM

SOX 509.55 +2.28% ...

Jeff Bailey : 3/21/2006 12:45:20 PM

AMD $35.62 +4.20% ... did see trade at WEEKLY R1. Could look short/put, but need SOX to stay under WEEKLY R1.

Jeff Bailey : 3/21/2006 12:41:12 PM

ICE $73.57 +3.37% ... 52-weeker. Could go WEEKLY R2 $76.03.

Jeff Bailey : 3/21/2006 12:37:28 PM

Silver Headline ... SEC Order Allows AMEX Listing of Silver ETF

SEC saying "Silver Shares" Won't Mean 'Serious' Liquidity Problem

Jeff Bailey : 3/21/2006 12:30:29 PM

Gas pedal is near the floor and the clutch is released! "Red line" if TRIN hits DAILY S2 though.

See Friday's TRIN/VIX commentary and thought on using TRIN/VIX together. Begin 12:26:35 Link

Jeff Bailey : 3/21/2006 12:24:56 PM

TRIN 0.69 -39.47% ... DAILY Pivot Levels ... 0.54, 0.80, Piv= 1.03

Jeff Bailey : 3/21/2006 12:23:16 PM

VIX.X 11.28 -4.32% ... DAILY Pivot Levels ... 10.63, 11.22, Piv= 11.71 12.30, 12.79

Jeff Bailey : 3/21/2006 12:19:04 PM

QQQQ $41.956 +0.98% ... session high has been $42.01.

Jeff Bailey : 3/21/2006 12:18:30 PM

SOX 510.63 +2.49% ... no trade at WEEKLY R1 at this point, but I think that is "destiny."

Jeff Bailey : 3/21/2006 12:14:07 PM

Light bulb might have gone on in my head. This talk of SUN's "east coast refining" showing a slowdown. This might be the heating oil side of things. Warmer-than-usual winter, not as much demand this winter for distillate/heating oil.

Jeff Bailey : 3/21/2006 12:10:55 PM

Sunoco (SUN) $76.84 +1.95% ... heating up too. WEEKLY S1 just ahead.

Tab Gilles : 3/21/2006 12:10:49 PM

Murphy Oil (MUR)Weekly Inventory Estimates tomorrow will show build in crude and decline in distillates as refineries are off line. Link

MUR charts... Link Link

Jeff Bailey : 3/21/2006 12:09:42 PM

Valero Energy (VLO) $58.18 +2.50% ... its hot

Jeff Bailey : 3/21/2006 12:09:02 PM

CNBC reporting that energy futures traders expect 2.8 million build in crude oil inventories and 1.5 million draw for unleaded when tomorrow's EIA data is released.

Jeff Bailey : 3/21/2006 11:45:55 AM

Bullish day trade long raise stop alert ... on the QQQQ $41.96 +0.98% ... to $41.79.

DAILY Pivot Levels ... $41.26, $41.40, Piv= $41.54, $41.68, $41.82.

Tab Gilles : 3/21/2006 11:39:49 AM

Intel (INTC) Nice move on INTC this morning. Price war is coming with AMD. Link

I'd mentioned INTC back on 3/3 12:06 PM and the Jan $20 '07 Call Leap (VNLAD) Link Link Link

Jeff Bailey : 3/21/2006 11:36:42 AM

QQQQ surging ... 15-minute interval chart with updated WEEKLY/MONTHLY Pivot retracement at this Link

Jeff Bailey : 3/21/2006 11:33:40 AM

Bullish swing trade long alert ... for the QQQQ $41.71 here, sto $41.60, target $42.05

Jeff Bailey : 3/21/2006 11:27:58 AM

SOX.X 505.51 +1.47% ... confirms

Jeff Bailey : 3/21/2006 11:27:35 AM

QQQQ $41.65 +0.26% ... bold move here.

Jeff Bailey : 3/21/2006 11:17:18 AM

11:00 Internals found at this Link

Jeff Bailey : 3/21/2006 11:11:10 AM

Sell Program Premium ... SPX 1,303.02

TNX.X 4.725%

Jeff Bailey : 3/21/2006 11:03:09 AM

11:00 Market Watch found at this Link

Jeff Bailey : 3/21/2006 10:52:07 AM

PTR $100.50 +2.70% ... Updated 60-minute interval with WEEKLY/MONTHLY Pivot retracement at this Link

Jeff Bailey : 3/21/2006 10:48:12 AM

CEO ... 60-minute interval chart with WEEKLY/MONTHLY Pivot retracement at this Link

Jeff Bailey : 3/21/2006 10:40:54 AM

Cnooc (CEO) $81.38 +2.03% ... DAILY/WEEKLY/MONTHLY Pivot Matrix at this Link

Jeff Bailey : 3/21/2006 10:36:04 AM

Bullish swing trade long alert for 1/2 position in Cnooc Ltd (CEO) Link at the offer of $80.98.

Looked at options like the Sep $85 Calls (CEO-IQ) but $3.70 x $5.20 tought to trade. Would rather use a $5 stop on the underlying.

Jeff Bailey : 3/21/2006 10:31:25 AM

Buy Program Premium ... SPX 1,303.83

Jeff Bailey : 3/21/2006 10:25:47 AM

Google (GOOG) $346.85 -0.38% Link ... DJ - Google plans to release today a new online financial-news-and-data service called Google Finance, in a move that could shake up established finance sites including those of Yahoo and Microsoft.

Jeff Bailey : 3/21/2006 10:07:10 AM

S&P Banks (BIX.X) 378.34 -0.17% ...

Jeff Bailey : 3/21/2006 10:06:24 AM

10-year Yield ($TNX.X) up 3.3 bp at 4.689%.

Jeff Bailey : 3/21/2006 10:05:52 AM

Bullish swing trade stop alert for the iShares Lehman 7-10yr (AMEX:IEF) $82.30

Jeff Bailey : 3/21/2006 10:03:25 AM

10:00 Market Watch at this Link

Jeff Bailey : 3/21/2006 9:59:40 AM

Oracle (ORCL) $13.30 -3.06% ... Atop this morning's most active list.

Jeff Bailey : 3/21/2006 9:57:27 AM

QQQQ / SOX squared up at respective WEEKLY Pivots here.

Jeff Bailey : 3/21/2006 9:50:53 AM

Valero (VLO) $56.57 -0.31% ...

Jeff Bailey : 3/21/2006 9:50:11 AM

Sunoco (SUN) $74.81 -0.74% ... weak again this morning. Low/high $74.43/$75.25.

Currently looking for any rally back near $79-$80 to move to sidelines on this name. Too many fundamental shops see slowing growth near-term.

Jeff Bailey : 3/21/2006 9:46:33 AM

iShares Lehman (AMEX:IEF) $82.35 -0.19% ... session low.

Jeff Bailey : 3/21/2006 9:41:06 AM

Sell Program Premium ... SPX 1,302.64

Jeff Bailey : 3/21/2006 9:36:41 AM

Parent of PetroChina (PTR) to build China refinery, hunt for oil.

Reuters story Link

PTR $99.80 +1.91% ...

Jeff Bailey : 3/21/2006 9:30:00 AM

Yield curve flattening early this morning with the 5-year up 2.6 bp at 4.633%, the 10-year yield is up 0.6 bp at 4.662% while the 30-year is down 1.6 bp at 4.684%

Jeff Bailey : 3/21/2006 9:21:12 AM

Program Trading Levels for Tuesday ... HL Camp & Company has their computers set for program buying at $+11.32 and set for program selling at $+9.48.

Jane Fox : 3/21/2006 9:20:21 AM

Mr Bernanke said many things last night but one of the most noteworthy was his stance that matched Mr. Greenspan's that "the yield curve did not seem to be foreshadowing a slowdown."

Jane Fox : 3/21/2006 8:56:45 AM

Dateline WSJ Wholesale prices made their largest decline in nearly three years during February as gasoline prices tumbled, but costs outside the energy sector rose more than expected.

The producer price index for finished goods fell by 1.4% on a seasonally adjusted basis last month, after rising 0.3% in January, the Labor Department said Tuesday. The core producer price index, which excludes food and energy costs, increased 0.3% in February, after climbing 0.4% in January. In the 12 months ending in February, overall wholesale prices climbed 3.7% on an unadjusted basis, versus a 5.7% year-over-year climb in January.

Wall Street economists had expected the overall PPI to fall 0.2% in February and that the core PPI would rise 0.1%. The 1.4% plunge marked the largest drop since a 1.4% fall in April 2003.

To prevent runaway inflation, the Federal Reserve has raised its federal funds rate target 14 straight times since mid-2004. Even a lull in economic activity at the end of 2005 didn't deter policymakers from hiking the short-term rate in January to 4.5%. The Bank is expected to make it 15 times during its March 27-28 meeting, tightening to 4.75%, and then going up to 5.00% at its next meeting, set in May.

Although gross domestic product increased at a pace of only 1.6% in the fourth quarter, much slower than the third-quarter's 4.1%, indicators point to strong growth January through March, with many economists expecting GDP to exceed 4% in the first quarter.

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