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OI Technical Staff : 3/24/2006 10:00:00 PM

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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.

Tab Gilles : 3/24/2006 7:25:35 PM

Murphy Oil (MUR) weekly annotated chart. Link

Jeff Bailey : 3/24/2006 6:57:16 PM

I will follow up this weekend with the Current OPEN MM Profiles ... We were Swing trade stopped in the 1/2 short for Advanced Micro Devices (AMD) at $36.10, stock did trade $36.15 stop too. It may be just as well when you look at next week's WEEKLY R2.

I'll also post the various stock pivot matrix. MUR Link traders will make some ties with the PnF chart.

I've got a dinner appointment and I'm running late.

Jeff Bailey : 3/24/2006 6:44:01 PM

Closing Internals found at this Link

Tab Gilles : 3/24/2006 6:42:04 PM

Apple Computer (AAPL) testing 40 week ma's. Link

Tab Gilles : 3/24/2006 6:48:06 PM

Follow-up to 3/23 11:42 PM post---

Murphy Oil (MUR)

Strong move up! Link

Jan '07 $45 Call LEAP (OBYAI) Bid $8.20/ Ask $8.40

Jeff Bailey : 3/24/2006 6:29:16 PM

Closing U.S. Market Watch found at this Link

Jeff Bailey : 3/24/2006 6:29:09 PM

I'm thinking about dropping BIDU from the "watch list" and Stock Matrix. I'll update it for next week.

If YOU really want to keep it, let me know via e-mail.

Hey.... what are some stocks that YOU want me to follow? I can add a couple that YOU want. Let me know via e-mail.

Jeff Bailey : 3/24/2006 6:28:55 PM

Google April Options Montage at the close of today's trade on news it was being added to S&P 500 Link

Snapshot of same option montage from earlier this morning, just after the open Link

Don't worry! I won't follow the GOOG option chain like I did earlier this month in the MM. But again, some observations on Implied Volatility (GOOG didn't really move much today). However, this can serve as a log book entry for what to look for in upcoming "high flyer" added to S&P 500!

At 10:12:30 AM I mentioned the possibility of selling NAKED the $420 Call (GOP-DD) for $2.50. Stock closes UP $1.00, yet IV's decline has option falling roughly $0.50 to $2.00 at the close. Point again is to try and SELL volatility if you are comfortable in doing so, but also have a grasp of how to hedge such a trade.

Jeff Bailey : 3/24/2006 5:01:51 PM

Google (GOOG) 30-minute interval chart with updated WEEKLY Pivot retracement at this Link ... REMEMBER! FOMC on Tuesday! GOOG goes into SPX at close of trade on Friday.

Option traders! Remember and LEARN from the SELLING of the March $410 Naked call earlier this month (MM 02/28/06 11:39:56) on SPIKE in implied volatility, when GOOG was was BELOW current Monthly Pivot (at the time, we didn't have March's Pivot Levels). Even as GOOG rallied against us (above March MONTHLY Pivot) to $385, we took some heat (hedged it with a partial long above Pivot), but PAYING UP for options when IV spikes may not be as profitable as we think. SELL premium and spike in IV where you DO NOT THINK the stock can trade by your expiration. At the same time, be able, or know how to hedge it if MARKET dictates. But have an action plan in place before you need it!

IF you sold NAKED an OUT-THE-MONEY call/put for April expiration and would like to see thoughts/strategies using GOOG, start here at this MM Link and each day after. You can use the ABOVE CHART to follow along as trade unfolded.

Jeff Bailey : 3/24/2006 4:12:35 PM

Maybe I should have held a short over the weekend on GOOG, stop still above today's high? Chart coming

Jeff Bailey : 3/24/2006 4:06:13 PM

Google (GOOG) goes out at $365.80 +6.99% ... DAILY Pivot Levels for Monday ... 358.55, 362.18, Piv= 366.13 369.76, 373.71.

Jeff Bailey : 3/24/2006 3:56:32 PM

AMD $36.10 ... high has been $36.16 and would have triggered stop.

Jeff Bailey : 3/24/2006 3:55:25 PM

I don't want to STRESS the bad ticks as bull/bear targets, but given the DELL interview (he wouldn't comment, nor should we expect him to), Mr. Dell certainly seems open to an AMD relationship.

Jeff Bailey : 3/24/2006 3:53:31 PM

See those "bad ticks" on INTC to $19.30.

Jeff Bailey : 3/24/2006 3:52:45 PM

INTC $19.60 -0.50% ...

Jeff Bailey : 3/24/2006 3:51:42 PM

I don't like it. I simply don't like it.

Jeff Bailey : 3/24/2006 3:51:17 PM

Swing trade short close out alert $36.10 on AMD.

Jeff Bailey : 3/24/2006 3:49:48 PM

AMD just seeing this Fortune article on Dell/Alienware/AMD Link

Jeff Bailey : 3/24/2006 3:48:22 PM

AMD $36.01 +3.62% ... high has been $36.05

Jeff Bailey : 3/24/2006 3:47:08 PM

I don't see a correlation among WEEKLY/MONTHLY Levels. Retracement might hold the key to some type of meaningful support/resistance range. We know where the monthly's are.

Jeff Bailey : 3/24/2006 3:44:59 PM

GOOG 365.31 ... using a "round number" close of 365.00 ... WEEKLY Pivot levels for next week ... $324.94, $344.97, Piv= $357.53, $377.56, $390.12.

Jeff Bailey : 3/24/2006 3:35:53 PM

Murphy Oil (MUR) $49.14 +1.59% ... similar to CEO yesterday, session high today WEEKLY R2.

Jeff Bailey : 3/24/2006 3:33:03 PM

Stopped at $366.54 in personal account on GOOG. 14.02 million shares so far today.

Jeff Bailey : 3/24/2006 3:29:29 PM

03:00 Market Watch found at this Link

Jeff Bailey : 3/24/2006 3:22:30 PM

PTR $104.19 +0.68% ... that $10.25 tick. Doesn't make sense. $102.50?

Jeff Bailey : 3/24/2006 3:21:09 PM

CEO pressed against $81.00

Jeff Bailey : 3/24/2006 3:20:27 PM

"Bad Tick" in PTR to $10.25.

Jeff Bailey : 3/24/2006 3:12:29 PM

GOOG $365.90 ... now switching to my Ameritrad's feature of using a $1.00 tick-by-tick trailing stop.

Jeff Bailey : 3/24/2006 3:10:11 PM

I'm NOT holding a GOOG SHORT overnight.

Jeff Bailey : 3/24/2006 3:06:35 PM

It is like "the calm before a storm."

Jeff Bailey : 3/24/2006 3:05:28 PM

I feel great pressure building.

Jeff Bailey : 3/24/2006 3:05:09 PM

QQQQ there's NO volume! but look at some of the heavyweight STOCKS that comprise it.

Check those option chains here too.

Jeff Bailey : 3/24/2006 3:03:33 PM

03:00 Market Watch found at this Link

Jeff Bailey : 3/24/2006 2:59:58 PM

GOOG $366.61 ....

Jeff Bailey : 3/24/2006 2:59:17 PM

AMD $35.80 .... traded $35.98.

Jeff Bailey : 3/24/2006 2:57:58 PM


Jeff Bailey : 3/24/2006 2:55:21 PM

If your an e-min or SPX trader, check that chain.

Jeff Bailey : 3/24/2006 2:54:47 PM

Somethings might be UP.

Jeff Bailey : 3/24/2006 2:54:32 PM

AMD $35.90 +3.30% alert ...

Jeff Bailey : 3/24/2006 2:54:02 PM

Here's what I'm doing with my day trade GOOG, and why I'm doing it.

9 minutes until 03:00, "the most important hour of the day."

Placing a stop at activation price of 367.30, with limit to $368.00.

Stock shouldn't ahve come back above $366.30 intra-day. Only chance for a quick decline is some type of funky trade after the 03:00 mark.

be al_rt ... be veeeeery alert. Index trader's too!

Jeff Bailey : 3/24/2006 2:45:36 PM

Day trade short stop alert ... for Google (GOOG) $367.00

Jeff Bailey : 3/24/2006 2:43:38 PM

SPX ... ASSUMING a close at 1,302.50 ... WEEKLY Pivot Levels for next week 1288.01, 1295.25, Piv= 1303.07, 1310.31, 1318.13

Jeff Bailey : 3/24/2006 2:38:51 PM

Now running some number on the SPX ... hold on.

Jeff Bailey : 3/24/2006 2:38:18 PM

AMD .... running some quick numbers for next week.

ASSUMING some type of $35.50 close today and using a weekly high/low of $36.13/$33.52, WEEKLY Pivot Levels would be ... $32.44, $33.97, Piv= $35.05, $36.58, $37.66.

Remember that "bad tick" to $38.00?

QCharts has corrected it to a point, but still shows the red bar to $37.75.

Jeff Bailey : 3/24/2006 2:28:22 PM

AMD $35.48 +2.10% ... after test of DAILY Pivot ($35.22).

Looking at calendar of earnings for next week. On Thursday, TXN (chip stock, but more phone related) will report their earnings. Zacks consensus is $0.12.

Jeff Bailey : 3/24/2006 2:23:30 PM

Here's the Link to SPX components.

Jeff Bailey : 3/24/2006 2:23:03 PM

Intel (INTC) $19.58 -0.60% ... it is an SPX component.

Jeff Bailey : 3/24/2006 2:22:07 PM

Palm (PALM) ... is NOT an SPX component. I thought it was.

Jeff Bailey : 3/24/2006 2:18:54 PM

Palm (PALM) $20.31 +0.83% ... was "hot" this morning at $21.45.

Sits right on DAILY Pivot.

If it is true that there is some artificial selling of tech on today's GOOG news, this one might be a decent swing trade long.

Jeff Bailey : 3/24/2006 2:16:41 PM


DJ- Net income soars to $29.9 million, or 28c a share, as revenue climbs to $388.5 million on strong demand for its handheld devices. Palm also gives 4Q guidance ahead of analysts' expectations.

Jeff Bailey : 3/24/2006 2:15:14 PM


DJ- Shares slump 12% as FDA panel rejects proposed drug to treat children and adolescents with attention deficit hyperactivity disorder on concerns Sparlon might be linked to potentially fatal skin condition.

Jeff Bailey : 3/24/2006 2:13:57 PM


DJ- Merck stands to make a net profit of at least $162.6 million from the equity stake acquired through its failed attempt to take over rival German drug maker Schering, which has embraced a higher $19.7 billion offer from Bayer.

Jeff Bailey : 3/24/2006 2:13:11 PM


DJ- Lucent shares rise 7% and France's Alcatel gains 1% as the telecommunication-equipment makers say they are discussing a merger of equals. The companies have a combined market value of $33 billion. Lucent's Pat Russo would be CEO of the combined company, reports The Wall Street Journal. The firms discussed a possible merger in 2001.

Jeff Bailey : 3/24/2006 2:09:55 PM

SPX ... 1,300.41 here. ... DAILY Pivot Levels ... 1,294.75, 1,298.33, Piv= 1,301.68, 1,305.26, 1,308.61

Jeff Bailey : 3/24/2006 2:09:43 PM

GOOG $366.00 ... any thoughts on today's close? Mid-point of today's rang (so far $362.51-$370.09) is $366.30.

Jeff Bailey : 3/24/2006 2:09:26 PM

I still chuckle at myself about the OI seminar several years ago. I presented right after Steve and I kept refering to some of his great observations and charts as "Chinese Candlesticks."

Attendees were grinning while I kept rambling, I couldn't figure out why. Then one fellow in the front row couldn't hold it back and burst out laughing.

I thought my fly was undone or something.

The attendee then told me "they are Japanese Candlesticks!

I think my face turned a BRIGHT red.

Steve was in the back, arms crossed, and big smirk on his face.

Jeff Bailey : 3/24/2006 2:09:10 PM

I received an e-mail from fellow trader "Guitar George." He mentioned to me that Steve Nison (Japanese Candlesticker) was expecting BIG MOVE HIGHER.

Jane's been noting the "consfusing" VIX and makes some notes again today.

Jeff Bailey : 3/24/2006 1:55:32 PM

SPX Option Chain ... sorted by most active at this Link ... Taking some notes here ... 1,385 excessive bullishness. 1,275 excessive bearishness.

Split the two and I get 1,330 as some type of pressure point.

Jeff Bailey : 3/24/2006 1:42:41 PM

Dollar Index (dx00y) 90.04 -0.46% ...

Jeff Bailey : 3/24/2006 1:42:07 PM

IMF ... DJ - IMF's Rato Praises Increasing Flexibility of Chinese Yuan.

Jeff Bailey : 3/24/2006 1:39:08 PM

GOOG $365.00 ... volume has "dried up" hasn't it.

Hmmmmm .... major indices now calm.... baaaack to relatively unchanged levels ....

Be alert.... be veeeeeery alert in here.

Jeff Bailey : 3/24/2006 1:37:13 PM

I see ... thanks for the VIX readings.

Jeff Bailey : 3/24/2006 1:33:47 PM

Bearish day trade lower stop alert ... on Google (GOOG) $364.55 +6.62% ... to $367.

At this point of the day, it either trades my bearish target today, or it doesn't. No sense leaving a stop up at $370.10 in my opinion.

Jeff Bailey : 3/24/2006 1:33:46 PM

Bearish day trade lower stop alert ... on Google (GOOG) $364.55 +6.62% ... to $367.

At this point of the day, it either trades my bearish target today, or it doesn't. No sense leaving a stop up at $370.10 in my opinion.

Jane Fox : 3/24/2006 1:32:15 PM

Egads the AD line has fallen back to only +40.

Jane Fox : 3/24/2006 1:31:40 PM

Jeff I don't follow the SPX options. Now if Linda were here she could give us a read on the OEX options.

Jeff Bailey : 3/24/2006 1:29:57 PM

Jane ... any read on SPX most active options?

Jeff Bailey : 3/24/2006 1:28:30 PM

24 new highs on the SPX vs. 1 new low

Jane Fox : 3/24/2006 1:28:12 PM

Figure 2 and 3. Link The VIX Link Link

Jeff Bailey : 3/24/2006 1:26:23 PM

01:00 Internals found at this Link

Jane Fox : 3/24/2006 1:25:22 PM

Meanwhile, the equity-only put-call ratios have canceled their recent buy signals (Figures 2 and 3). Today (Thursday, March 23rd), they both made new highs, which means that what had appeared to be buy signals (i.e., tops on the charts) last week now been exceeded. So, the whole buy signal will have to be reset again. Meanwhile, that returns them to sell signals.

Breadth just bounces back and forth with the institutional order flow. If the market's down, breadth is terrible. If the market's up, breadth it is tremendous. No rhyme or reason, other than that. The only day where that didn't seem to be true was today (Thursday), as the market was down nearly all day, but breadth was relatively flat. In any case, breadth just isn't a decent indicator right now, so don't worry that much about it.

Finally, volatility indices ($VIX and $VXO) remain quite bullish. Even on days when the market has declined, they have declined as well. That's very unusual -- especially on Tuesday, when the market took a pretty good hit during a major intraday reversal. Hence, no one is panicking -- especially smart money. So, this may mean that there's just going to be more of this mindless back and forth action, without much of a trend.

In summary, these indicators are mixed, but so is the market. As long as $SPX holds above 1295, the bulls are still in charge. But any slippage back below 1290 brings several recent negative precedents to bear, and things could get ugly quickly.

Jane Fox : 3/24/2006 1:23:50 PM

Figure 1 Link

Jane Fox : 3/24/2006 1:21:26 PM

Here is McMillan's weekly commentary. My comment to his first sentence is "No Kidding"! The first thing to note about this market is that is has absolutely no follow-through at all, which is a perfect follow-through to the feature article in last week's Option Strategist Newsletter, where the feature article described ways to play this trendless phenomenon. So far the market has flip-flopped nearly every day this week. A cynic might say that with action like that, you don't even need technical indicators. Just watch the opening and go that way with the market all day. It rarely reverses intraday anymore. This is partly due to the uniformity of institutional order flow these days. It's as if these guys are reading from the same playbook. Whatever piece of news they want to attach themselves to in the morning, they enter a flood of orders that way for the day. But that's it; there is no further similar order flow for the next day. In fact, on the next day, they might completely reverse themselves if they suddenly get the urge.

In any case, let's review the technical indicators, just in case this market ever regains a semblance of momentum. The $SPX and $DJX charts are still bullish. After $SPX broke out over 1295, it has retested that area, but not violated it horizontal red line on the chart in Figure 1). That is positive. $DJX is even stronger, but QQQQ is much weaker. When QQQQ is the weakest, that is bad for the general health of the market.

There is another thing that is marked on Figure 1, however, and it is much more negative: in both of the last two March's, the market has had a false upside breakout, followed by a rather nasty decline in April. Last year, the size of the false breakout was about 20 $SPX points, If a similar setup begins to take place this year, it should be heeded. That is, if $SPX drops back below 1290, say, the entire picture turns much more bearish. Not only would that be another in a long series of false breakouts this year -- both upside and downside -- but it would augur for at least a retest of the lower end of this year's trading range. More later

Jeff Bailey : 3/24/2006 1:14:01 PM

I tried to figure out how many shares will be added for S&P weighting and couldn't come close to even getting started. New S&P systems so difficult and probably the reason they removed their individual stock weightings a few months ago.

Jeff Bailey : 3/24/2006 1:12:00 PM

GOOG ... CNBC saying there may not be "as much" stock that needed to be bought as some thought. Uncertainty as to how many shares on the float, then what S&P weighting with "free float" rules actually is.

This probably explains the previous mentioned little drop.

Jeff Bailey : 3/24/2006 1:09:37 PM

GOOG $365

Jeff Bailey : 3/24/2006 1:08:58 PM

GOOG ... hit Red #3 (session low $362.51)

Jeff Bailey : 3/24/2006 1:07:33 PM

01:00 Market Watch found at this Link

Energy futures reversed gains.

Jeff Bailey : 3/24/2006 12:59:43 PM

Google (GOOG) $364.82 ... Did CNBC just say stock will be #9 or #19 weighted stock in SPX? Big either way.

ES traders will like that!

Jeff Bailey : 3/24/2006 12:51:16 PM

Goog $363.79 ... I wonder what makes this $364 level so important? A bigger retracement? Something with Option OI?

Jeff Bailey : 3/24/2006 12:44:31 PM

Guess what a day trade bull is doing ... maybe making SLIGHT adjustment to their stop, assessing downside to WEEKLY R2, but still like the FACT that GOOG was able to hold above MONTHLY Pivot for 15 minutes or so. BULLS are still in the game too.

Jeff Bailey : 3/24/2006 12:42:30 PM

GOOG day trade BEARS ... DEMAND a 5-minute interval close below RED #2.

Jeff Bailey : 3/24/2006 12:41:19 PM

GOOG 364 .... quick decline to Red #2 from $367.50.

Jeff Bailey : 3/24/2006 12:27:46 PM

VLO $58.87 +0.13% ...

MUR $48.96 +1.21%

BIDU $51.01 +0.81%

Jeff Bailey : 3/24/2006 12:26:52 PM

GOOG $367.09 +7.37% ...

Jeff Bailey : 3/24/2006 12:26:29 PM

AMD $35.40 +1.89% ...

Jeff Bailey : 3/24/2006 12:25:55 PM

PTR $104.10 +0.60% ... PTR-PR $0.10 x $0.30

Jeff Bailey : 3/24/2006 12:22:57 PM

SUN $77.81 +0.25% ...

Jeff Bailey : 3/24/2006 12:22:40 PM

CEO $81.50 -1.09% ...

Jeff Bailey : 3/24/2006 12:20:44 PM

VIX and VXN divergences, while minimal MAY NOT BE all Google related.

If market participants anticipate any word of Fed taking a "neutral stance" then the beta trade might well be the play.

Keene noted yesterday's dollar/oil divergence. I think the dollar volatility is FOREIGN capital in/out action into the Fed.

Jeff Bailey : 3/24/2006 12:17:57 PM

10-year Yield ($TNX.X) down a sharp 7.4 bp at 4.665%.

Jeff Bailey : 3/24/2006 12:15:03 PM

Trader's Reminder alert ... FOMC Meeting on Tuesday. Expect volatility.

Jeff Bailey : 3/24/2006 12:12:05 PM

Google (GOOG) Updated day trader's chart at this Link

Jeff Bailey : 3/24/2006 11:51:52 AM

I have to shut down for about 5-minutes, delete some QCharts cache files.

Jeff Bailey : 3/24/2006 11:47:23 AM

Current OPEN MM Profiles at this Link

Jeff Bailey : 3/24/2006 11:37:33 AM

Bearish day trade short lower stop alert ... on GOOG to $370.10. Session high has been $370.08.

Jeff Bailey : 3/24/2006 11:34:36 AM

Bearish day trade raise target alert ... from $361 to $362.

Jeff Bailey : 3/24/2006 11:33:32 AM

GOOG $368 ... day traders can now slap on their "dynamic" ... 50% is at $366.50, 61.8% at $365.70. Day trade BEAR wants it below $365.70 to think WEEKLY R2 potential.

Ability to stay above MONTHLY Pivot for 15-minutes hints to me that computers will be doing some buying at WEEKLY R2.

Jeff Bailey : 3/24/2006 11:29:16 AM

11:00 Internals found at this Link

Jeff Bailey : 3/24/2006 11:09:14 AM

11:00 Market Watch found at this Link

Jeff Bailey : 3/24/2006 11:05:36 AM

Volume building last 10-minutes too. Need a long liquidator. Nobody seems all that eager.

Jeff Bailey : 3/24/2006 11:04:29 AM

Not bearish to see GOOG hold above MONTHLY Pivot this long.

Jeff Bailey : 3/24/2006 11:02:43 AM

A lot stacked on Level II at $370, but $370.50 would be it.

Jeff Bailey : 3/24/2006 11:02:14 AM

Bearish day trade stop adjust alert ... GOOG to $370.50

Jeff Bailey : 3/24/2006 10:47:17 AM

Easy does it big fellow ... GOOG $368

Jeff Bailey : 3/24/2006 10:37:21 AM

The little GREEN and RED retracement brackets are my "5-MRT" (5-minute retracement).

Jeff Bailey : 3/24/2006 10:36:29 AM

GOOG day trader's chart at this Link

Jeff Bailey : 3/24/2006 10:35:00 AM

I've got enough to keep me busy at this point though.

Jeff Bailey : 3/24/2006 10:34:38 AM

ICE $68.12 +1.645 ... looks long.

Jeff Bailey : 3/24/2006 10:30:13 AM

Had $PREM.X as high as 11.56.

Jeff Bailey : 3/24/2006 10:29:41 AM

This one is a "dinger"

Jeff Bailey : 3/24/2006 10:28:55 AM

Buy Program Premium ... SPX 1,304.96

Jeff Bailey : 3/24/2006 10:21:05 AM

Disclosure : I currently hold a short position in GOOG

Jeff Bailey : 3/24/2006 10:20:42 AM

Day trade short alert .... for Google (GOOG) $366.43 (limit 366) stop $370, target $361.

Jeff Bailey : 3/24/2006 10:12:30 AM

If I were going to be here for April Expiration, I would be profiling the NAKED SALE of the GOOG Apr $420 Call (GOP-DD) for $2.50 at the bid.

GOOG $367.00 +7.34% ...

Jeff Bailey : 3/24/2006 10:04:17 AM

What I like about CEO (from the fundamental side) is its reserve growth and ability (according to the company) to INCREASE PRODUCTION OUTPUT!

What I don't like about CEO is it isn't a U.S.-based company.

Jeff Bailey : 3/24/2006 10:01:27 AM

Cnooc (CEO) $81.40 -1.21% ... Reuters Story Link

Jeff Bailey : 3/24/2006 9:57:05 AM

Cnooc (CEO) $81.41 -1.20% ... Net Profit Up 57% in 2005 on High Oil Prices

AP Story Link

Jeff Bailey : 3/24/2006 9:45:58 AM

Google April Option Montage found at this Link

Jeff Bailey : 3/24/2006 9:36:12 AM

Google (GOOG) $367.68 +7.54% ...

Jeff Bailey : 3/24/2006 9:16:26 AM

Program Trading Levels ... HL Camp & Company has their computers set for program buying at $+10.52 and set for program selling at $+8.32.

Jane Fox : 3/24/2006 9:04:06 AM

I am assuming this is old news to most of you but I will report it anyway. Dataline WSJ Google, already up 8.7% in pre-market trading on Inet, is expected to rally fruther after being made a member of the S&P 500 index. The search engine giant, already one of the most closely followed Internet stocks, will be added to the index as of the close of trading on March 31. Google also got a broker upgrade, from Stifel Nicolaus, although the broker admitted it was "a day late and a dollar short" with the move.

Jane Fox : 3/24/2006 8:57:51 AM

Dateline WSJDemand climbed for expensive goods in February, increasing at a rate higher than expected as bookings surged for civilian aircraft and defense capital equipment made the largest advance in four years.

The Commerce Department said Friday that durable-goods orders rose 2.6% last month to a seasonally adjusted $215.77 billion. Durables fell by 8.9% in January, revised from a previously estimated 9.9% decline. A key barometer of business spending -- orders for non-defense capital goods excluding aircraft -- fell by 2.3%, after rising 0.3% in January.

Transportation orders climbed by 13.4% last month after decreasing 29.2% in January. Orders for commercial planes rose 52.5% and military aircraft decreased 16.7%. Motor vehicles and parts fell by 3.3% last month. Excluding transportation, orders for other goods decreased 1.3%, after a 1.6% increase in January.

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