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OI Technical Staff : 5/16/2006 9:59:59 PM

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Jeff Bailey : 5/16/2006 7:39:33 PM

Index Pivot Matrix for tomorrow at this Link ... TRIN drops sharply at the open and no major can kiss a WEEKLY Pivot?

Looks like a narrow range with SPX/SPY corrlations (Daily R2/Weekly Pivot) marking important resistance.

Once again, BIX.X will play an important role and may be the directional indicator with EIA data due out at 10:30 AM EDT.

SOX DAILY S1/WEEKLY S1 important support. Should it give way, could be DAILY S2 for the QQQQ.

There's that "darned" 11,300-ish Max Pain looking correlation for the INDU/DIA. Only equity based index in my Pivot Matrix to NOT have traded MONTHLY Pivot so far.

Jeff Bailey : 5/16/2006 6:56:59 PM

YM 5-minute interval chart with Wednesday's DAILY Pivot retracement at this Link

Jeff Bailey : 5/16/2006 6:43:38 PM

YM Pivot Matrix for tomorrow at this Link

I'm using regular session h/l/c

Jeff Bailey : 5/16/2006 6:12:50 PM

YM recap of today's trade at this Link (5-minute intervals) ... I would have MUCH rather had the YM trade the DAILY R1 prior to profiled short. Good exit just prior to DAILY Pivot.

Note: YM traded +/- 8 pts above/below DAILY R1/DAILY Pivot.

Jeff Bailey : 5/16/2006 5:49:47 PM

Current OPEN MM Profiles found at this Link

Today's Stock/Option Activity

Shares of Home Depot gapped lower at the open and the two (2) HD June $40 Calls (HD-FH) were close out at the bid of $0.55 ($-1.05, or -65.63%)

YM Futures Trade

Day trade shorted at 11,461 (stop:=11,480 ; target=11,422) and closed out at target of 11,422. (+39 pts, or $+195/contract)

Jeff Bailey : 5/16/2006 5:34:33 PM

Swing trade put stop adjustment alert for the Marvell Technology MRVL Jun $52.50 Puts (UVM-RX) to $55.60 in the underlying. (earnings on Thursday, 05/18)

Jeff Bailey : 5/16/2006 5:06:21 PM

Closing Internals found at this Link

Jeff Bailey : 5/16/2006 4:49:32 PM

Closing U.S. Market Watch found at this Link

Jane Fox : 5/16/2006 4:18:54 PM

RIYADH, Saudi Arabia (AP) -- King Abdullah has told Saudi editors to stop publishing pictures of women because they could lead young men astray, newspapers reported Tuesday.

The king's directive, made in a meeting with local editors, caused surprise because the monarch has been regarded a quiet reformer since he took office in the ultraconservative country in August.

In recent months, newspapers have published pictures of women _ always wearing the traditional Muslim headscarf _ to illustrate stories. The stories usually have had to do with women's issues.

Maybe they should do away with women altogether.

Jeff Bailey : 5/16/2006 4:16:54 PM

Marvell Tech (MRVL) $50.26 -3.47% ... $50.44 extended.

Jeff Bailey : 5/16/2006 4:15:53 PM

YM 11,441 ...

Jeff Bailey : 5/16/2006 4:15:37 PM

IBM $82.16 ... nothing extended. $82.16

Jeff Bailey : 5/16/2006 4:14:41 PM

HPQ looks like a Non-Gaap beat by $0.05/share.

Revenue matched.

Jeff Bailey : 5/16/2006 4:13:22 PM

Hewlett Packard (HPQ) $31.11 -1.64% ... $32.30 extended. WEEKLY Pivot Levels $30.73, $31.41, Piv= $32.68, $33.36, $34.63.

Q2 results at this Link

Jeff Bailey : 5/16/2006 4:06:22 PM

IBM $82.16 -0.88% ... $82.20 ...

Jeff Bailey : 5/16/2006 4:05:41 PM

Hewlett Packard (HPQ) $31.15 ... jumps to $32.10 extended.

Jeff Bailey : 5/16/2006 4:03:05 PM

HPQ $31.16 -1.48% ... earnings could be meaningful

IBM $82.16 -0.88% ...

Jeff Bailey : 5/16/2006 4:01:58 PM

Sell Program Premium ... YM 11,432 , DIA $114.15, SPY $129.20

Jeff Bailey : 5/16/2006 3:59:21 PM

Marvell Tech (MRVL) alert $50.20 -3.59% ... Correlative WEEKLY S2/MONTHLY S2 $50.07.

Jane Fox : 5/16/2006 3:59:18 PM

Tomorrow's Economic Report is :
8:30a.m. April Consumer Price Index. Consensus: +0.6%. Previous: +0.4%.

Jeff Bailey : 5/16/2006 3:50:07 PM

Lowes Companies (LOW) $62.51 -1.15% Link ...

Jeff Bailey : 5/16/2006 3:48:27 PM

Home Depot (HD) $38.30 -5.45% ... "don't report and you'll lose support."

That would have been an angry short on my part.

Good quarter in my opinion, but I think the MARKET is sending a message about the company's decision to no report monthly same store sales.

Jeff Bailey : 5/16/2006 3:42:40 PM

Valero (VLO) $61.79 +1.86% ....

Jeff Bailey : 5/16/2006 3:41:54 PM

Unleaded is fading a bit ... $2.03

Jeff Bailey : 5/16/2006 3:40:01 PM

From 03:32:09 post, I do see DIA 115.20 as MONTHLY R1.

If today were Thursday, I'd say "short YM" ...

Jeff Bailey : 5/16/2006 3:36:29 PM

OEX Option Montage found at this Link

Jeff Bailey : 5/16/2006 3:32:36 PM

Should grab an OEX too.

Jeff Bailey : 5/16/2006 3:32:09 PM

Seeing some "sell bias" develop from 02:26:40 benchmark in the DIA May $115 Calls ... 453 contracts have traded, DN/Up 222:49. Last $0.25.

$115 + 0.25 = 115.25.

Jeff Bailey : 5/16/2006 3:30:03 PM

VXO 12.66 ... some "action" last 30-minutes at this Link

Jeff Bailey : 5/16/2006 3:19:41 PM

03:00 Internals found at this Link

Jeff Bailey : 5/16/2006 3:17:23 PM

VXO.X (alert) 12.73 -1.08% ... jumps a bit here. Above weekly pivot.

Jeff Bailey : 5/16/2006 3:05:13 PM

Slap a WEEKLY Pivot retracement on your VXO.X (I'll show mine in a minute).

You don't have to show me yours though.

Jeff Bailey : 5/16/2006 3:04:37 PM

03:00 Market Watch found at this Link

Jeff Bailey : 5/16/2006 2:59:56 PM

VXO.X -3.34% ... QCharts' WEEKLY Pivot Levels are ... 9.95, 11.73, Pivot= 12.66, 14.44, 15.36.

Jeff Bailey : 5/16/2006 2:57:43 PM

VIX 13.12 -2.50% .... juuuuuuust under WEEKLY Pivot.

Jeff Bailey : 5/16/2006 2:57:18 PM

Before anyone goes "hog" with a YM short, we're going to review VIX.X and VXO.X. Remember that they were RISING into yesterday morning's opening trade.

That's more PUT Buying and CALL Selling compared to PUT Selling and Call Buying.

The BIG assumption with "Max Pain" theory is that it is initiated by BUYERS of puts/calls.

Jeff Bailey : 5/16/2006 2:51:00 PM

If YOU were a DIA/DJX options market maker, (and selling calls/puts to market participants was your primary job), wouldn't it be beneficial to YOU if you could push the DIA/DJX lower toward $113.00, or YM 11,320 and MONTHLY Pivot?

Jane Fox : 5/16/2006 2:45:53 PM

SNOW SEES RISING REVENUE STREAM FROM LOWER TAX RATES

LOW TAXES 'NECESSARY CONDITION' TO ACHIEVE BUDGET GOAL

Jeff Bailey : 5/16/2006 2:42:53 PM

DJX May Option Montage at this Link ... it would be this option montage that has me looking at that YM overlap down at 11,320.

Jeff Bailey : 5/16/2006 2:34:07 PM

DIA May Option Montage at this Link

Has me tiptoeing around with any YM trade right now. Not looking or any type of "homerun" trade.

Jane Fox : 5/16/2006 2:32:50 PM

Here is MY take on DELL with the daily/weekly/monthly charts. See the MACD divergence on the daily, that suggests to me this stock could get back to the 20EMA before turning south again. Could you make money on the stock long - yes. But I am a conservative type of trader and to ME this is a sell on rallies kind of stock if I ever saw one. Let me once again say it is my take on it. Link

Jane Fox : 5/16/2006 2:24:18 PM

Burger King reiterates $15-$17 IPO price

Jane Fox : 5/16/2006 2:10:29 PM

CHICAGO, IL, May 12, 2006 - The Chicago Board of Trade (CBOT.) announced that its 100-percent electronically traded Precious Metals complex set an all-time high, as volume reached 100,589 contracts at the close of trading yesterday. The previous record, 96,630 contracts, was set April 20, 2006.

The Exchange also set two significant open interest records yesterday. The CBOT Metals complex saw open interest totals rise to a record 60,323 contracts - a 59 percent increase over the total from past month's end. And total Exchange-wide open interest reached a record 16,421,016 contracts. Open interest represents the number of trading positions that have not yet been offset and closed at the end of a trading day.

The new Metals complex volume highs were largely due to the performance of the CBOT Gold Complex, which set records across all of its contracts yesterday. Full-sized (100 oz.) Gold futures volume climbed to 55,670 contracts, and mini-sized (33 oz.) Gold futures increased to 26,127 contracts. Meanwhile, the Exchange's Gold options contracts saw volume reach 5,471 contracts.

Jeff Bailey : 5/16/2006 2:07:37 PM

French Prime Minister Survives No Confidence Vote

DJ- Prime Minister Dominique de Villepin on Tuesday survived a no-confidence vote sparked by accusations of a dirty-tricks campaign that have engulfed his government.

Only 190 members of the National Assembly, France's lower house, voted in favor, short of the 289 needed to pass. The motion was brought by the opposition Socialists and backed by a small grouping of centrists traditionally aligned with the government.

Jeff Bailey : 5/16/2006 1:37:41 PM

Occidental Reverses Statement on Ecuador Oil Shutdown DJ - Occidental Petroleum Corp. (OXY) has decided to keep Ecuador's Block 15 fields running, a company spokesman said.

"The fields are continuing to operate," said Occidental spokesman Lawrence Meriage.

A few minutes earlier, the spokesman had told Dow Jones Newswires that the company was planning to shut the fields down on Tuesday night "in the interest of safety."

"I spoke incorrectly," Meriage later said.

Gross production there amounts to 100,000 barrels a day, he said.

After a two-year legal dispute, Ecuador's government on Monday canceled Occidental's operating contract, saying it didn't comply with the hydrocarbons law and its operating contract by handing over a 40% stake in Block 15 to Canadian oil company Encana Corp. (ECA).

OXY $96.94 -2.22% ...

Jeff Bailey : 5/16/2006 1:18:17 PM

01:00 Internals found at this Link

Jeff Bailey : 5/16/2006 1:08:52 PM

It sure does doesn't it Jane? 0-100 gives a trader/investor a feel for "oversold" and "overbought"

Jane Fox : 5/16/2006 1:07:42 PM

I am finding the Ad ratio is adding a whole new depth to the AD analysis. Link

Jeff Bailey : 5/16/2006 1:04:42 PM

01:00 Market Watch found at this Link

Jane Fox : 5/16/2006 1:03:04 PM

SHUFFLE MASTER INKS LICENSING DEAL WITH IMAGE FIDELITY

SHUFFLE MASTER SHARES UP 3.1% AT $39.94

Jane Fox : 5/16/2006 12:56:58 PM

Dateline Wired News Venezuela is considering selling its fleet of U.S.-made F-16 fighter jets to another country, perhaps Iran, in response to a U.S. ban on arms sales to President Hugo Chavez's government, a military official said Tuesday.

Gen. Alberto Muller, a senior adviser to Chavez, told The Associated Press he had recommended to the defense minister that Venezuela consider selling the 21 jets to another country.

Muller said he thought it was worthwhile to consider "the feasibility of a negotiation with Iran for the sale of those planes."

Even before the U.S. announced the ban on arms sales Monday, Washington had stopped selling Venezuela sensitive upgrades for the F-16s.

Jeff Bailey : 5/16/2006 12:56:25 PM

dx00y 84.44 (30-minute delayed) ... pinned juuuuust under its DAILY Pivot.

YM 11,455 trying to stage a charge.

Jeff Bailey : 5/16/2006 12:52:34 PM

YM 11,447 .... this is somewhat grueling isn't it?

Jeff Bailey : 5/16/2006 12:40:13 PM

Occidental, Petroecuador In Contract Dispute Over Stake Sale

Reuters Link

OXY $95.60 -3.58% Link

Jane Fox : 5/16/2006 12:23:03 PM

DELPHI UNIONS AUTHORIZE STRIKE

Jane Fox : 5/16/2006 12:18:03 PM

NASDAQ MOST ACTIVE STOCKS: MSFT INTC JDSU NBIX SUNW

Jeff Bailey : 5/16/2006 12:16:30 PM

MERCK CERVICAL CANCER VACCINE FACES TEST

DJ- FDA committee is scheduled to meet this week to examine Merck's application for approval to sell Gardasil, which is designed to prevent infection by a virus that causes cervical cancer.

MRK $35.12 +1.23% Link

Jeff Bailey : 5/16/2006 12:15:05 PM

CATERPILLAR TO BUY PROGRESS RAIL FOR $1B

DJ- Caterpillar agrees to acquire Progress Rail, a railroad industry supplier, for $1 billion from a private equity group affiliated with J.P. Morgan. Caterpillar will assume $200 million in debt, pay more than $400 million in cash and use stock for the balance.

CAT $77.32 -0.19% Link

Jeff Bailey : 5/16/2006 12:13:31 PM

S&P Retail Index (RLX.X) 462.53 -1.53% ...

Jeff Bailey : 5/16/2006 12:12:44 PM

Wal-Mart (WMT) $48.06 +1.30% Link ... DJ- Retailing giant posted better-than-expected 1Q earnings of $2.62 billion, or 63c a share, but fails to raise its full-year outlook, citing rising prices for gasoline and utilities. Revenue climbs 12% to $80.47 billion.

Jane Fox : 5/16/2006 11:52:39 AM

DOV PHARMACEUTICALS (DOVP) CUT TO SECTOR PERFORMER AT CIBC

DOV PHARMACEUTICALS CUT TO SELL AT MERRILL LYNCH

Jane Fox : 5/16/2006 11:49:54 AM

Neurocrine Biosciences Inc., (NBIX) down $32.12 at $22.51 The Food and Drug Administration said it needs more time to review the drugmaker's application for its new sleeping pill.

Cognos Inc., (COGN) down $3.30 at $31.29 The software maker delayed its annual report, saying an ongoing regulatory review may affect the way it allocates revenue.

NCO Group Inc., (NCOG) up $7.52 at $26.57 The provider of outsourced business services said its chairman and chief executive officer offered to buy the company for $27.50 a share, or about $1 billion.

Jeff Bailey : 5/16/2006 11:42:56 AM

YM short target alert 11,422

Jane Fox : 5/16/2006 11:26:01 AM

BOSTON SCI: TAXUS ATLAS TRIAL CONFIRMS SAFETY, EFFICACY RESULTS FROM 9-MONTH TAXUS ATLAS TRIAL

BOSTON SCI SHARES UP 4C TO $20.61

Jeff Bailey : 5/16/2006 11:21:17 AM

11:00 Internals found at this Link

Yesterday's Internals found at this Link

Jane Fox : 5/16/2006 11:14:05 AM

NYSE MOST ACTIVE STOCKS: CCL EL HD LU PFE

Jeff Bailey : 5/16/2006 11:03:55 AM

11:00 Market Watch found at this Link

Jeff Bailey : 5/16/2006 11:00:53 AM

YM short alert 11,461 here, stop 11,480 , target 11,422

Jane Fox : 5/16/2006 10:36:32 AM

FDA turns down sleep drug from Pfizer and Neurocrine

Jane Fox : 5/16/2006 10:36:03 AM

NEUROCRINE BIOSCIENCES CUT TO UNDERPERFORM AT BEAR STEARNS

Jeff Bailey : 5/16/2006 10:11:54 AM

Current OPEN MM Profiles that I've made at this Link

Jeff Bailey : 5/16/2006 10:05:02 AM

10:00 Market Watch found at this Link

Jane Fox : 5/16/2006 10:00:17 AM

Yahoo Inc.'s Web site unveiled a new look Tuesday as the Internet powerhouse strives to remain the world's most popular online destination and strengthen its advertising appeal.

The overhaul marks the first facelift to Yahoo's home page since September 2004.

The redesigned page includes more interactive features that reduce the need to click through to other pages to review the weather, check e-mail, listen to music or monitor local traffic conditions.

Another addition, called "Yahoo Pulse," offers recommendations and insights about cultural trends culled from the Web site's 402 million users worldwide.

Jeff Bailey : 5/16/2006 9:59:48 AM

Home Depot $39.03 and the HD June $40 Call (HD-FH) $0.55 x $0.60.

Close out alert at the bid.

Jane Fox : 5/16/2006 9:59:45 AM

Leucadia Natl declares 2-for-1 stock split.

Jeff Bailey : 5/16/2006 9:55:36 AM

Home Depot (HD) $39.05 -3.53% ... negative reaction looks to be coming from the company saying it will stop reporting/updating same store sales.

Jeff Bailey : 5/16/2006 9:48:51 AM

Home Depot (HD) $39.11 -3.43% ... reported net income of $1.48 billion, or $0.70 a share, which was up from $1.25 billion or $0.57 a share in the year ago period.

Consensus was for $0.67 a share on revenue of $21.63 billion.

Jeff Bailey : 5/16/2006 9:34:13 AM

Program Trading Levels ... HL Camp & Company has their computers set for program buying at $+4.96 and set for program selling at $+2.33.

Jane Fox : 5/16/2006 9:27:57 AM

Gold made a low of 679 yesterday but did not add to that low overnight. Overnight low was 683 and it is currently at 687.5.

Jane Fox : 5/16/2006 9:21:59 AM

Dateline WSJ Banks reported continued slowing in demand for consumer and mortgage loans in recent months, but the pace of slowing for mortgages appeared to ease, according to a Federal Reserve study.

The Fed's quarterly survey of senior loan officers, conducted in April, included responses from 57 domestic banks and 19 foreign banks operating in the U.S.

A net fraction of more than one-fourth of domestic banks reported weaker consumer-loan demand in the survey, released yesterday. That figure was about the same percentage as in the Fed's January survey while representing a larger pool of responding lenders.

Similarly, a net fraction of one-fourth of domestic lenders reported weaker demand for mortgages to purchase homes. But the Fed described this measure as "considerably smaller" than in the January survey, when a net fraction of 44% reported slower mortgage demand from home buyers.

Jane Fox : 5/16/2006 9:19:07 AM

U.S. April industrial production rises 0.8%

Jane Fox : 5/16/2006 9:15:45 AM

Dateline WSJ U.S. wholesale prices surged at their fastest pace since September due to higher energy prices though underlying price pressures remained under control, suggesting that higher energy prices aren't yet seeping into broader producer prices.

Meanwhile, home construction lost ground again during April, with builders showing more reserve as mortgage rates drift higher.

Producer prices for finished goods rose 0.9% last month after climbing 0.5% in March, the Labor Department said Tuesday. Excluding food and energy costs, core producer prices climbed 0.1% in April, matching March's gain.

The April results were broadly in line with expectations, with the overall number slightly above consensus forecasts and the core figure slightly below. Wall Street economists surveyed by Dow Jones Newswires and CNBC had expected overall producer prices to rise 0.8% and the core prices to rise 0.2%.

For the year, overall wholesale prices climbed 4%, and the core index was up 1.5% from year-ago levels

Jane Fox : 5/16/2006 9:05:25 AM

OAKLEY UPPED TO OUTPERFORM AT COWEN CO.

Jane Fox : 5/16/2006 8:38:03 AM

Dateline WSJ Home prices were higher in many U.S. markets in the first quarter of 2006, but tthe pace of growth is cooling.

In its latest report of home prices in 149 metropolitan areas, the National Association of Realtors said the median price of a single-family home in the U.S. was $217,900 in the first quarter, up 10.3% when compared with the same quarter a year ago. That's a smaller increase than in the fourth quarter, when the median price of a home was up about 13.6% year-over-year.

David Lereah, NAR's chief economist, said in a statement that home prices are rising less rapidly because the inventory of homes available for sale is rising. "With the supply of homes picking up very nicely in many areas of the country, pressure is coming off of home prices." Mr. Lereah also indicated that the trend is continuing into the current quarter, and that he expects price-appreciation will be "returning to normal rates of price growth in the single-digit range."

Jane Fox : 5/16/2006 8:36:33 AM

U.S. April core wholesale inflation calm, up 0.1%

Jane Fox : 5/16/2006 8:34:54 AM

U.S. CORE PPI UP 1.5% YEAR-OVER-YEAR

U.S. APRIL CORE PPI UP 0.1% VS. 0.2% EXPECTED

U.S. APRIL BUILDING PERMITS AT LOWEST LEVEL SINCE FEB. 2004

U.S. APRIL BUILDING PERMITS DOWN 5.4% TO 1.98 MLN UNITS

U.S. APRIL HOUSING STARTS BELOW CONSENSUS 1.97 MLN UNITS

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