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OI Technical Staff : 5/26/2006 9:59:59 PM

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Jeff Bailey : 5/26/2006 4:28:41 PM

Have a safe 3-day weekend everyone!

Take time to remember those who have died in our nation's service. Link

9/11 Link

Jeff Bailey : 5/26/2006 4:08:21 PM

XM Satellite Radio (XMSR) $14.31 -0.27% ... Announces it will redeem Series B Preferred Stock.

Might have to check this one. See when preffered B was issued and at what price/yield.

See if shorts came in on the stock to hedge the preferred.

If sizeable and XMSR now redeems, could bring in some short covering as their hedge no longer needed.

Jane Fox : 5/26/2006 4:05:07 PM

Before I go the economic reports for Tuesday are:

10a.m. May Conference Board Consumer Confidence. Previous: 109.6.

10a.m. May Chicago Purchasing Managers Index

Jeff Bailey : 5/26/2006 4:03:12 PM

Martha Stwart (MSO) $17.01 +0.17% ...

Jeff Bailey : 5/26/2006 4:01:00 PM

Spot Gold closed $650.80.

Jeff Bailey : 5/26/2006 3:57:41 PM

Newmont (NEM) $52.35 +0.51% ...

Jeff Bailey : 5/26/2006 3:56:59 PM

Goldcorp (GG) $30.79 -0.32% ... fading slowly.

Jeff Bailey : 5/26/2006 3:55:15 PM

GRIN ... you know I'm pulling your leg don't you?

However, MONTHLY Pivot of YM not equivalent to INDU due to loss of time from beginning of the month.

Jeff Bailey : 5/26/2006 3:53:23 PM

My premium/cash calculation off a little I think.

Jeff Bailey : 5/26/2006 3:51:22 PM

Dow Diamonds (DIA) $112.76 ... did kiss MONTHLY Pivot.

Jeff Bailey : 5/26/2006 3:48:37 PM

YM 11,300

Jeff Bailey : 5/26/2006 3:48:13 PM

YM Exit alert 11,298

Jeff Bailey : 5/26/2006 3:24:01 PM

YM Long alert 11,285 here, stop 11,275, target 11,310.

Jeff Bailey : 5/26/2006 3:21:00 PM

Peru's Nationalist Party To Renegotiate US Trade Pact

DJ - Peru's nationalist party, led by presidential candidate Ollanta Humala, will renegotiate the free trade deal with the U.S., even if Peru's Congress approves the deal before the July 28 turnover of power.

Peru's executive branch plans to submit the text of the free-trade agreement to the Peruvian Congress next week.

The legislature is expected to deal with the pact after the June 4 run-off vote for president but before its term expires July 28.

"If it is approved after June 4 and Ollanta Humala is elected, we will have to renegotiate the agreement," the head of Humala's governing policies, Felix Jimenez, said in a meeting Friday with the foreign press association.

Humala leads a political movement that wants to give the state a much larger role in the economy, especially in the extraction of natural resources such as oil and gas. It would favor domestic investors over foreign capital.

Humala is running in second place in opinion polls before the June 4 run-off vote against former President Alan Garcia.

Garcia's Apra party supports the free-trade pact but wants to ensure that producers of agricultural products are protected from imports of subsidized goods.

Peru and the U.S., alongside Colombia and Ecuador, entered into talks in May 2004 for a deal to lower trade barriers.

Late last year, Peru reached an agreement with the U.S. but it must still be approved by the legislatures of both nations.

President Alejandro Toledo's administration hopes that Peru's Congress will approve the agreement before a new government takes office in Peru on July 28.

His government has repeatedly warned that if the deal isn't approved Peru could find itself in a position where it doesn't have the benefits of a free-trade deal or from the ATPDEA, a U.S. program that has given special tariff status to Andean nation exports in return for drug control programs.

The ATPDEA expires at the end of this year.

Jeff Bailey : 5/26/2006 3:15:28 PM

US Capitol (update) ... I haven't seen any news items since last update.

Jeff Bailey : 5/26/2006 3:13:41 PM

03:00 Internals found at this Link

Jane Fox : 5/26/2006 3:04:21 PM

I see Jeff has already posted the BSX, MDT news.

Jane Fox : 5/26/2006 3:03:22 PM

BOSTON SCIENTIFIC (BSX): COURT UPHOLDS PATENT RULINGS VS MEDTRONIC (MDT)

Jeff Bailey : 5/26/2006 3:02:21 PM

03:00 Market Watch found at this Link

Jeff Bailey : 5/26/2006 2:57:58 PM

Medtronic (MDT) $50.24 -0.71% ...

Jeff Bailey : 5/26/2006 2:57:33 PM

Boston Scientific (BSX) alert $20.33 +2.21% ... Court of Appeals Rules Boston Scientific's Products DO NOT Infringe Medtronic Stent Patents

Jeff Bailey : 5/26/2006 2:52:58 PM

Bema Gold (BGO) $5.02 +2.86% ...

Jeff Bailey : 5/26/2006 2:52:33 PM

Newmont Mining (NEM) $52.45 +0.69% ... You'd think it was a Friday option expiration for the miners today.

Jeff Bailey : 5/26/2006 2:49:43 PM

Goldcorp (GG) $31.00 +0.32% ... pressure build intra-day. Apex of a wedge right here.

Jeff Bailey : 5/26/2006 2:42:40 PM

Canadian Imperial Bank Cuts Mortgage Rates ...

1 yr 6.25% dn 0.05

2 yr 6.35% dn 0.05

3 yr 6.45% dn 0.20

4 yr 6.55% dn 0.20

5 yr 6.75% dn 0.20

7 yr 7.30% dn 0.05

10 yr 7.55% dn 0.20

Jeff Bailey : 5/26/2006 2:23:21 PM

Phelps Dodge (PD) $88.27 +2.42% ...

Jeff Bailey : 5/26/2006 2:22:52 PM

Brazil's Real, Stocks Rise As Foreign Investors Return DJ

Jeff Bailey : 5/26/2006 2:15:44 PM

Google (GOOG) $381.87 -0.29% ... decent looking reverse h/s pattern on 60-minute interval chart.

Jane Fox : 5/26/2006 2:13:58 PM

Gottschalks (GOT) tops NYSE percentage decliners

Jeff Bailey : 5/26/2006 2:13:14 PM

Sohu.com (SOHU) update (alert) ... will continue to hold long. Pivot Matrix for next week suggests minimum $26.44 upside, $27.00 maximum.

Jeff Bailey : 5/26/2006 1:45:53 PM

Canada Govt. Deposits Down C$3.960B In May 24 Week; Down C$4.019B From Year Earlier ... DJ- The Canadian government's Canadian dollar deposits totaled C$7.114 billion (US$6.428 billion) at May 24, down C$3.960 billion from a week earlier, and down C$4.019 billion from a year earlier, the Bank of Canada reported in its weekly financial data.

Canadian government securities outstanding at May 24 included:

-treasury bills C$117.90 billion, up C$500 million from a week earlier, but down C$2.30 billion from a year earlier;

-other direct and guaranteed securities C$271.597 billion, up C$2.155 billion from a week earlier but down C$11.225 billion from a year earlier;

-Canada Savings Bonds C$17.339 billion, down C$24 million from a week earlier and down C$1.778 billion from a year earlier.

Government of Canada securities held by the Bank of Canada included:

-treasury bills C$15.820 billion, up C$100 million from a week earlier, and up C$2.230 billion from a year earlier;

-bonds C$30.915 billion, up C$315 million from a week earlier, and up C$315 million from a year earlier.

Jeff Bailey : 5/26/2006 1:18:52 PM

01:00 Internals found at this Link

Jeff Bailey : 5/26/2006 1:03:30 PM

01:00 Market Watch found at this Link

Jeff Bailey : 5/26/2006 12:48:06 PM

Capitol Building Reopened Again, Rayburn Still Shut (alert / update) ... CNN

Jane Fox : 5/26/2006 12:42:01 PM

$RUT AD line 968/696 1.39% - neutral

Jeff Bailey : 5/26/2006 12:39:57 PM

Colombia Central Bank Keeps Interest Rates Unchanged at 6.25%

Jeff Bailey : 5/26/2006 12:17:30 PM

Witnesses: Gunman Hiding in Rayburn Building Gym ... CNN

Jeff Bailey : 5/26/2006 12:10:40 PM

10-year YIELD ($TNX.X) down 2.4 bp at 5.05%

Dollar Index (dx00y) 85.13 (30-min delayed)

Spot Gold $651.60

Jeff Bailey : 5/26/2006 12:09:00 PM

SNOW PLANS TO LEAVE TREASURY POST NEXT MONTH

After months of criticism and speculation about his future, U.S. Treasury Secretary John Snow plans to announce his departure from the Bush administration by mid-June, reports The Wall Street Journal.

Jeff Bailey : 5/26/2006 12:04:37 PM

Witnesses Report Man With Gun In Rayburn Building

Jeff Bailey : 5/26/2006 12:03:47 PM

YM 11,278

Jeff Bailey : 5/26/2006 12:03:31 PM

US Capitol Building Again Under Lock Down (alert) ... CNN

Marc Eckelberry : 5/26/2006 11:50:48 AM

I had a feeling INTC would pick up on the Ortellini 2 H update yesterday. That selling was very strange considering he upheld forecast to turn around server chip sales. The stock should be trading above 19 in June. This is going to be a long term trade, but if you want to daytrade it, 50 dma at 19.25 will be stiff R. For others, I would sell front month covered calls as we progress at areas of call reistance and ride the underlying into year-end. That is of ourse if we don't get stopped out.

Jane Fox : 5/26/2006 11:46:41 AM

NEW YORK (AP) -- Martha Stewart, who completed a five-month prison sentence a year ago for lying about her sale of ImClone stock, has decided to fight rather than settle civil insider trading charges brought by the U.S. Securities and Exchange Commission.

In an 11-page response to the SEC complaint filed late Thursday with the U.S. District Court for the Southern District of New York, Stewart denied allegations that she used nonpublic information when she sold 3,928 shares of ImClone Systems Inc. stock in December 2001. Instead, she said she "acted in good faith."

Jane Fox : 5/26/2006 11:45:45 AM

NASDAQ MOST ACTIVE STOCKS: QQQQ JDSU SIRI INTC SUNW

Jane Fox : 5/26/2006 11:45:34 AM

NYSE MOST ACTIVE STOCKS: F EWJ MWA LU GM

Marc Eckelberry : 5/26/2006 11:26:26 AM

INTC Exit Point Alert
INTC long 17.90, raise stop to even.

Jeff Bailey : 5/26/2006 11:23:56 AM

Police Reopen Capitol Building, Rayburn Still Sealed

DJ - The Rayburn Building will remain under lock down, while the Capitol will be reopened, police said.

Police sealed off the Capitol on Friday as they investigated reports that shots were fired in the garage of a House office building. Four ambulances were summoned.

Capitol police were investigating "the sound of gunfire in the garage level of the Rayburn House Office Building," said an announcement on the internal Capitol voice alarm system.

The Senate was in session at the time, but the House was not.

More than one shot was heard by a single staff person on the G3 level of the garage of the Rayburn building. A search is underway, CNN reported.

There was no confirmation of gunfire.

Shortly after police sealed off the Capitol, four ambulances arrived at the garage entrance to the Rayburn Building and police expanded the area being sealed off.

CNN said the arrival of the ambulances seemed to be a routine response to the reported incident.

Jeff Bailey : 5/26/2006 11:22:00 AM

11:00 Internals found at this Link

Jeff Bailey : 5/26/2006 11:03:35 AM

11:00 Market Watch found at this Link

Jane Fox : 5/26/2006 10:58:32 AM

Chances of June rate hike virtually 50-50 -

Jeff Bailey : 5/26/2006 10:58:04 AM

BP Plc (BP) $70.92 -0.96% Link ... DJ- Contract Worker Burned In Thursday's Ohio Refining Incident

BP Ohio Refinery Site of $2.4M Safety Fines in April

Jeff Bailey : 5/26/2006 10:51:31 AM

YM 11,255

Jeff Bailey : 5/26/2006 10:51:06 AM

All Capitol Office Buildings Locked Down

Shots Fired At Rayburn House Office Bldg - Police

Police Seal Off US Capitol After Shots Fired

Jeff Bailey : 5/26/2006 10:49:59 AM

Shots Fired at US Capitol (alert) ... CNBC

Jeff Bailey : 5/26/2006 10:45:03 AM

VIX.X 14.92 -3.74% ... losing some of those hefty premiums.

Jeff Bailey : 5/26/2006 10:44:14 AM

US Steel (USX) $66.09 +1.64% Link

Attractive on a pullback into low $60s

Jeff Bailey : 5/26/2006 10:40:32 AM

Steel/Iron reversed back up to "bull alert" from "bear confirmed"

Jeff Bailey : 5/26/2006 10:39:10 AM

Yesterday's action did have Dorsey's Internet Bullish % (BPINET) reversing back lower to "bear confirmed" status.

Jeff Bailey : 5/26/2006 10:38:24 AM

Sohu.com (SOHU) $25.35 -1.97% ...

Jeff Bailey : 5/26/2006 10:33:42 AM

Oh I don't know about that Bob .... "Nice to see bond yields moving down today..."

Jeff Bailey : 5/26/2006 10:27:38 AM

NASDAQ NH/NL 34:20 !

Jeff Bailey : 5/26/2006 10:04:23 AM

Swing trade short alert for Newmont Mining (NEM) $52.05 here, stop $54.05, target $48.00

Jeff Bailey : 5/26/2006 10:03:26 AM

10:00 Market Watch found at this Link

Jane Fox : 5/26/2006 9:55:12 AM

MUELLER WATER PRODUCTS (MWA) IPO OPENS AT $16.50, ABOVE $16 PRICE

Jane Fox : 5/26/2006 9:49:51 AM

SENATE OKS NOMINATION OF HAYDEN AS CIA DIRECTOR: AP

Jane Fox : 5/26/2006 9:49:05 AM

UMICH FINAL MAY EXPECTATIONS 68.2 VS. 68.0

Jane Fox : 5/26/2006 9:48:47 AM

UMICH FINAL MAY CURRENT CONDITIONS 96.1 V. 96.2

Jane Fox : 5/26/2006 9:48:14 AM

UMICH FINAL MAY SENTIMENT 79.1 VS. 79.0:

Jane Fox : 5/26/2006 9:47:27 AM

I'm watching the wires for the consumer sentiment numbers but nothing yet.

Jeff Bailey : 5/26/2006 9:34:29 AM

Program Trading Levels for Friday ... HL Camp & Company has their computers set for program buying at $+3.67 and set for program selling at $+0.88.

Jane Fox : 5/26/2006 9:32:51 AM

LAS VEGAS SANDS UP 12% AT $71.50

Jane Fox : 5/26/2006 9:29:28 AM

Link Link Link Link

Jane Fox : 5/26/2006 9:25:20 AM

McMillan's Weekly Commentary - The broad market has taken its first severe hit since last October. In the process, it has become very oversold on a short-term basis. At the same time, however, severe technical and psychological damage has been done, and that might take considerably more time to repair.

$SPX has fallen through all of the major support levels that had been built up earlier this year: the April lows (1280), March lows (1270), and February lows (1255) all gave way. Finally, some support was found at the yearly low (1245). An oversold rally now appears to be underway.

"Oversold" is almost an understatement. For example, the equity- only put-call ratios are racing upward and are near the tops of their charts (Figures 2 and 3). The standard ratio, in fact, is at its highest level since October, 2002. While it might not be fair to directly compare the data from then and now (because of changes in option volume), it is certainly worth noting. But, neither ratio will be on a buy signal until it rolls over and begins to head down.

Market breadth reached extreme oversold levels as well.

Volatility ($VIX) shot higher -- to nearly 20 -- breaking several down-trending lines in the process. While $VIX got "oversold" in that it spiked so far above its moving average, it may have established an intermediate-term uptrend (and that's bearish).

In summary, these technical indicators are all oversold and that has spurred a sharp, but usually short-lived rally is likely. On a broader scale, though, the market is likely to decline further until a true intermediate-term bottom (with true buy signals) is in place. It remains to be seen if the bulls are wounded (the knee-jerk "buy the dip" crowed has certainly been chastised), which could lead to a longer-term bear market. Remember, there hasn't been a 9% correction since 2003 -- the second longest hiatus on record between 9% corrections. $SPX would have to fall to 1207 to complete such a correction. That is certainly possible, especially if the sentiment has changed to bearish.

Jane Fox : 5/26/2006 8:36:23 AM

The report also showed incomes rose 0.5 percent for a second month. The gain reflected a 0.9 percent jump in wages and salaries, the largest since July 2005. Wages increased 0.5 percent in March and February.

Jane Fox : 5/26/2006 8:35:44 AM

May 26 (Bloomberg) -- Consumer spending in the U.S. rose 0.6 percent in April, mainly reflecting an increase in prices that suggests inflation is taking a toll on Americans' buying power.

The increase followed a revised 0.5 percent gain in March that was less than previously estimated, the Commerce Department reported in Washington. After adjusting for inflation, spending increased 0.1 percent for a second month. A measure of prices tracked by the Federal Reserve accelerated over the last year.

Consumer confidence is faltering as fuel bills and interest rates rise, which may hasten a spending slowdown in coming months, economists said. The report adds to evidence that Fed policy makers are faced with the prospect of slower growth and faster inflation as they prepare to meet at the end of June.

"The consumer is going to struggle," Doug Porter, deputy chief economist at BMO Nesbitt Burns in Toronto, said before the report. "The impact of a slowing housing market, higher interest rates and still-high gasoline prices are looking likely to give the consumer a haircut."

Jane Fox : 5/26/2006 8:33:46 AM

CORE INFLATION UP 2.1% Y-O-Y, FASTEST IN A YEAR

Jane Fox : 5/26/2006 8:33:34 AM

APRIL CORE INFLATION UP 0.2% AS EXPECTED

APRIL CONSUMER SPENDING UP 0.6% AS EXPECTED

APRIL PERSONAL INCOMES UP 0.5% V. 07% EXPECTED

Inflation eats up income gains in April -

Jane Fox : 5/26/2006 8:32:05 AM

U.S. APRIL PERSONAL SAVINGS RATE -1.6%

APRIL COMPENSATION UP 0.8%

APRIL REAL DISPOSABLE INCOMES FALL 0.1%

APRIL REAL CONSUMER SPENDING UP 0.1%

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