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Jeff Bailey : 5/31/2006 12:31:45 AM

EIA Weekly Inventory Data will not be reported until Thursday morning at 10:30 AM EDT.

Jeff Bailey : 5/31/2006 12:29:31 AM

YM 5-minute interval chart with Wednesday's DAILY Pivot Level Retracement (green) at this Link

Jeff Bailey : 5/31/2006 12:22:41 AM

YM Pivot Matrix for Wednesday at this Link

Jeff Bailey : 5/31/2006 12:22:02 AM

Program Trading Levels for Wednesday ... HL Camp & Company has their computers set for program buying at $+2.86 and set for program selling at $+0.64.

Fair Value for the S&P 500 is $1.85.

OI Technical Staff : 5/30/2006 9:59:59 PM

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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 : 5/30/2006 9:23:51 PM

Venezuela's Chavez Says There Is Overproduction of Oil

DJ (Caracas)- Venezuelan President Hugo Chavez said world oil markets are oversupplied, but declined to say whether the Organization of Petroleum Exporting Countries should cut output at its meeting this weekend.

Speaking at an event in Ecuador Tuesday, the Venezuelan President also said that current world oil prices are "fair."

"There is overproduction," said Chavez. However, he said "I don't want to take decisions early," referring to OPEC's current production levels, which will be discussed at the group's meeting here on Thursday.

Venezuelan Oil Minister Rafael Ramirez has suggested a cut in OPEC output due to high inventory levels. Other OPEC ministers haven't shown support for a production cut at this time.

Jeff Bailey : 5/30/2006 8:43:12 PM

June Gold (gc06m) $-1.30, at $652.60. Traded as high as $664.50 during Tuesday's regular session.

Jeff Bailey : 5/30/2006 8:41:31 PM

Spot Gold 650.80 ...

Jeff Bailey : 5/30/2006 8:41:05 PM

Dollar Index (dx00y) 84.41 ... evening highs and showing some sign of life.

Jeff Bailey : 5/30/2006 8:37:07 PM

Companhia Vale do Rio Doce (RIO) $46.65 -4.07% Link ... was weak Tuesday and helped lead the steel sector lower after the Brazilian mining giant said local steelmakers in China rejected a 19% hike in iron ore prices.

The Shanghai Securities News reported that Companhia Vale do Rio Doce had temporarily halted iron ore shipments to China unless Chinese steelmakers accepted the 19% increase the company reached with other international steelmakers.

Jeff Bailey : 5/30/2006 7:23:32 PM

France's April Jobless Rate Drops to 9.3% vs. March 9.5%

Jeff Bailey : 5/30/2006 6:21:34 PM

YM recap 5-minute interval chart at this Link

Jeff Bailey : 5/30/2006 5:53:00 PM

Index Pivot Matrix for Wednesday at this Link

Dollar Index (dx00y) currently 84.32

Jeff Bailey : 5/30/2006 5:27:02 PM

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

Today's Activity

Stocks/Options/Trackers

With little sign of any bullish follow-through to last week's gains and a weaker dollar I aggressively raised our bullish stop in shares of Sohu.com (SOHU) to $25.75. That stop was hit ($+0.05, or +0.19%).

Swing trade shorted the NASDAQ-100 Tracker (QQQQ) at the bid of $39.06 (stop= $39.35 : Tgt= $38.64) and closed the trade at the offer of $38.65 ($+0.41, or +1.05%).

YM Futures

I did not profile a YM futures trade today, but would have been a good short roughly 15-minutes after QQQQ broke under its WEEKLY Pivot.

Jeff Bailey : 5/30/2006 4:35:05 PM

Closing Internals found at this Link

Jeff Bailey : 5/30/2006 4:22:39 PM

Closing U.S. Market Watch found at this Link

Jane Fox : 5/30/2006 4:19:56 PM

Economic Reports tomorrow are:

10a.m. May Chicago Purchasing Managers Index

Jeff Bailey : 5/30/2006 4:00:57 PM

Sell Program Premium ... SPY $126.20 : YM 11,110

Jeff Bailey : 5/30/2006 3:59:52 PM

Bearish swing close out alert ... for the QQQQ at the offer of $38.65.

Jeff Bailey : 5/30/2006 3:55:46 PM

Qatar's Oil Minister (comments)

DJ- The Organization of Petroleum Exporting Countries has become an audience watching rallying oil prices that are being pushed higher by political forces, Qatar's Oil Minister Abdullah al-Attiyah said Tuesday.

"I believe that the price of oil is not related at all to the demand and supply," al-Attiyah told reporters as he arrived for OPEC ministerial meeting here. "I don't believe at all there is a shortage of oil."

OPEC ministers will meet Thursday and are expected to hold their pump-at-will production policy steady, a point endorsed by the Qatari minister.

"The problem today is that OPEC has become an audience watching from a distance," al-Attiyah said. "Now the market is completely controlled by geopolitics and speculators."

"I'm very concerned about very high prices," he said. "I hope that the market will stabilize."

Benchmark oil futures shot above $72 a barrel Tuesday, as concerns about the peak summer driving season in the U.S. coupled with strong demand from China to push prices higher. Crude futures slipped below $72 towards the end of the day.

Equity markets fell hard again Tuesday, weighed down by softening consumer spending, inflation and higher oil prices, which fueled concerns about the outlook for the economy and corporate profits.

Jeff Bailey : 5/30/2006 3:30:12 PM

Bearish swing trade short lower stop alert ... For the QQQQ $38.84 -1.64% ... to $39.05.

Preliminary DAILY Pivot levels for tomorrow would have DAILY S1 overlapping WEEKLY S1.

Tuesday's tend to be a S1/R1 day, with Wednesday's then being the "pivotal" day of trade for either a reversal of loss/gain, or continuation.

Jane Fox : 5/30/2006 3:14:08 PM

ROCKVILLE, Md. (AP) -- Washington-area sniper John Allen Muhammad was convicted of six more of the killings Tuesday after a trial in which he acted as his own attorney and the prosecution's star witness was his young protege and partner in crime.

Muhammad, 45, is already under a death sentence in Virginia for a killing there. The most he can get for the six Maryland slayings is life in prison without parole.

The jury took slightly more than four hours to convict him after a four-week trial.

Jeff Bailey : 5/30/2006 3:11:48 PM

03:00 Internals found at this Link

Jeff Bailey : 5/30/2006 3:02:27 PM

03:00 Market Watch found at this Link

Jeff Bailey : 5/30/2006 2:37:17 PM

Smith & Wesson (AMEX:SWB) $7.20 +4.65% Link ... notable all-time high at the AMEX.

Cowen & Co. initiated coverage on Friday with "outperform" rating saying the 153-year-old company booked 20% sales growth so far in fiscal 2006.

Last week, the No. 1 gun maker in the U.S. received an order from the California Highway Patrol for 9,700 model 4006TSW pistols for an undisclosed amount. SWB said it expects to book revenue from the order in 2007 and 2008.

Jane Fox : 5/30/2006 2:26:58 PM

ROCKVILLE, Md. (AP) -- A Maryland jury said Tuesday it had reached a verdict in John Allen Muhammad's second sniper trial.

The announcement comes after more than four hours deliberation Tuesday and after jurors saw four weeks of evidence against him and heard Muhammad's claims that he was framed.

Jeff Bailey : 5/30/2006 2:12:58 PM

GOLDMAN'S BLANKFEIN SEEN AS SUCCESSOR

DJ- Lloyd C. Blankfein appears headed for corner office at Goldman Sachs. Henry Paulson, as Goldman's chairman and CEO for past eight years, has been grooming Blankfein, president and chief operating officer since January 2004, to be his successor.

GS $151.00 -1.26% Link

Jeff Bailey : 5/30/2006 2:04:39 PM

Current OPEN MM Profiles found at this Link

Jeff Bailey : 5/30/2006 1:37:39 PM

QQQQ $38.90 -1.49% ...

Jeff Bailey : 5/30/2006 1:37:15 PM

Microsoft (MSFT) $23.32 -1.68% ... session low.

Jeff Bailey : 5/30/2006 1:31:56 PM

iShares Brazil (NYSE:EWZ) $36.49 -6.81% Link ...

Jeff Bailey : 5/30/2006 1:30:07 PM

Brazil's Finance Minister (Real's volatility) DJ- Brazil's central bank and treasury are taking timely and correct measures to respond to momentary turbulence in local and international markets, Brazilian Finance Minister Guido Mantega said Tuesday.

Brazil's real weakened by as much as 3.8% early in the session Tuesday as investors moved cautiously ahead of the release of U.S. economic data.

At 1630 GMT, however, Brazil's central bank stepped into curb local volatility selling exchange-linked debt swaps.

Jeff Bailey : 5/30/2006 1:09:54 PM

01:00 Internals found at this Link

Jeff Bailey : 5/30/2006 1:02:02 PM

01:00 Market Watch found at this Link

Jeff Bailey : 5/30/2006 12:58:03 PM

Bank of Canada's Dodge ... Canadian Rates "extraordinarily low"

DJ- Canadian interest rates remain "extraordinarily low", Bank of Canada Governor David Dodge said Tuesday.

Even though the central bank has raised its benchmark overnight rate seven consecutive times since last September, "our rates are extraordinarily low," Dodge told a Parliamentary committee.

Dodge and the Bank's senior deputy governor, Paul Jenkins, are testifying before the House of Commons Standing Committee on Industry, Science and Technology on the challenges facing the manufacturing sector.

Jeff Bailey : 5/30/2006 12:55:02 PM

Chicago Fed Midwest Mfg Index +0.6% In April From March

Chicago Fed Midwest Index +6.3% In April Vs Year Ago

Chicago Index:Machinery Output +2.3% On Mo, +11.7% On Yr

DJ- (12:00 PM EDT) Manufacturing activity in the U.S. Midwest rose 0.6% in April from the previous month and 6.3% from a year earlier, thanks largely to strong growth in the machinery sector, according to data released Tuesday by the Federal Reserve Bank of Chicago.

The Chicago Fed Midwest Manufacturing Index for April came in at a seasonally adjusted level of 116.5, the Chicago Fed said in a news release. The Chicago Fed also said that it raised the monthly growth figure for March to 0.8% from the previously reported 0.6%.

The growth in April versus the previous month came in slightly below the 0.7% expansion registered in the manufacturing component of the Federal Reserve Board's industrial production index, the Chicago Fed noted. However, in the year-earlier comparison, the Midwest number exceeded the 5.9% increase tallied in the nationwide figure calculated by the Federal Reserve Board.

According to the latest readings from the Chicago Fed, machinery output increased 2.3% in April after rising 1.7% in March, and was up 11.7% from a year ago. That compares with nationwide growth in machinery output last month of 1.8% versus March and of 15.1% compared with April of 2005.

Production in the Midwest resources sector increased 1.2% in April from March, doubling the previous month's rate of increase and surpassing the 0.7% growth nationwide, the Chicago Fed said. Compared with a year ago, the April figure was up 4.9%, while national output in the resources sector increased 2.4%.

Midwest steel output was flat in April compared with the previous month, after rising 0.6% in March. Regional auto sector production slipped 0.5% after rising 0.7% in March.

Auto production in the Midwest, where the main U.S. automakers concentrate their production, was up 5.5% in April versus the like month last year, but that growth lagged the 6.2% expansion seen in national vehicle output.

The Midwest is defined as the five states comprising the 7th Federal Reserve District: Illinois, Indiana, Iowa, Michigan and Wisconsin.

Jeff Bailey : 5/30/2006 12:43:59 PM

NASDAQ-100 Heatmap Link

Jeff Bailey : 5/30/2006 12:42:19 PM

Microsoft (MSFT) $23.38 -1.43% ... holds WEEKLY Pivot ($23.36). Session low so far has been $23.33.

QQQQ $39.00 -1.24% ... session low still $38.87.

Jeff Bailey : 5/30/2006 12:33:22 PM

05/19/06 to 05/26/06 Sector Bell Curve at this Link

Marc Eckelberry : 5/30/2006 12:19:33 PM

INTC Exit Point Alert -
+0
Trade is stopped out at even. I still think it is a play, but I am too busy on the other side.

Jeff Bailey : 5/30/2006 12:18:07 PM

Newmont Mining (NEM) $52.12 -0.36% ...

Jeff Bailey : 5/30/2006 12:17:35 PM

Gold Bugs ($HUI.X) 329.13 -0.01% ... slips red.

Jeff Bailey : 5/30/2006 11:55:27 AM

KINDER MORGAN GETS PROPOSAL TO GO PRIVATE

DJ- Shares jump 19% after top management of Kinder Morgan propose to take oil-and-gas pipeline company private in $13.5 billion deal that would be the largest management-led buyout in history and one of the largest leveraged buyouts ever.

KMI $100.70 +19.29% Link

Jeff Bailey : 5/30/2006 11:51:44 AM

US MANUFACTURERS' PROFITS OUTPACE BROADER ECONOMY

DJ - Profits increase far faster for U.S. manufacturers than for U.S. companies as a whole, aided by a wave of consolidation that is wiping out weaker players, unrelenting cost cutting and a revival of pricing power in some sectors.

Jane Fox : 5/30/2006 11:46:05 AM

NASDAQ MOST ACTIVE STOCKS: SUNW QQQQ SIRI INTC MSFT

Jeff Bailey : 5/30/2006 11:45:38 AM

Dollar attempts to firm ... dx00y 84.23 ... session low/high has been 84.08/84.69

Jane Fox : 5/30/2006 11:45:09 AM

NYSE MOST ACTIVE STOCKS: F LU PFE WMT CA

Jeff Bailey : 5/30/2006 11:43:37 AM

CISCO INCREASINGLY LOOKS TO MILITARY SPACE PROJECTS

DJ- Company is leading a small but novel technical demonstration project intended to speed up development of military-communications satellites by relying entirely on commercial technology and practices.

CSCO $19.95 -1.77% Link

Jeff Bailey : 5/30/2006 11:41:22 AM

WAL-MART SEES TEPID RISE IN SALES

DJ- Wal-Mart estimates its sales increased 2.3% in May on a same-store basis, at the low end of its previous forecast, sparking concern that high gasoline and utility prices could sap retailers' results for the month.

WMT $48.44 -2.43% Link

Jeff Bailey : 5/30/2006 11:38:03 AM

HIGH COURT TO HEAR PHILIP MORRIS CASE

DJ- U.S. Supreme Court accepts Philip Morris appeal of a $79.5 million punitive damages award from a smoker lawsuit brought in Oregon and says it will rule on whether juries can award larger punitive damages for 'highly reprehensible' conduct.

MO $72.07 -0.55% Link

Jeff Bailey : 5/30/2006 11:35:40 AM

GM DOWN ON VALUATION, SALES CONCERNS

DJ- Auto maker's shares fall 4.5% after a report by Deutsche Bank analyst Rod Lache cites concerns about the stock's valuation and high interest rates affecting auto sales. GM names long-time veteran Clarke to head North American operations.

Jeff Bailey : 5/30/2006 11:20:26 AM

Newmont Mining (NEM) $52.30 (unch) ... sets up for test of DAILY Pivot ($52.22). WEEKLY Pivot at $51.21.

Jeff Bailey : 5/30/2006 11:18:33 AM

QQQQ $38.93 -1.41% ... 15-minute interval chart with updated WEEKLY (blue) pivot retracement as well as QCharts' daily pivot levels at this Link ... Will get new MONTHLY Pivot Levels after Wednesday's close.

Jeff Bailey : 5/30/2006 11:12:39 AM

11:00 Internals found at this Link

Note: It would currently take an end of day closing reading of 30.0% for the NASDAQ 10-day NH/NL ratio to reverse up.

Jeff Bailey : 5/30/2006 11:02:09 AM

11:00 Market Watch found at this Link

Jeff Bailey : 5/30/2006 10:35:05 AM

Swing trade short alert for the QQQQ $39.06 here, stop $39.35, target $38.64.

Jeff Bailey : 5/30/2006 10:28:47 AM

Dollar getting hit lower ... dx00y 84.29 -1.13% ... not good for the NEM short $53.27 +1.85% ...

Jane Fox : 5/30/2006 10:22:00 AM

Dateline WSJ NEW YORK -- Worries about the economy's future pulled down a key barometer of consumer sentiment in May, even as those same consumers still rated their current circumstances favorably.

The Conference Board reported Tuesday that its index of consumer confidence lost ground during the current month, at a reading of 103.2 from April's revised 109.8, which had represented a four-year high. Despite losing ground, the private research group's main index was nevertheless above 100.0, which was the consensus forecast of economists surveyed by Dow Jones Newswires.

The Conference Board said in its report that its present situation index slipped to 132.5 in May, after April's revised 136.2, while the expectations index ebbed to 83.7, from the revised 92.3 the prior month. The expectations index was at its lowest level since the 70.1 that was seen last October, as Americans worried about the economic impact of the Gulf Coast hurricanes.

Jane Fox : 5/30/2006 10:21:17 AM

BERNANKE COMMENDS JOHN SNOW FOR YEARS OF SERVICE

BERNANKE: PAULSON IS "HIGHLY RESPECTED' IN FINANCIAL WORLD

Jane Fox : 5/30/2006 10:02:31 AM

MAY CONSUMER CONFIDENCE ABOVE CONSENSUS 100.7

MAY CONSUMER CONFIDENCE FALLS TO 103.2 VS 109.8 APRIL

U.S. May consumer confidence falls to 103.2 vs 109.8 April -

Jeff Bailey : 5/30/2006 10:02:24 AM

10:00 Market Watch found at this Link

Jane Fox : 5/30/2006 9:53:58 AM

Consumer Confidence numbers are due out at 10:00 and I will report them as soon as I can.

Jeff Bailey : 5/30/2006 9:53:02 AM

YM 5-minute interval chart at this Link

Jeff Bailey : 5/30/2006 9:48:10 AM

Bullish swing trade stopped alert ... for Sohu.com (SOHU) at $25.75 ...

Jeff Bailey : 5/30/2006 9:47:07 AM

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

Jeff Bailey : 5/30/2006 9:41:14 AM

Swing trade short adjust stop alert ... for Newmont Mining (NEM) $53.23 +1.77% ... to $54.11 from $54.05.

Jeff Bailey : 5/30/2006 9:38:20 AM

Bullish swing trade raise stop alert ... for Sohu.com (SOHU) $25.92 -0.57% ... to $25.75.

Jeff Bailey : 5/30/2006 9:30:38 AM

YM Pivot Matrix found at this Link

Jeff Bailey : 5/30/2006 9:26:29 AM

President Bush Nominates Henry Paulson to be Treasury Secretary

President Bush: Paulson will be "superb addition" to cabinet.

President Bush: Snow has shown "strong leadership" at Treasury.

Jane Fox : 5/30/2006 9:11:06 AM

Dateline WSJSecurity in one of Iraq's most notorious provinces has deteriorated to the point that the U.S. military is moving in emergency reinforcements that were based in Kuwait, increasing the American deployment in Iraq after months of hints from Bush administration officials and Pentagon brass that U.S. troop levels were on their way down.

Jane Fox : 5/30/2006 9:01:08 AM

Dateline WSJ President Bush will name Henry M. Paulson, chairman and chief executive of Goldman Sachs Group Inc., to succeed Treasury Secretary John Snow, a senior White House official said Tuesday.

Mr. Bush is expected to make the announcement at 9:15 a.m. EDT.

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