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Jeff Bailey : 6/1/2006 1:28:04 AM

YM trade recap 5-minute interval chart with Thursday's DAILY Pivot Retracement (green) and new June MONTHLY Pivot Retracement (pink) at this Link

Jeff Bailey : 6/1/2006 1:11:57 AM

YM Pivot Matrix with updated MONTHLY Pivot Levels at this Link ... As noted last week. On 05/23/06 there was extreme selling in the YM toward the close and the CBOT marked a regular session low of 11,030 and close of 11,040 that day. I've been using 11,030 for last week's low and will use that 11,030 for the YM's regular session low for May in June's Monthly Pivot Calculation.

OI Technical Staff : 5/31/2006 9:59:59 PM

The Market Monitor has been archived. You may view it and any previous days here: Link

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 : 5/31/2006 6:34:58 PM

Be back later this evening. Going to dinner with family this evening.

Jeff Bailey : 5/31/2006 6:34:04 PM

Index Pivot Matrix for Thursday at this Link ... SPX/SPY close above WEEKLY Pivot. Brokers/Energy showing some life.

Jeff Bailey : 5/31/2006 6:22:27 PM

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

Today's Activity

Stock/Option Trades

I did not profile any trades today. Will monitor VLO tomorrow. Stock starting to firm above $60 strike, crack spread looking favorable. OILS sector bull % reversing up.Stock/Option Trade Blotter of Closed Trades (May) found at this Link

YM Futures

Day traded long the YM at 11,126 (Stop= 11,115 : Tgt= 11,185), but was eventually stopped at 11,137 (+11pts, or $55/contract). YM Trade Blotter (May) at this Link

Jeff Bailey : 5/31/2006 5:44:04 PM

Closing Internals found at this Link

For the month of May, NYSE average daily volume was the heaviest on record at 2.61 billion shares, up 11% from April's 2.24 billion share per day average.

NASDAQ average daily volume came in at 2.14 billion in May, up 3% from April's 2.08 billion share per day average.

Jeff Bailey : 5/31/2006 5:13:08 PM

Closing U.S. Market Watch found at this Link

Jeff Bailey : 5/31/2006 4:05:48 PM

YM 11,185

Jeff Bailey : 5/31/2006 4:02:49 PM

Argentina April Trade Surplus $1.27B vs. $1.16B Year Ago

DJ- Argentina's trade surplus rose in April compared with a year earlier as the rapid import growth seen during much of the past three years slowed dramatically.

The national statistics agency, INDEC, said Wednesday that the trade surplus for last month was $1.27 billion, up from $1.16 billion in April 2005.

Imports for the month came in at $2.547 billion, up 7% from the same month last year, while exports hit $3.542 billion, a gain of 8% on the year.

Import growth has nearly always outstripped that of exports for almost three years of Argentina's economic recovery from its financial crisis of 2002. In most cases, monthly gains in imports have exceeded 20% on a year-on-year basis.

Export growth for the month also was considerably slower than in prior months. The 8% year-on-year result is well below the 17% posted in both March and February and even the 14% seen in January.

On an accumulated basis, the trade surplus for the first four months of the year came in at $3.647 billion, up from $3.611 billion in the same period a year ago.

In the first four months of this year, total exports were up 13% year-on-year to $11.957 billion, while imports grew a faster 19% to $8.346 billion.

Jane Fox : 5/31/2006 4:01:16 PM

Tomorrow's economic reports include:

7:30a.m. May Challenger U.S. Job Cuts. Previous: -8.1%.

8:30a.m. Initial Jobless Claims For May 28 Wk. Consensus: -11K. Previous: -40K.

8:30a.m. First-Quarter Revised Productivity. Consensus: +4.0% Previous: +3.2%.

10a.m. April Construction Spending. Consensus: Unch. Previous: +0.9%.

10a.m. April Pending Home Sales. Previous: -1.2%.

10a.m. May ISM Business Index. Consensus: 55.5. Previous: 57.3.

Jeff Bailey : 5/31/2006 3:52:09 PM

Dollar Index (dx00y) 84.72 at the 03:00 mark

Jeff Bailey : 5/31/2006 3:50:03 PM

YM 11,173 ... senses MONTHLY S1

Jeff Bailey : 5/31/2006 3:24:34 PM

Buy Program Premium ... SPX 1,265.66 : YM 11,150

Jeff Bailey : 5/31/2006 3:13:50 PM

03:00 Internals found at this Link

Jane Fox : 5/31/2006 3:11:23 PM

SYMANTEC CFO TRIMS '07 FINANCIAL FORECAST
SEES '07 PROFIT EX ITEMS $1 TO $1.10 A SHARE
SEES '07 NET PROFIT 41 CENTS TO 52 CENTS A SHR
SEES '07 NET REVENUE $5.1B TO $5.3B
SEES '07 ADJUSTED REVENUE $5.2B TO $5.4B

Jeff Bailey : 5/31/2006 3:02:19 PM

03:00 Market Watch found at this Link

Jane Fox : 5/31/2006 2:56:27 PM

NYSE MOST ACTIVE STOCKS: EWJ MIR NRG LU GE

Jeff Bailey : 5/31/2006 2:53:10 PM

FTO $55.31 +1.28%

PTR $107.85 +1.55%

NEM $52.17 +1.49%

Jeff Bailey : 5/31/2006 2:52:02 PM

Sell Program Premium ... SPX 1,264.50 : YM 11,146

Jeff Bailey : 5/31/2006 2:47:07 PM

Best from long entry was 11,161

Jeff Bailey : 5/31/2006 2:46:38 PM

YM bullish stop alert 11,137

Jeff Bailey : 5/31/2006 2:40:11 PM

YM raise bullish stop alert to 11,137

YM 11,147

Jeff Bailey : 5/31/2006 2:33:20 PM

Buy program premium YM 11,158

Jeff Bailey : 5/31/2006 2:29:53 PM

YM Long entry alert 11,126 here, stop 11,115, target 11,185

Jeff Bailey : 5/31/2006 2:24:08 PM

TRINQ 0.69 ... this is crazy!

Jeff Bailey : 5/31/2006 2:19:14 PM

Buy Program Premium ... SPX 1,261.11 : YM 11,112

Jeff Bailey : 5/31/2006 2:16:12 PM

TRINQ alert 1.00

Jeff Bailey : 5/31/2006 2:15:57 PM

Sell Program Premium SPX 1,262.00 : YM 11,102

Jeff Bailey : 5/31/2006 2:07:42 PM

Buy Program Premium SPX 1,267.23 : YM 11,172

Jeff Bailey : 5/31/2006 2:03:11 PM

FOMC May, 10 2006 Minutes Link

Jane Fox : 5/31/2006 2:01:27 PM

HIGHER INFLATION EXPECTATIONS WOULD IMPACT POLICY

FOMC: INFLATION EXPECTATIONS HAD RISEN SOMEWHAT

FOMC: 'CONCERN' EXPRESSED ABOUT INFLATION AT MAY MEETING

FOMC: CORE INFLATION PRESSURES GREATER-THAN-EXPECTED IN MAY

FOMC: 50 BASIS POINT HIKE AND PAUSING WERE OPTIONS IN MAY

FOMC: UNSURE 'HOW MUCH, IF ANY' MORE HIKES NEEDED AFTER MAY

FOMC: UNCERTAIN ABOUT NEXT MONETARY POLICY MOVE AFTER MAY

FOMC MINUTES: INFLATION WORRY DOMINATES MAY 10 POLICY TALK

Jeff Bailey : 5/31/2006 2:01:19 PM

Sell Program Premium ... SPX 1,265.55 : YM 11,155

Jeff Bailey : 5/31/2006 2:00:48 PM

Buy Program Premium ... SPX 1,265.60 : YM 11,143

Jeff Bailey : 5/31/2006 1:25:06 PM

QQQQ $38.89 +0.64% ... session high has been $39.06. Yes... right where we shorted yesterday.

Jeff Bailey : 5/31/2006 1:24:14 PM

S&P Bank Index (BIX.X) 375.83 -0.04% ... slips red.

Today's session hasn't felt as bullish as it has "looked" to me. Just doesn't feel right.

Jeff Bailey : 5/31/2006 1:14:43 PM

01:00 Internals found at this Link

Jeff Bailey : 5/31/2006 1:02:37 PM

01:00 Market Watch found at this Link

Jeff Bailey : 5/31/2006 12:28:34 PM

COSTCO WHOLESALE 3Q NET RISES 12%

DJ- Warehouse-club retailer earns $235.6 million, or 49c a share as sales rise 11% to $13 billion. Results fall a penny shy of Wall Street estimates. Same-store sales rise 7% for the quarter.

COST $53.22 -0.63% Link

Jane Fox : 5/31/2006 12:27:56 PM

DATARAM (DRAM) SHARES SLIDE ALMOST 11% TO $5.05 FOLLOWING Q4 FINANCIAL REPORT

DRAM Q4 EARNS $83,000 VS $3.9M YEAR-AGO Q4 INCL. INCOME TAX BENEFIT OF $2.9M

DATARAM Q4 REVENUE $8.8M VS $15.1M

Jeff Bailey : 5/31/2006 12:26:15 PM

Semiconductor Index (SOX.X) 465.94 +2.02% ...

Jeff Bailey : 5/31/2006 12:24:39 PM

FED LIMITED IN PROVIDING RATE OUTLOOK

DJ- New York Federal Reserve President Geithner says the central bank is limited in providing guidance about the monetary-policy outlook, noting members 'need to convey the limits to their knowledge.'

Jeff Bailey : 5/31/2006 12:23:22 PM

ADP SURVEY SEE MAY PAYROLLS UP 122K (also see 11:36:02)

DJ- ADP-Macroeconomic Advisers survey anticipates a 122,000 increase in the Labor Department's May payroll report due at 8:30 a.m. EDT Friday, below economists' expectations for a 180,000 increase. Survey comprises private sector jobs only.

Jeff Bailey : 5/31/2006 12:18:41 PM

TIFFANY'S 1Q NET RISES 7.7%

DJ- Luxury-goods retailer posts net income of $43.1 million, or 30c a share, as revenue increases 6% to $539.2 million amid 2% domestic gain. Analysts expected earnings of 28c on revenue of $546.8 million.

TIF $33.84 +4.12% Link

Jeff Bailey : 5/31/2006 12:16:51 PM

CBOT RAISES CLEARING, OTHER FEES

DJ- Chicago Board of Trade will raise fees for clearing and certain other transactions, moves that will increase the average amount of revenue generated for each contract traded at the exchange.

BOT $98.03 +5.97% Link

Jeff Bailey : 5/31/2006 12:14:34 PM

GM DISCUSSING DELPHI'S COST STRUCTURE

DJ- General Motors Chief Executive Rick Wagoner says auto maker is discussing its top supplier's weighty cost structure as it negotiates a bailout deal with Delphi and the United Auto Workers union.

GM $27.00 +1.61% Link

Jeff Bailey : 5/31/2006 12:12:22 PM

MICROSOFT OPERATING COSTS TO KEEP RISING

DJ- CEO Ballmer tells investors the software giant will continue to increase operating expenses as it seeks to take on Google and adapt Windows and its other products to the Web. New security product will be released Thursday.

MSFT $23.13 -0.08% Link

Jeff Bailey : 5/31/2006 11:50:59 AM

Downside action in gold looks to be partially due to June-August roll.

Jeff Bailey : 5/31/2006 11:38:50 AM

U.S. Q1 Revised Productivity (survey)

DJ- Nonfarm productivity in the first quarter is expected to be revised up to show a more pronounced increase reflecting the upward revision already reported for gross domestic product.

The median estimate of 23 economists surveyed Tuesday by Dow Jones Newswires and CNBC is for a revision to a 3.9% annual rate of productivity growth from the 3.2% rate of increase in the first estimate. They expect the rate of increase in unit labor costs - equal to the change in hourly compensation less productivity - to be revised to a 1.8% annual rate of increase from 2.5% in the preliminary report.

The Labor Department is due to release the revised first quarter productivity report at 8:30 a.m. EDT (1230 GMT) on Thursday.

"First quarter nonfarm business output was revised up to 6.5% from 5.8% in the latest GDP report," noted Ian Morris, chief economist at HSBC Securities in New York. "Assuming hours worked stays at 2.5%, productivity growth could be revised higher to 3.9%. First quarter unit labor costs may be revised down to 1.8%, assuming growth in compensation per hour stays at 5.7%. The latest GDP report also revealed a sizable downward revision to fourth quarter wages and salaries to 1.6% from 4.8%. Assuming fourth quarter compensation per hour is revised lower to 1.6%, fourth quarter unit labor costs could be revised to 1.9% from 3.0%."

Jeff Bailey : 5/31/2006 11:36:02 AM

U.S. Jobless Claims (survey)

DJ - Jobless claims are expected to have undergone a moderate decline in the latest week, continuing the reversal of the higher levels in the weeks that reflected layoffs of government workers in Puerto Rico during that government's budget crisis.

The median estimate of 15 economists surveyed Tuesday by Dow Jones newswires and CNBC is for jobless claims to have fallen by 9,000 to 320,000 in the week ended May 27.

The Labor Department is due to release the jobless claims data at 8:30 a.m. EDT (1230 GMT) on Thursday.

Assuming that the forecast is correct and if there are no revisions, the four-week moving average for jobless claims would move down to 335,750 from 337,000 in the prior week.

Jeff Bailey : 5/31/2006 11:26:41 AM

QQQQ $39.00 +0.93% ... "bad tick" to $39.99.

June's "Max Pain Theory" currently $40.00 ($1 increments)

Jeff Bailey : 5/31/2006 11:23:46 AM

Italy To Cut Deficit More Than 1.6% of GDP By 2007

Jeff Bailey : 5/31/2006 11:21:56 AM

YM long setup (cancel order alert) ... from 10:33:29

YM 11,183 ... didn't get the quick re-test of DAILY Pivot.

Jeff Bailey : 5/31/2006 11:13:50 AM

11:00 Internals found at this Link

Tuesday's Internals at this Link

Jane Fox : 5/31/2006 11:03:24 AM

NASDAQ MOST ACTIVE STOCKS: MSFT SUNW SIRI CSCO INTC

Jane Fox : 5/31/2006 11:02:49 AM

NYSE MOST ACTIVE STOCKS: NRG MIR STX GE LU

Jeff Bailey : 5/31/2006 11:02:33 AM

11:00 Market Watch found at this Link

Jeff Bailey : 5/31/2006 10:57:35 AM

Current OPEN MM Profiles found at this Link

Jeff Bailey : 5/31/2006 10:50:18 AM

YM 11,187 ...

Jeff Bailey : 5/31/2006 10:33:29 AM

YM long setup alert ... go long on a trade at 11,155, stop 11,140, target 11,215.

Jeff Bailey : 5/31/2006 10:31:14 AM

Buy Program Premium ... SPX 1266.02 : YM 11,164

Jane Fox : 5/31/2006 10:28:51 AM

NEOWARE (NWRE) STARTED AT OVERWEIGHT AT LEHMAN BROS. SETS PRICE TARGET AT $27

Jeff Bailey : 5/31/2006 10:23:25 AM

U.S. Will Join Talks With Iran If Enrichment Halted

DJ- The U.S. is prepared to join other nations in holding direct talks with Iran on its nuclear program if Iran first agrees to stop disputed nuclear activities that the West fears could lead to a bomb, Secretary of State Condoleezza Rice said Wednesday.

"To underscore our commitment to a diplomatic solution and to enhance prospects for success, as soon as Iran fully and verifiable suspends its enrichment and reprocessing activities, the United States will come to the table," Rice said in remarks prepared for delivery at the State Department.

Jane Fox : 5/31/2006 10:13:33 AM

WASHINGTON (MarketWatch) -- Business activity expanded in the Chicago region for the 37th consecutive month in May, the National Association of Purchasing Managers-Chicago said Wednesday. The Chicago purchasing managers' index rose to 61.5% from 57.2% in April, much stronger than the expected decline to 56.2%. It was the highest level since October. Anything over 50% indicates growth. The prices paid index fell to 76.9% from 77.2%. The new orders index rose to 69.6% from 60.8%. The employment index rose to 52.8% vs. 47.2%.

Jane Fox : 5/31/2006 10:11:45 AM

MAY CHICAGO PMI HIGHEST SINCE OCTOBER

Jeff Bailey : 5/31/2006 10:09:30 AM

Newmont Mining (NEM) $51.89 +0.95% ... backfills this morning's gap higher.

Jeff Bailey : 5/31/2006 10:08:48 AM

StreetTracks Gold (GLD) $64.87 -0.36% ... slips back under WEEKLY Pivot ($65.15 / $651.50)

Jane Fox : 5/31/2006 10:03:49 AM

Dateline WSJ Merck & Co. (MRK) acknowledged that it misidentified a statistical method used in the study that led it to pull Vioxx from the market, an admission that may weaken its defense in the 11,500 lawsuits it faces from patients who used the painkiller.

The Whitehouse Station, N.J., drug maker said it discovered last week that the study, published in the New England Journal of Medicine, incorrectly stated that it analyzed certain data using a statistical variable known as the logarithm of time.

Merck has contended that the study shows an increased risk of heart attacks and strokes only for patients taking Vioxx for 18 months or longer, and made that contention a foundation of its legal strategy. The company said in a statement yesterday that the correction doesn't change the study's results.

But, using the method that the study's guidelines recommended, Vioxx's risks don't appear to change over time, compared with the risks to patients taking a placebo, in a statistically significant way. The changes could be due to chance.

Jeff Bailey : 5/31/2006 10:03:37 AM

10:00 Market Watch found at this Link

Jane Fox : 5/31/2006 10:01:43 AM

MAY CHICAGO PMI RISES TO 61.5% VS. 56.2% EXPECTED

MAY CHICAGO PMI PRICES PAID 76.9% VS. 77.2%

Jane Fox : 5/31/2006 9:55:18 AM

CPI CORP. (CPY) UP 7.9% AT $24.96

Jane Fox : 5/31/2006 9:45:24 AM

AD line is a bullish +1209

Jane Fox : 5/31/2006 9:25:16 AM

MERRILL LYNCH CUTS GOOGLE (GOOG) PRICE TARGET TO $490 FROM $540

MERRILL LYNCH CUTS EBAY (EBAY) PRICE TARGET TO $44

Tab Gilles : 5/31/2006 7:31:57 AM

$NDX, $NASI Near a bottom perhaps? Still looking for reveral signal....

Charts Link Link Link Link

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