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Jeff Bailey : 9/14/2006 1:42:07 AM

Dorsey/Wright's WALLstreet Bullish % is comprised of 41 different stocks.

Here is the current distribution curve at this Link

The bear has challenged me. My weapon is loaded and I'm ready to fight at XBD 210.

Jeff Bailey : 9/14/2006 1:22:08 AM

XBD.X PnF chart at this Link

Jeff Bailey : 9/14/2006 12:33:54 AM

WALLstreet Bullish % (BPWALL) at this Link

Jeff Bailey : 9/14/2006 12:28:11 AM

Swing trade bullish call option alert ... Place an order to buy one (1) of the Broker/Dealer Index XBD.X Jan07 220 Calls (XBF-AD) at the offer should the XBD trade 210.

XBD.X closed 221.03 ... XBF-AD bid/ask $13.20 x $15.20

Jeff Bailey : 9/14/2006 12:14:04 AM

I'm telling you ... there will be those that try and sell this thing allll the way up.

Jeff Bailey : 9/14/2006 12:13:20 AM

That's a challenge ... I'll take the XBD.X long at 210, then I'll take some more at 225. And when a bear can't stand it no more, I'll "sell to you" at .... 252.

Jeff Bailey : 9/13/2006 11:20:01 PM

Big Picture ... for those not overly familliar with what I believe the bullish % are telling us/me, but understand the game of American football.

Then click this Link

Keene Little : 9/13/2006 11:02:07 PM

I've been keeping a close eye on the broker index since it's been doing a very good job signaling where the broader market is heading. With the bullish week one would think we have good things ahead of us. I see exactly the opposite. This week's rally looks like a perfect finish to the correction from the June low. The wave count now looks complete right at the point where price has pressed to the top of its triangle pattern and at a 62% retracement of the April-June decline (222 and today's high was 222). This looks ready to resume its decline. Link

Jeff Bailey : 9/13/2006 10:58:56 PM

Bear Correction Alert! ... Dorsey/Wright's very narrow Dow Jones Industrial Average Bullish % (BPDJIA) sees a net gain of 3.33% (1 of 30 stocks) to a point and figure buy signal. It would currently take a 64% reading to achieve "bull confirmed" status.

StockCharts.com's $BPINDU Link

Jeff Bailey : 9/13/2006 10:54:22 PM

It's crazy! I go on vacation this past spring and things reverse! I go on vacation late summer and things reverse!

I have "holes" in my NYSE/NASDAQ volumes, a/d lines and NH/NL, which are the "faster moving" internal indicators.

Jeff Bailey : 9/13/2006 10:50:34 PM

Bear Correction Alert! ... Dorsey/Wright's very broad OTC Bullish % (BPOTC) sees a net gain of 0.46% (roughly 14 stocks out of 3,000) reversing higher point and figure buy signals to 42.35.

StockCharts.com's NASDAQ Comp Bullish % ($BPCOMPQ) also reversing higher Link

Not as many dividend paying stocks here, and tends to track equally with Dorsey's. StockCharts.com "adjusts" historical supply/demand (price achievements) for stocks that reward shareholders with dividends.

Keene Little : 9/13/2006 10:45:22 PM

Thursday's pivot tables: Link and Link

Jeff Bailey : 9/13/2006 10:41:20 PM

Bull Confirmed Alert! ... Dorsey/Wright's S&P 500 Bullish % (BPSPX) finds a net gain of 1.21% (6 stocks) to reversing higher point and figure buy signals. Current measure now 56.74%.

SPX = 1,318.07

SPY= $132.22

Jeff Bailey : 9/13/2006 10:38:47 PM

Dorsey/Wright's S&P 100 Bullish % (BPOEX) finds a net gain of 3 stocks to reversing higher point and figure buy signals. Still "bear correction" status. 58% needed for "bull confirmed."

Jeff Bailey : 9/13/2006 10:29:26 PM

Today's Quote of the day ...

Justin Mamis- Institutions tend to dump stock in a single transaction and buy, if possible, in smaller lots, gradually accumulation a position. Therefor, many more big blocks are traded on the downticks than on upticks.

Jeff Bailey : 9/13/2006 10:25:17 PM

Shoot! They archived us. Tell you what. This is a bit of a repeat, where over the years, when the Bullish % begin to make a notable "unison reverse" and begin signaling a change, I feel it so important that traders and investors begin an adjustment process.

I've learned that I can't instill the institutional montra on everyone. Those that bought weakness during a decline, will undoubtedly sell strength during and advance. That's not to say a TRADER can't make money with that type of "style," but it takes a lot of work.

Ask any surfer that likes to swim against the riptide why they do it. Most will tell you that while it is tough, they enjoy the challenge and the exercise. Some do it out of pure stubborness. A chance to be "different." Show the ocean they can beat it.

While institutions are often criticized for "controlling the markets," and showing "group think," it is usually the trader/investor that thinks this, that tries to fight it.

OI Technical Staff : 9/13/2006 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 : 9/13/2006 9:59:20 PM

I really like the "am I diversified" portions of the "Mad Money" program. Callers call in and give Mr. Cramer their portfolio.

Tab Gilles has been building an extensive selection of "buy side" securities the past couple of months. Very telling (hopefuly more later)

Mr. Cramer notes the SECTOR the STOCK is in. (where I'm going in posts below ... MARKET, SECTOR, STOCK)

So important. Institutions really practice/implement it.

Jeff Bailey : 9/13/2006 10:02:37 PM

Educational if not PROFITABLE for the future! ...

Review: What drives a MARKET? Yes! Supply vs. Demand. It can not be disputed that in a free-market economy, if there is more demand than supply, prices will rise. In a free-market economy, it can not be disputed that if there is more supply than demand, prices will fall.

If it is true that the QQQQ is a market cap weighted index (and this I know to be true), what/who are the "drivers?" (see 08:55:31 post)

For those that have ever read Tom Dorsey's book "Point and Figure Charting" you can not help but begin to understand his observation's regarding 1987, and then the importance that 75% of the risk in any stock is the market and the sector.

Jeff Bailey : 9/13/2006 9:28:51 PM

QQQQ ... 20-day Net% laggards at this Link

Jeff Bailey : 9/13/2006 9:20:36 PM

QQQQ ... 5-day Net% laggards at this Link

Jeff Bailey : 9/13/2006 9:11:31 PM

QQQQ ... 20-day Net% gainers at this Link

Jeff Bailey : 9/13/2006 9:04:28 PM

QQQQ ... 5-day Net% gainers at this Link

Jeff Bailey : 9/13/2006 8:55:31 PM

QQQQ ... 50 Largest components (By Market Cap) at this Link

Jeff Bailey : 9/13/2006 8:34:09 PM

Software ... another very strong day today.

Marc Eckelberry : 9/13/2006 7:41:30 PM

In fact, SMH down after hours even though they are bidding NQ a little. Just all seems very artificial. Maybe things will change next week when we get out of opex. Q's could blow through 40 freely. The way options are shaping up, though, looks like they will try and close the Q's around 39.40/39.50 this week, maybe even closer to 39.

Marc Eckelberry : 9/13/2006 7:34:59 PM

Tab, those are compelling charts. Did you take notice of the divergences at new highs? I am concerned by this, and also by SMH failure to get above 34.90, June highs. Link Link

Jeff Bailey : 9/13/2006 6:39:53 PM

Tab! Any updated thoughts on PMPIX from 07/03/06 profile and SU from 06/30/06?

Did management forward you the e-mail?

Jeff Bailey : 9/13/2006 6:54:35 PM

Current OPEN MM Profiles found at this Link

Today's Activity

Stocks/Options

Swing traded long 1/2 position in shares of Frontier Oil (FTO) at $27.44. Stop currently $26.75, targeting an dead cat/OP-EX bounce to $28.25.

YM Futures

Habitually pulling up the September (ym06u) chart, I profiled a bullish trade in the YM at 11,547 (stop= 11,535 : target= 11,580) and closed this trade prior to the close at 11,542 (-5 pts, or $-25/contract).

I had stated earlier this week that ALL ym trades I might profile this week and going forward were December (ym06z)

Tab Gilles : 9/13/2006 6:29:10 PM

$NDX charts Link Link Link Link Link Link

UOPIX Link UAPIX Link

Jeff Bailey : 9/13/2006 6:27:04 PM

Closing Internals found at this Link

Jeff Bailey : 9/13/2006 6:07:53 PM

James Cramer talking about LVLT "junk bonds" seeing gains today.

Jeff Bailey : 9/13/2006 6:04:12 PM

Closing U.S. Market Watch found at this Link

Jeff Bailey : 9/13/2006 5:58:14 PM

Awaiting tonight's update from Dorsey/Wright regarding their S&P 500 Bullish %.

If StockCharts.com's $BPSPX +1.60% Link measure is any indication, then the S&P 500 at Dorsey/Wright should achieve bull confirmed status.

Jeff Bailey : 9/13/2006 5:50:34 PM

Major Treasury YIELDs (5, 10, 30) all close below respective 200-day SMA's, with 30-year right on.

Junk bonds will be key as to "recession" or "lack of inflation read."

With the stodgy blue chips and Dow Industrials up 8.92% for 52-weeks, the "safe haven" in Treasuries looks very unatractive to domestic investors.

Jeff Bailey : 9/13/2006 5:27:34 PM

Mini-sized Dec. Silver (yi06z) settles above its still rising 200-day SMA. Has NOT settled more than 4 cents below this long-term SMA since jumping above on 09/19/05.

Jeff Bailey : 9/13/2006 5:18:39 PM

StreetTracks Gold (GLD) closes under its 200-day SMA for third-straight session.

Jeff Bailey : 9/13/2006 5:10:50 PM

Natural Gas Index (XNG.X) tries to stabilize above its 200-day SMA despite 50% decline in in natural gas prices from year-ago levels.

Jeff Bailey : 9/13/2006 5:06:38 PM

Exxon/Mobil (XOM) closes 2 cents above 38.2% retracement (06/13 low close to 08/24 all-time high close)

Jeff Bailey : 9/13/2006 5:04:12 PM

CBOE Oil Index (OIX.X) reclaims its 200-day SMA !

Tab Gilles : 9/13/2006 5:01:43 PM

Xilinx makes Programmable Logic Devices are set to grow rapidly over the next several years. The PLD sector is expected to grow by 15-20%. There is a secular shift from application specific integrated devices (ASICs) to PLDs. Xilinx sells its products globally to OEMs and to electronic components distributors who resell these products. XLNX does not directly manufacture wafers for its products, it's a fabless semiconductor maker. Instead, it contracts for wafer production from chip foundries, including United Microelectronics Corp. (UMC), Toshiba Corporation, and Seiko Epson Corporation. Xilinx is the play on the secular trend of PLDS replacing application specific integrated circuits -ASICs. Displacing fixed-chip logic will be very profitable for companies such as XLNX. Gartner Dataquest public data and information on the PLD market was about $3.3 billion in '05, whereas digital logic sales, ASICs and ASSPs, were 10 fold higher at $34 billion. PLDs are becoming more and more cost competitive with ASICs in larger applications because of decreasing unit costs. PLDs are much more flexible, when designs have to be changed, they can be re-programmed and brought to market faster.

Jeff Bailey : 9/13/2006 5:00:43 PM

Consumer Disc. Spdrs (AMEX:XLY) continue to impress after last week's close above 200-day SMA !

Jeff Bailey : 9/13/2006 4:57:22 PM

Securities Broker Dealer Index (XBD.X) challenge June 2 resistance 221.28, jumping 5.6% in just past two sessions!

Tab Gilles : 9/13/2006 4:56:23 PM

Xilinx (XLNX) guided lower for Q2, citing lower than expected sales from the Asia Pacific region. After Hours: 21.49 0.05 (0.23%) Link Link Link

Jeff Bailey : 9/13/2006 4:49:30 PM

North American Telecom Index (XTC.X) closes at level not seen since September 11, 2001 !

Tab Gilles : 9/13/2006 4:48:03 PM

Emisphere Technologies(EMIS)

Daily came withing 10 cents of $7.50 P/O. Link

120 minute chart finding resistance at $8.50 level... Link

On 30 minute chart looks like it want to pullback?? Link

Setting stop on Dec $10 Put (MTQXB.X) if EMIS trades above $8.75. Selling put if EMIS hits $7.50. Entered 9/11 Bid $2.40/Ask $2.70...currently at $2.15/$2.50 on rollover of MTQUB.X.

Jeff Bailey : 9/13/2006 4:47:10 PM

GSTI Softward Index (GSO.X) set to challenge multi-year highs and formidable resistance at 175!

Jeff Bailey : 9/13/2006 4:45:10 PM

Morgan Stanley High Tech 35 Index (MSH.X) closes above its 200-day SMA for second-straight session!

Jeff Bailey : 9/13/2006 4:42:34 PM

NASDAQ Composite (COMPX) CLOSES above its 200-day SMA for first time since falling below on May 17th!

Jeff Bailey : 9/13/2006 4:40:52 PM

S&P 100 (OEX.X) CLOSES at new 52-week high!

Tab Gilles : 9/13/2006 4:40:09 PM

Citrix Systems continues to climb since I mentioned it 9/8 12:42 PM & 9/11 9:51 AM. Link

Tab Gilles : 9/13/2006 4:35:56 PM

Weekly EIA Report Link

Jeff Bailey : 9/13/2006 4:27:01 PM

CHAFEE TURNS BACK CHALLENGER

Rhode Island senator beats stiff challenge in GOP primary. In other races yesterday, Clinton, Spitzer and Cuomo roll in New York and Rep. Cardin beats Mfume in Democratic primary to succeed Maryland Sen. Sarbanes.

Jeff Bailey : 9/13/2006 4:25:23 PM

EL NINO CONDITIONS DEVELOP

NOAA forecasters say El Nino conditions have developed and are likely to continue into early 2007. The phenomenon can lead to wetter conditions over the Gulf Coast and Florida, effecting energy demand and crop forecasts.

Jeff Bailey : 9/13/2006 4:24:27 PM

MORTGAGE APPLICATIONS UP 3.2%

Mortgage Bankers Association says increase last week led by 5.3% rise in applications for new purchases. Total applications drop 23% from a year earlier. Adjustable-rate loans fall to lowest market share in three years.

Jeff Bailey : 9/13/2006 4:23:52 PM

PAULSON SAYS REFORM KEY TO CHINA GROWTH

Treasury secretary calls on China to continue to liberalize its economy and open up to foreign competition, saying they are musts for that country's rapid rates of economic growth to continue.

Jeff Bailey : 9/13/2006 4:22:43 PM

WSJ- IRS Says Tyco (TYC) $26.60 +0.64% Still Hasn't Paid Millions In Taxes

Jeff Bailey : 9/13/2006 4:21:40 PM

Wasn't fallowing news feeds today ...

Jeff Bailey : 9/13/2006 4:19:15 PM

Crude Oil and Unleaded (October contracts) 5-day Net% just about squared. Both down ~5%

Jeff Bailey : 9/13/2006 4:15:58 PM

Nat gas just can't find a bid

Jeff Bailey : 9/13/2006 4:14:54 PM

Somebody chunked a pretty good sized block of BSC $136.22 +2.30% at 03:00 PM and stock went out right at highs of session.

Not a INDU/DIA component, but really did think that would have all majors, and futures, going out at daily highs.

Jeff Bailey : 9/13/2006 4:11:38 PM

YM long close out alert 11,542

or 11,632

Keene Little : 9/13/2006 4:05:29 PM

At the end of the day we have a slight break of the uptrend line and a bounce back up to retest it. Now we'll see if we get some follow through tomorrow in a larger pullback. We're due but one never knows during opex week...

Jeff Bailey : 9/13/2006 4:04:21 PM

Alert! Out of habit, I typed up the YM06u, not Z.

I had stated earlier this week that all trades profiled this week were Z.

Jane Fox : 9/13/2006 3:53:14 PM

Take a look at each of the futures markets we monitor here (cash markets are fine for those who do not have futures charts) and look at the MACD and the RSI. You will see what I am talking about. New highs today are not been supported by MACD and RSI.

Jeff Bailey : 9/13/2006 3:50:19 PM

YM long entry alert 11,547 here, stop 11,535, target 11,580

Jeff Bailey : 9/13/2006 3:48:02 PM

not the brokers ...

Jane Fox : 9/13/2006 3:47:15 PM

Tomorrow needs to get the MACD moving higher or ES and YM need to retrace to let the MACD catch up. Either way this rally is looking tired.

Jeff Bailey : 9/13/2006 3:44:27 PM

VIX.X 11.35 ... is everything going to close mid-point of session?

Jeff Bailey : 9/13/2006 3:34:49 PM

FTO $27.20 +1.94% ... notable fade toward the close.

VLO $52.33 +1.98% ... was never up 4%, but eases back off its 02:00 highs of $52.84

Jane Fox : 9/13/2006 3:22:22 PM

Economic Reports on the docket for tomorrow include:

8:30a.m. Initial Jobless Claims.For Sept 9 Wk. Previous: -9K.

8:30a.m. Aug Import Prices. Previous: +0.9%

8:30a.m. Aug Retail & Food Sales. Previous: +1.4%.

8:30a.m. Aug Retail & Food Sales, Excluding Autos. Previous: +1.0%

10:00a.m. July Business Inventories. Previous: +0.8%.

Jeff Bailey : 9/13/2006 3:15:31 PM

03:00 Internals found at this Link

Marc Eckelberry : 9/13/2006 3:15:20 PM

It just comes to show: don't buy it without the SOX. How many times have I lost money not heeding that lesson. I am giving it to you, don't forget it. Even if it doesn't work today, it doesn't matter. It would be the exception that confirms the rule.

Marc Eckelberry : 9/13/2006 3:13:35 PM

They almost psyched me out but I stuck with my stop at 1647.

Marc Eckelberry : 9/13/2006 3:06:57 PM

We could get a final hour small retreat. This looks tired.

Marc Eckelberry : 9/13/2006 3:05:39 PM

Bulls still need NDX to get above 1630, if they want to validate the COMP.

Marc Eckelberry : 9/13/2006 3:04:08 PM

The options game has come a long way since the 70's. It is now THE market.

Jeff Bailey : 9/13/2006 3:03:32 PM

03:00 Market Watch found at this Link

Keene Little : 9/13/2006 2:55:52 PM

Jeff mentioned the weekly regular session R2. Keep in mind the all-hours R2 is at YM 11664, about to be tagged.

Keene Little : 9/13/2006 2:53:44 PM

A look at the 10-min charts will show negative divergences at the new highs today. They just keep jamming it higher but clearly with less help. It's too early to short but it's also too late to buy. Just another one of those times when there are bigger players than you doing their thing for opex. Makes me wonder what next week will be like.

Jeff Bailey : 9/13/2006 2:49:52 PM

XBD.X ... 222.09 +2.87% ... DAILY R2 220.98.

Jeff Bailey : 9/13/2006 2:49:06 PM

VIX alert .... 11.14 ...

Jeff Bailey : 9/13/2006 2:48:11 PM

YM's regular session derived WEEKLY R2 just ahead at 11,667.

Jeff Bailey : 9/13/2006 2:46:37 PM

YM 11,645 ... session highs ... DAILY R1 gone ...

Jeff Bailey : 9/13/2006 2:45:34 PM

VXN 17.63 -3.45% ... session lows ... DAILY S1 17.41.

Jeff Bailey : 9/13/2006 2:39:19 PM

SPY $132.25 +0.42% ... creeping, creepinig higher.

Jeff Bailey : 9/13/2006 2:38:44 PM

VIX alert ... 11.22

Jeff Bailey : 9/13/2006 2:37:57 PM

You can benchmark price and the $NASI Link to June (red 6 on a PnF chart)

Think of 0 (zero) as a waterline.

Marc Eckelberry : 9/13/2006 2:35:38 PM

They are going for it. This could last all the way into Friday, if they force those naked call writers to cover.

Jeff Bailey : 9/13/2006 2:34:50 PM

NASDAQ Comp (COMPX) 2,226.09 +0.46% ... edges above its flat 200-day SMA.

Remember back in May when bulls called the "v-bottom" only to get crushed?

This market just starting to turn.....

Jeff Bailey : 9/13/2006 2:19:35 PM

FTO $27.78 +4.12% ... See MWSE on Level II just under DAILY R2 at $28.15.

Session high so far at $27.99 ...

Marc Eckelberry : 9/13/2006 2:18:20 PM

I wonder if they are not in there shorting oil to help their cause. Looks like they ar egoing for the day hisgh in NQ again. Watch 1643.50.

Jeff Bailey : 9/13/2006 2:12:35 PM

RUT 730.46 .... juuuuust above DAILY R1. "No way can it trade DAILY R2/WEEKLY R2 today"

Jeff Bailey : 9/13/2006 2:10:56 PM

Look at those mighty small-caps. Perhaps ER was today's "bullish day trade of the day" trade.

It's been the trade of the week, that's for sure!

So far anyway.

Jeff Bailey : 9/13/2006 2:09:15 PM

BIX 385.84 +0.22% ... don't think it can make correlative WEEKLY R2/Daily R2 with two hours to go. Depends if a pain threshold is hit

Jeff Bailey : 9/13/2006 2:06:36 PM

SPY $132.23 +0.41% ... pressing best levels here. VIX 11.35 and sits right back at WEEKLY S2.

The power of the pivots!

Jeff Bailey : 9/13/2006 2:03:45 PM

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

Keene Little : 9/13/2006 1:55:24 PM

Any rally without the semis is usually not a good sign for the bulls. It usually means the market is being manipulated higher by big money rather than true buying, which is reflected by buying in the higher beta semi stocks. The brokers index is getting pushed up hard but it looks like the throw-over leg to finish to long sideways consolidation since June. I could be all wrong on that pattern but the setup there looks very bearish instead of bullish. I'm with Marc here--this rally is not to be trusted. It's an opex push by the mega banks' trading teams if I ever saw one. It's got their signature all over it (ramp it up, tiny little consolidation, ramp it up, repeat).

Jeff Bailey : 9/13/2006 1:49:18 PM

Bullish swing trade long raise stop alert ... for Frontier Oil (FTO) $27.70 +3.82% ... to $26.75.

Jeff Bailey : 9/13/2006 1:42:48 PM

Got your back with some FTO today Marc!

Jeff Bailey : 9/13/2006 1:42:05 PM

MSFT $25.91 -0.07% ... a lot of "back ticks" in stocks today, especially 4 and 5 lettered. I have MSFT intra-day h/l at $25.97/$25.90

Volatile bugger isn't it? (grin)

Marc Eckelberry : 9/13/2006 1:37:03 PM

I sure wish I had picked up some QM at 63.50 this morning. That's for sure. I like buying stuff no one wanted.

Jane Fox : 9/13/2006 1:35:39 PM

NEW YORK (MarketWatch) -- Three tech companies -- DivX, Riverbed Technology and CommVault Systems -- will attempt to go public next week, hoping for standout performances in a choppy year for newly issues technology shares.

With the IPO market quiet during this Sept. 11 week, several deals are on deck for next week, including an initial public offering of shares in ethanol maker Hawkeye Holdings, drug manufacturer Warner Chilcott and EV Energy Partners, as well as the first tech deals since Qimonda (QI )kicked off Aug. 8.

The IPO market has been cool to tech firms, with deals from energy, real-estate and financial firms drawing more of Wall Street's fancy.

Marc Eckelberry : 9/13/2006 1:35:15 PM

In fact, the way the tape was rolling, you could almost feel them getting out of stocks as it went up. They are raising cash ahead of Friday and the Feds next week and doing a good job of getting the press to bring in more retail buyers to sell to. I might be very wrong, but I don't like any of this. I will wait for the SOX to lead again thank you. I value my capital too much to chase this one under these conditions. If I buy anything, it will be with futures and tight stops.

Jane Fox : 9/13/2006 1:31:22 PM

NEW YORK (MarketWatch) -- The New York Board of Trade is reportedly close to being bought by the InterContinentalExchange in a move that would spell the end of a possible initial public offering for the commodities bourse.

The InterContinentalExchange (ICE) has been a hot initial public offering in its own right, debuting Nov. 16, 2005 at $26 a share and trading at better than $66 a share now, with a market cap of $3.7 billion.

The New York Post reported Wednesday that the NYBOT will merge with InterContinentalExchange in a deal that could value the commodities market at about $1 billion.

A spokesman from the NYBOT declined to comment

Jeff Bailey : 9/13/2006 1:29:14 PM

Applied Materials (AMAT) $17.26 -1.03% ... back to test WEEKLY R2 here

Marc Eckelberry : 9/13/2006 1:28:46 PM

Speaking of AD lines, the markets made new highs today with NASDAQ ADVDEC line way below its high of the day. I think this bears repeating: only a few select stocks were used to prop up NDX. You cannot take that to the bank. Might change after Friday, but that is my take on the action today. It is bearish.

Jane Fox : 9/13/2006 1:26:03 PM

Markets are all making lower highs and I am glad I bailed my ES long when I did.

Marc Eckelberry : 9/13/2006 1:24:32 PM

In fact, I will make it even easier: stay short as long as SMH stays below June high of 34.90 (triple top).

Jane Fox : 9/13/2006 1:22:14 PM

Jeff I use Tradestation for the AD line and volume, VIX and TRIN.

Marc Eckelberry : 9/13/2006 1:21:16 PM

Today's high was exactly NDX 38.2% projection August, 1626.23, actual high 1625.55. Since 200 dma is at 1630. I would put conditional stops on all other market participants at that level if short. The COMP 200 dma is not verified by either SOX, SMH, QQQQ or NDX. It is thus suspect.

Jeff Bailey : 9/13/2006 1:20:40 PM

Jane ... what vendor do you use for internals?

Jeff Bailey : 9/13/2006 1:16:27 PM

I use Yahoo's Finance for my volume and a/d Link and over the years, I've found this to be good for data integrity.

NH/NL tend to be "out of whack" at times, so I use Investertech Link , which tends to be "middle of the road" when compared to other vendors.

Investertech eventually updates/corrects their Russell 2000 NH/NL readings, but late at night.

Marc Eckelberry : 9/13/2006 1:15:04 PM

Bulls are going to go for that COMP close above 2222 if they die trying.

Jeff Bailey : 9/13/2006 1:13:15 PM

01:00 Internals found at this Link

Keene Little : 9/13/2006 1:11:49 PM

As expected, today's highs have negative divergences associated with them. It tells us we're close to at least a temporary high so I wouldn't want to chase this higher at this point. Then, assuming we'll start a pullback, I'm hoping it will provide some clues as to whether or not we should look to buy it.

Marc Eckelberry : 9/13/2006 1:14:16 PM

If the nightmare scenario Keene is depicting pans out, you want to be in gold. If not, buy techs on every dip that stays above COMP 2221.

Jane Fox : 9/13/2006 1:10:38 PM

You probably all know I put a lot of faith in the MACD. I consider it one of the best indicators out there and combined with RSI can be a powerful position trading system. I ignored a powerful bullish MACD divergence in June and July and lived to regret it.

With that said I am watching the MACD quite closely to see if follows price to new monthly highs. So far it has not. Link

Jeff Bailey : 9/13/2006 1:05:15 PM

01:00 Market Watch found at this Link

Marc Eckelberry : 9/13/2006 1:03:18 PM

I love how the press is now jumping on energy. They couldn't look at a chart yesterday without riping it to shreds.

Jeff Bailey : 9/13/2006 1:01:26 PM

You small cap bulls ... keep an eye on those "junk bonds." PHF pounding $10.00. SEC YIELD now just about 7.5%. How does it go higher with a 10-year Treasury YIELD of just 4.747%?

Credit quality improvement and BOND PRICE APPRECIATION!

Jeff Bailey : 9/13/2006 12:59:41 PM

Keene could be right ... markets might be turning for the better.

Jeff Bailey : 9/13/2006 12:58:10 PM

Has the "retail" trader returned?

Marc Eckelberry : 9/13/2006 12:57:56 PM

I will be adding contracts to my short on every bounce that stays below COMP 200 dma.

Jeff Bailey : 9/13/2006 12:57:23 PM

NASDAQ volume more than NYSE? That's a BIG change

Jane Fox : 9/13/2006 12:51:39 PM

* NYSE VOLUME 860.8M
* NYSE HAS 2,133 ADVANCERS
* NYSE HAS 1,015 DECLINERS
* NYSE HAS 147 ISSUES UNCHANGED
* NYSE HAS 115 ISSUES SETTING 52-WEEK HIGHS
* NYSE HAS 5 ISSUES SETTING 52-WEEK LOWS
* NASDAQ VOLUME 1.05B
* NASDAQ HAS 1,699 GAINERS
* NASDAQ HAS 1,137 LOSERS
* NASDAQ HAS 179 ISSUES UNCHANGED
* NASDAQ HAS 69 ISSUES SETTING 52-WEEK HIGHS
* NASDAQ HAS 14 ISSUES SETTING 52-WEEK LOWS

Jeff Bailey : 9/13/2006 12:50:03 PM

Should be filled 1/2 position on FTO.

Please cancel any prior outstanding orders at this time.

Jeff Bailey : 9/13/2006 12:47:34 PM

FTO 60-minute interval chart and comments at this Link

Jeff Bailey : 9/13/2006 12:46:02 PM

Swing trade long 1/2 position alert ... FTO $27.44 here, same stop, same target.

Keene Little : 9/13/2006 12:44:36 PM

Best guess on the short term pattern today is that we need one more minor new high to finish today's leg up. Then we should start at least a slightly larger pullback before setting up the final leg higher.

Marc Eckelberry : 9/13/2006 12:41:29 PM

Th VIX takes its time as a signal, but it is always prescient. Could be a week, a day, an hour, who knows. But I can't ignore a VIX below 11 read in September. I wish I could chart it after the summer of 87.

Marc Eckelberry : 9/13/2006 12:39:05 PM

VIX envelopes. Red flag: Link

Jeff Bailey : 9/13/2006 12:36:36 PM

FTO Options Montage found at this Link

Jeff Bailey : 9/13/2006 12:29:44 PM

FTO's September "Max Pain" theory is $30 ($5 increments)

Some ITM puts have the RISK and there's a nice little gap that could be filled.

WEEKLY S1 right in here at $27.22.

Jeff Bailey : 9/13/2006 12:24:51 PM

Bullish swing trade long setup alert for shares of Frontier Oil (FTO) $27.55 +3.26%.

Go LONG a tick at $27.10, LIMIT $27.30. Stop goes $26.40, target a pop to $28.25

Marc Eckelberry : 9/13/2006 12:24:25 PM

SOX is still red.

Marc Eckelberry : 9/13/2006 12:23:53 PM

Welcome to opex. We stalled right at QQQQ 39.98 and NQ weekly R2. Right on the money. They have no intention on giving you those 40 calls if they can help it.

Jane Fox : 9/13/2006 12:22:27 PM

These would be keeping me in the long side for now. Link

Jane Fox : 9/13/2006 12:18:58 PM

I booked my profits on the ES long from yesterday's entry at 1317.50 at 1327.50. Figured 1328 would be resistance.

Jeff Bailey : 9/13/2006 12:15:01 PM

Lehman Bros. (LEH) $70.81 +4.10% ... forgot about their earnings when writing Monday's wrap.

Jeff Bailey : 9/13/2006 12:13:11 PM

VIX 11.44 ... Did trade both its DAILY S1 and WEEKLY S2 in opening ticks ... jerked back to WEEKLY S1 on EIA data.

Might want to take a look at intra-day SPY option action ... what's the most active? If your NAKED calls that are getting too much in the money (you know where Max Pain is) how you going to hedge?

Marc Eckelberry : 9/13/2006 12:09:37 PM

NYSE and SOX not confirming. ADDEC line for NASDAQ is down to +300. This is lacking breadth on the NASDAQ side, but they are hitting COMP 200 dma stops big time. That's what you can do with a few big caps like GOOG.

Jeff Bailey : 9/13/2006 12:08:23 PM

ES may well be a bullish day trader's best futures trade today Jane ....

Energy getting a bounce, brokers strong.

Keene Little : 9/13/2006 12:10:45 PM

We should be getting very close now to the top of this leg up and ready for a pullback. After the pullback we should then get another leg up to finish off this whole rally from June/July. A rally into the tail end of September should have most pounding the table that this is an excellent time to buy for an end of the year rally. I would not buy it, literally. DOW 11528 (cash) is currently the top of its wedge. Link

Jeff Bailey : 9/13/2006 12:07:04 PM

VXN 18.04 ... DAILY Pivot Levels ... 16.57, 17.41, Piv= 18.60, 19.45, 20.63

WEEKLY Pivot Levels ... 16.22, 18.02, Piv= 19.47, 21.27, 22.72

Jane Fox : 9/13/2006 12:02:26 PM

Jeff I guess I should have qualified that statement. You don't want to use the VIX to trade ES today.

Jeff Bailey : 9/13/2006 12:00:26 PM

Not sure about that Jane ... know where your max pains and OI are at. VIX can be telling as to who is on the "wrong side" of a trade and trying to get squared.

Remember that incredible move into August's expiration.

Seeing some similar TRINQ action of late. 0.38 as I type.

Jane Fox : 9/13/2006 11:57:27 AM

Needless to say you don't want to be using the VIX today. Link

Jeff Bailey : 9/13/2006 11:58:18 AM

RS Chart of Cont. Gasoline vs. Cont. West Texas 0.25 box chart at this Link ... think/observe "crack spread" and refiner's margins.

0.50 box Link

1.0 box Link

Jeff Bailey : 9/13/2006 11:51:23 AM

I call it the "destiny trade" anyway ...

Index Pivot Matrix for today at this Link

QQQQ does get the trade at MONTHLY R1 and correlation at WEEKLY R2/Daily R1.

For QQQQ "no big deal" ... for an NQ trader, could be more meaningful?

Marc Eckelberry : 9/13/2006 11:47:30 AM

That was a big pain, but it still looks like topping out action to me. We will see if 1639 gets a bid. If SMH wakes up, maybe they will hit weekly R2 at 1646. But we have Day r2 at 1649 as well, so lots of resistance up there. Just keep in mind that weekly R2 at 1646, still risk on a stop run push.

Keene Little : 9/13/2006 11:47:30 AM

I can't quite figure out here if the next leg up has started or if this is all still part of a larger consolidation. A pullback to the uptrend line from Monday morning (1323.25 now) should hold if it's still a consolidation. But chasing this higher, while at resistance here (the high on Sept 5th) has its own risks. Not a bad time to sit and watch for a little longer.

Jeff Bailey : 9/13/2006 11:43:49 AM

It is called "the destiny trade" Marc

Marc Eckelberry : 9/13/2006 11:43:09 AM

SOX red, SAMH red and BIX red and oil green. But again, this is opex.

Jeff Bailey : 9/13/2006 11:43:05 AM

Current OPEN MM Profiles Sep. Max Pain Theory Levels

MSFT= $25.00 ($2.50 inc.)

AMAT= $15.00 ($1 inc.)

IWM= $70.00 ($1 inc.)

OSTK= $25.00 ($2.50 inc. below $25 and $5 inc above $25)

Marc Eckelberry : 9/13/2006 11:41:22 AM

Dbl top with bearish divergence and without the SOX. I guess the rules can change, but that is what is printing. Of course, this is opex.

Jeff Bailey : 9/13/2006 11:38:01 AM

September Max Pain Theory Levels

DIA= $112 ($1 inc.)

SPY= $128.00 ($1 inc.)

SPX= 1,275 (5 inc.)

OEX= 600 (5 inc.)

QQQQ= $39 ($1 inc.)

NDX= 1,550 (10 inc.)

Jane Fox : 9/13/2006 11:28:21 AM

On August 4th ES made a daily high at 1328 then on the 5th a high of 1327.75 so that should be resistance today.

Jane Fox : 9/13/2006 11:26:41 AM

Although Oil's daily RSI has been below 30 since August 1st, I still do not see any evidence of bullishness, even on the 240 minute chart. Link

Marc Eckelberry : 9/13/2006 11:26:18 AM

Gone.

Marc Eckelberry : 9/13/2006 11:24:41 AM

Monthly R1 is barely holding up as R at 1641.25.

Jeff Bailey : 9/13/2006 11:27:43 AM

11:00 Internals found at this Link

Tuesday's Internals found at this Link

Marc Eckelberry : 9/13/2006 11:20:03 AM

But book profits as you go. This is not over.

Marc Eckelberry : 9/13/2006 11:19:40 AM

If you bought oil at 63.50, you're happy now.

Keene Little : 9/13/2006 11:14:56 AM

In the continuing sideways consolidation one more move back down should finish it and then that should be followed by another leg higher. The uptrend line will be just below 1323 so watch for support to hold there.

Jane Fox : 9/13/2006 11:15:09 AM

CBOT 100 oz. Gold Sets New Volume Record of 69,432 Contracts

CHICAGO- September 12, 2006 - The Chicago Board of Trade (CBOT) announced today that its full-sized (100 oz.) Gold futures contract achieved a new volume record of 69,432 contracts at close of trading yesterday, surpassing the previous record of 63,471 contracts set on July 17, 2006.

Jane Fox : 9/13/2006 11:13:55 AM

Gold (ZG) has made a run to 600 but could not get any further. It may just be retreating to take another run but if it cannot even get to yesterday's highs then that is very bearish for this commodity.

Jane Fox : 9/13/2006 11:09:01 AM

TICKS +1000.

Jeff Bailey : 9/13/2006 11:05:40 AM

11:00 Market Watch found at this Link

Jeff Bailey : 9/13/2006 11:02:36 AM

I'm upgrading refiners to "hold" from "sell"

Jeff Bailey : 9/13/2006 11:01:29 AM

EIA Weekly Gross Inputs, Refinery Op. Capacity, Pct. Utilization Table found at this Link

Marc Eckelberry : 9/13/2006 10:53:21 AM

Of course, we might have put in the lows already.

Marc Eckelberry : 9/13/2006 10:52:49 AM

I'm staying away from it, happy to short rallies in NQ, but I am scalping and being careful. Although I think we wil get down to 1624, it might be a rocky path. I will switch to long NQ if 1624 holds on a test.

Marc Eckelberry : 9/13/2006 10:51:28 AM

Downside headfake for QM?

Marc Eckelberry : 9/13/2006 10:50:52 AM

Brave souls can buy oil above 63.40, which is monthly S2.

Jeff Bailey : 9/13/2006 10:54:12 AM

EIA Weekly Crude Oil, Gasoline, Distillate, ULS Diesel, Jet Fuel Inventory Table found at this Link ... As noted a couple of week's ago, "Year Ago" measures will be skewed due to hurricane's Katrina and Rita.

0-15 PPM is Ultra-low-sulfer diesel, the "new" more environmentally friendly, which came to pumps this summer.

Marc Eckelberry : 9/13/2006 10:46:44 AM

Watch out for oil.

Marc Eckelberry : 9/13/2006 10:37:13 AM

Stops should be lowered to 1639 now, or 1641 if a little more daring. But just loking at the SOX, we are due for a trip to NQ 1624.

Keene Little : 9/13/2006 10:36:38 AM

The sideways consolidation from yesterday afternoon looks bullish. If we see another drop this morning I like the Fibs and trendline support at ES 1321.50 for a long play. Link

Jane Fox : 9/13/2006 10:36:32 AM

Consolidating at daily highs suggest we are burning off the overbot condition and will make new higher highs later today.

Jane Fox : 9/13/2006 10:32:26 AM

* CRUDE SUPPLY DOWN 2.9 MLN BRLS LAST WK: ENERGY DEPT.
* DISTILLATE SUPPLY UP 4.7 MLN BRLS: ENERGY DEPT.
* GASOLINE SUPPLY UP 100,000 BRLS: ENERGY DEPT.
* OCT. CRUDE UP 34 CENTS AT $64.10/BRL AFTER $64.30 HIGH

Jeff Bailey : 9/13/2006 10:27:09 AM

Overstock.com (OSTK) $20.18 +0.19% Link ... Today's trade at $21.00 gets stock back on a "buy signal" and negates prior bearish vertical count.

Bulls can be looking partial positions below trend. Caution advised.

Short interest has been coming down, but hefty with a 12.71 days to cover. Link

Jane Fox : 9/13/2006 10:25:50 AM

Crude inventories in 5 minutes.

Jeff Bailey : 9/13/2006 10:21:57 AM

Google (GOOG) $399.23 +1.87% Link ... challenges a young bearish resistance trend.

Current levels not that compelling for bull entry with BVC to $432, but $388, pullback to support, then the "sling shot" higher is what I'd look for.

Marc Eckelberry : 9/13/2006 10:18:12 AM

If oil collpases, NQ could rally up to 1649. Critical here. You might want to cover at 1638 and let the storm pass.

Marc Eckelberry : 9/13/2006 10:15:04 AM

Also note COMP 200 dma hit.

Marc Eckelberry : 9/13/2006 10:12:22 AM

1638.50 should be support ahead of EIA

Keene Little : 9/13/2006 10:10:49 AM

The Trannies have rallied hard the past two days but this index has now reached the point of some solid resistance. The 50, 100, 130 and 200-dma's are located in this 4440-4460 area (and the 50 has crossed down through the 200). A 38% retracement of the decline from June is at 4456. Two equal legs up from the August low is at 4431 (the high so far today). If anything I'd be shorting the Trannies here. Link

Marc Eckelberry : 9/13/2006 10:09:57 AM

Bulls now hope for a big inventory and a big drop in oil. That could happen, so be on guard. But they are dumping semis and that is always bearish. NQ September also retreated below 50% 2006. But watch oil!

Marc Eckelberry : 9/13/2006 10:08:08 AM

And down we go with a VIX rally.

Marc Eckelberry : 9/13/2006 10:05:16 AM

VIX hit a staggering low of 10.54, which is equal to the low of the year in March. Let it be noted.

Jeff Bailey : 9/13/2006 10:04:17 AM

10:00 Market Watch found at this Link

Marc Eckelberry : 9/13/2006 10:02:32 AM

Big volume up there as the wholesale crowd offloads to the retail late-comers. Shorts are not in the clear yet, but it's a start. SMH is definitelypointing south, but thereis still danger. to NQ 1649. Keep tight stops at 1643

Jeff Bailey : 9/13/2006 9:59:56 AM

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

Jane Fox : 9/13/2006 9:59:02 AM

EVen if the AD line is neutral I never short if the AD volume is making new daily highs. It is just not worth it. Link

Marc Eckelberry : 9/13/2006 9:55:47 AM

SMH held back by May highs. NQ has suport here at 1640, let's see if it holds. The crowd is shooting for QQQQ 40, but depends on SMH.

Marc Eckelberry : 9/13/2006 9:53:47 AM

That could be it. I was hoping 1649, but I don't think it will come as SMH diverging not making new highs.

Marc Eckelberry : 9/13/2006 9:44:32 AM

Watch QQQQ 40

Marc Eckelberry : 9/13/2006 9:37:40 AM

At some point, we will head down to 1622/1624 area.

Marc Eckelberry : 9/13/2006 9:36:36 AM

Covered at 1632, they should do a quick reverse, which can be shorted if SOX is still red.

Jane Fox : 9/13/2006 9:33:38 AM

VIX is well below its PDR - bullish. TRIN opens mid range to its PDR.

Jane Fox : 9/13/2006 9:32:29 AM

AD line is neutral at -42 and AD volume is above 0.

Marc Eckelberry : 9/13/2006 9:28:08 AM

Could still tag 1641 and maybe even 1649, so stops should be tight. But I doubt they will close this week above QQQQ 40. In any case, follow SMH and SOX and look for any sign of weakness to confirm.

Marc Eckelberry : 9/13/2006 9:25:36 AM

NQ should move down to 1624 area.

Marc Eckelberry : 9/13/2006 9:24:53 AM

Gold loses 586, itwill be 582. It loses 582, it will be 577, then eventually 550, where it will face 20 month MA test. Until then, buy low, sell high.

Jane Fox : 9/13/2006 9:23:22 AM

Marc the lows in the equity marekts back in June and July revealed themselves with the MACD and RSI divergences. Unfortunately I chose to ignore this evidence, which I have written about ad nauseum, because I was bearish on the markets (still am longer term). I was quite bullish on Gold and Oil and have now turned bearish and I don't see any evidence of bullishness in their charts.

I don't know if the fundamentals of Gold will make a difference later or not but for now I am just reading the charts because that is what I do. If the charts turn back bullish then I will as well but trying to understand what may happen in the future is not what I do.

Marc Eckelberry : 9/13/2006 9:18:09 AM

Gold will die down when the dollar gets strong again.

Marc Eckelberry : 9/13/2006 9:17:13 AM

I do know that every jeweler out there is buying these dips in gold ahead of Chrstmas. India is hording as much as they can ahead of their wedding season. It's just like stocks in November: they usually get bought.

Marc Eckelberry : 9/13/2006 9:15:04 AM

I put in an NQ short at 1638, but only in my account. It seems it would be vastly unpopular to do here, as was a gold long at 586.

Marc Eckelberry : 9/13/2006 9:13:31 AM

I hate to say this Jane, but the charts always look bad when there is a sell-off. No one in this monitor believed the lows were put in a few months ago. In fact, I recall everyone calling for deeper lows. I'm afraid the science is a little more intuitive. When there is a fundamental reason to buy oil, it will be bought. Same with gold. I don;t think that is in the charts except in hindsight, but that never works.

Jane Fox : 9/13/2006 9:09:36 AM

I tried a Natural Gas long yesterday thinking the market was oversold and was due for an oversold bounce. Unfortunately though I was stopped so I turned bearish. Then I looked at the overnight action and I stay bearish. Then I look at the daily chart and I see a bottom forming. This market is way oversold and needs a bounce to get the RSI back above 30 but heh look at Oil its RSI has stayed below 30 since August 1st. So I guess I need to wait for more proof this market is going to make an oversold bounce. Link

Marc Eckelberry : 9/13/2006 9:09:35 AM

The NQ push feels like a trap.

Jane Fox : 9/13/2006 9:04:36 AM

Here is the daily chart of ZG. I have put in the upward trendline line from Keene's chart (magenta). Notice where the swing high from yesterday was stopped, right at the 200EMA suggesting that will be the spot where the oversold bounce will finish. Link

Marc Eckelberry : 9/13/2006 9:05:02 AM

I hate to say this, but no one knows what the core CPI will be and if it is +.3%, it won;t matter what anyone thinks, Feds will raise rates. If it is +.2%, all is well. This is why there is no real volume behind this rally yet. One thing for sure: goldilocks is priced in.

Jane Fox : 9/13/2006 9:00:12 AM

This not the time to short Gold but if you must go long think real short term.

Marc Eckelberry : 9/13/2006 8:59:40 AM

I am not as sure as everyon else seems to be that opex is willing to pay out 400K calls at 40 strike.

Jane Fox : 9/13/2006 8:58:58 AM

This 240 minute look at ZG supports Keene's take on Gold. MACD and RSI are suggesting an oversold bounce but where that bounce takes us will be very telling. Even if it gets pasts the swing high at 606.50 it has the 615-616.50 resistance to contend with and I think it will hold. Like I said this commodity is in a Sell the Rallies mode. Link

Marc Eckelberry : 9/13/2006 8:58:05 AM

As for NQ, it faces formidable R at 1641, monthly R1, and 50% 2006 as well as QQQQ 40 strike with a pc ratio of .23. Right.

Marc Eckelberry : 9/13/2006 8:56:44 AM

Looks like the gold long would have been +10. Not bad for a dead horse. If YG 586 holds, that would be a bottom until next month. Otherwise, we hit 582/577. Ultimately, bull trend support is 20 month MA at 550 or so. It will depend on the dollar and oil, nothing else.

Jane Fox : 9/13/2006 8:52:05 AM

Here is the 240 minute look at ES. All is well in bull country. Link

Keene Little : 9/13/2006 8:49:08 AM

This is my take on gold. The break below the 200-dma (just under 610 on Monday's break) is bearish. Gold is currently finding support at its uptrend line form August 2005 which should be some pretty solid support. To see gold bounce from here back up to test its 200-dma, or price level resistance near 615, would make a lot of sense. In fact if it doesn't bounce here then it's even more bearish. But I see gold ultimately continuing lower from here with a target below $500. Link

Jane Fox : 9/13/2006 8:46:34 AM

Gold is sell the rallies mode and I would not be long this commodity now.

OIl is sell the rallies and I would not be long this commodity now.

Natural Gas is sell the rallies and I would not be long this commodity now.

TBonds, I would be and am long. Link

Jane Fox : 9/13/2006 8:43:24 AM

Market consolidating at overnight highs suggest we are going to see higher highs. I agree with Keene this overnight session is about as flat as they come and very bullish. Link

Keene Little : 9/13/2006 8:19:39 AM

We had about the flattest overnight session in equity futures that we've seen in a while. As ES tests its September high many are probably concerned about buying the top. But clearly shorts aren't working yet so we look to have had a bit of a stalemate. The late day pullback yesterday looks corrective and therefore should resolve higher again. This pattern is definitely giving me the impression that the Boyz are going to press this higher into the end of opex.

Marc Eckelberry : 9/13/2006 5:11:02 AM

Oil catches a bid.

Marc Eckelberry : 9/13/2006 4:58:38 AM

Just noticing that NQ monthly R1 at 1641 is also 50% 2006 (using NQ September 1620.50 and adding 20). If we get a failed overthrow to 1640, it's a short.

Marc Eckelberry : 9/13/2006 4:38:20 AM

Both QM and YG sitting right above their respective monthly S2's and you have to wonder if shorts are not going to get squeezed any day now.

Marc Eckelberry : 9/13/2006 4:35:55 AM

Out of the NQ short -2.5. Nothing going my way, best to stay flat.

Marc Eckelberry : 9/13/2006 3:39:15 AM

Dollar rallies once again.

Marc Eckelberry : 9/13/2006 3:36:49 AM

Alert: out of the oil long -.30.

Marc Eckelberry : 9/13/2006 3:11:42 AM

I am of ocurse trading November, so add a dollar.

Marc Eckelberry : 9/13/2006 3:10:41 AM

SINGAPORE (Reuters) - Oil edged up above $64 a barrel on Wednesday as traders cautiously await the debate among members of the U.N. nuclear watchdog over Iran's atomic work, and on renewed concerns over disruptions to Nigerian supplies...."The market seems to be in a freefall and picking the bottom is anybody's guess. But I would think that this price fall is just a steep correction as I would expect demand to return after the autumn lull in the winter," said Tony Nunan, a risk manager with Mitsubishi Corp. in Tokyo. "I think the geopolitical issues, Iran included, could still flare up again in the near future. Iran is still an issue and the situation in Nigeria is another."

Marc Eckelberry : 9/13/2006 3:01:54 AM

There goes the dollar. Argh.

Marc Eckelberry : 9/13/2006 3:01:14 AM

The only green I have is oil, and NQ.

Marc Eckelberry : 9/13/2006 3:00:56 AM

In fact, it's looking weak everywhere, except techs of course.

Marc Eckelberry : 9/13/2006 3:00:07 AM

Looking really weak.

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