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Jeff Bailey : 11/28/2006 1:42:28 AM

Daily/Weekly/Monthly Index Pivot Matrix found at this Link

Jeff Bailey : 11/28/2006 1:08:29 AM

StreetTracks Gold (GLD) ... bar chart at this Link with a bullish-looking close today. Note that euro didn't "top out" until early June.

Here's the PnF chart of the GLD ($0.40 box to mirror futures) Link

Jeff Bailey : 11/28/2006 12:44:49 AM

December Euro futures PnF chart at this Link ... euro didn't do much after 11/10/06 double top buy signal, but last three sessions have seen sharp rise/gains in euro vs. dollar.

QCharts' symbol is CME:ec06z

On 11/21/06 (Tuesday of last week) the ec06z closed 1.2861.

Jeff Bailey : 11/28/2006 12:44:41 AM

Some of the dollar's weakness against the yen can be seen here in Japan's Nikkei ($NIKK) 15,846 -0.24% Link ...

Jeff Bailey : 11/28/2006 12:44:36 AM

Great article Tab (11:52:02 PM) ... Here's addition comments from FXSTREET.com Link

The dx00y (see market wrap) is weighted against the euro and yen primarily, then the sterling, Swiss franc, Canadian dollar and Swedish krona.

Jeff Bailey : 11/28/2006 12:02:21 AM

Performed a quick query of Dorsey's database for OEX components. Dorsey's S&P 100 Bullish % (BPOEX) was unchanged at 78%. CAT's Link trade at $63.00 on Wednesday was the most recent additional stock to have BPOEX at highest measure of 78% since turning "bull confirmed" on 09/14/06 at 58% bullish.

StockCharts.com's $BPOEX Link shows a net GAIN of 1 stock (or +1%) to 83% bullish at conclusion of today's trade. Difference most likely due to StockChart.com "adjusting" their PnF charts of individual stocks for payment of dividends.

Tab Gilles : 11/27/2006 11:52:02 PM

Dollar's decline Link

Jeff Bailey : 11/27/2006 11:45:50 PM

Dorsey/Wright's S&P 500 Bullish % (BPSPX) did slip lower by 0.20% to 76.61, so a net loss of just 1 stock to a reversing lower PnF sell signal. Highest readings have been Wednesday and Friday of 76.82% since turning "bull confirmed" on 09/13/06.

Jeff Bailey : 11/27/2006 11:40:48 PM

StockCharts.com's S&P 500 Bullish % ($BPSPX) Link ... no net change today

Jeff Bailey : 11/27/2006 11:19:15 PM

U.S. Dollar Index (dx00y) ... 0.25 box chart at this Link

Keene Little : 11/27/2006 11:14:46 PM

Tuesday's pivot tables: Link and Link

Jeff Bailey : 11/27/2006 11:01:02 PM

A "good read" with recent Dollar Index (dx00y) action ... 09/28/06 Market Wrap Link

Jeff Bailey : 11/27/2006 10:16:44 PM

M1 & M2 Money Stock Measures Link

OI Technical Staff : 11/27/2006 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 : 11/27/2006 5:29:04 PM

S&P To Add California Pizza Kitchen (CPKI) to SmallCap 600 Thursday.

Replacing... Harbor Florida Bancshares (HARB)

Jeff Bailey : 11/27/2006 5:12:03 PM

S&P Price/Earnings Ratio At 17.65, Down From 17.89

DJ- The price/earnings ratio of the Standard & Poor's 500 Index at the close of trading Monday was 17.65.

On Friday, the ratio ended at 17.89.

The price/earnings ratio for the S&P 500 measures the index's closing level divided by the index's total earnings, as reported under generally accepted accounting principles, or GAAP, for the most recent year.

In 2005, the most recently reported year, S&P 500 companies reported earnings of $78.28 a share.

Jeff Bailey : 11/27/2006 4:56:13 PM

Closing U.S. Market Watch found at this Link

Jeff Bailey : 11/27/2006 4:55:19 PM

Closing Internals found at this Link

Jeff Bailey : 11/27/2006 4:49:58 PM

Palm, Inc. (PALM) $15.37 -3.45% ... has been released for trade.

$14.65 extended with session low/high so far of $13.90/$14.65

Keene Little : 11/27/2006 4:43:43 PM

The COMP's daily chart is also still potentially bullish. While I can count the rally complete at last week's high I'd certainly be more comfortable in my short position once it breaks its uptrend line (2390) and 20-dma (2398). Link

Keene Little : 11/27/2006 4:36:23 PM

There's always going to be at least one index that gives me heartburn and today it's the RUT. While I'm getting sell signals galore in the other indices the RUT, even though it was relatively weaker today, stopped at its uptrend line from the October low, and only marginally below its 20-dma. I can't rule this one bearish yet and in fact could recommend a long trade here. The daily oscillators are rolling over though so I would try it only for a bounce off its uptrend line. Link

Keene Little : 11/27/2006 4:27:26 PM

BTW, that operatic music you heard before? That would be that fat lady singing.

Jeff Bailey : 11/27/2006 4:11:11 PM

Palm, Inc (PALM) Additional comments ...

DJ- "Smartphone sell-through across our existing products is strong, reflecting solid business fundamentals in the face of significant competitive pressure," said Ed Colligan, Palm president and chief executive officer. "However, our Q2 FY07 revenue will be constrained by a delay in certification of a key product. We now expect to start shipping the Treo 750 for the U.S. market early in Q3 FY07. Our Treo 750v launch in Europe is doing quite well, and we expect international revenue for Q2 FY07 to be strong."

Full results for the company's second quarter of fiscal year 2007 will be announced on Tuesday, Dec. 19, at the close of the market at 1:01 p.m. Pacific Standard Time, and a conference call will follow at 1:30 p.m. Pacific/4:30 p.m. Eastern Standard Time.

Jeff Bailey : 11/27/2006 4:08:28 PM

Research in Motion (RIMM) $135.30 -4.42% Link ... $136.40 extended.

Jeff Bailey : 11/27/2006 4:06:37 PM

Sell Program Premium ... SPY $138.45 : YM 12,141

Jeff Bailey : 11/27/2006 4:05:52 PM

Palm, Inc. (PALM) ... Updating Q2 FY07 Guidance.

DJ (partial)- Palm currently expects revenue to be in the range of $390 million to $395 million for the second quarter of fiscal year 2007. This compares with earlier guidance of $430 million to $450 million provided Sept. 21, when Palm reported its first quarter fiscal year 2007 results. The revenue shortfall is due primarily to a delay in completing the certification process for a product that the company had previously expected to ship within the quarter.

Earnings per diluted share are expected to be $0.10 to $0.11 on a GAAP(1) basis and $0.15 to $0.16 on a non-GAAP basis. This compares with earlier guidance of earnings per diluted share of between $0.15 and $0.18 on a GAAP basis and between $0.20 and $0.23 on a non-GAAP basis.

Jane Fox : 11/27/2006 4:04:37 PM

Tomorrow's economic reports include.
8:30a.m. Oct Durable Goods Orders. Previous: +8.3%.

10:00a.m. Oct Existing Home Sales. Previous: -1.9%.

10:00a.m. Nov Conference Board Consumer Confidence. Previous: 105.4.

10:00a.m. Nov Richmond Fed Mfg Business Index. Previous: -2.

Jeff Bailey : 11/27/2006 4:03:50 PM

Palm, Inc. (PALM) $15.37 -3.45% Link ... Halted, news pending.

Keene Little : 11/27/2006 4:03:42 PM

Tomorrow morning's reports include Durable Goods orders, Consumer Confidence and Existing Home Sales. One of those might good for a goose for the market.

Keene Little : 11/27/2006 3:57:55 PM

Based on the small descending wedge playing out for ES I still like the 1382.50 area for support to launch the corrective rally but it looks like it won't kick off until tomorrow, perhaps with one of the economic reports as the excuse dujour.

Marc Eckelberry : 11/27/2006 3:45:12 PM

ES 61.8% November at 1383 is support. SMH also holds 200 dma. NQ holds weekly S2. If ever anyone pooh pooh's a record low VIX again, show him this day on a chart and tell him to take a hike. ES lost half its gains this month in a day.

Keene Little : 11/27/2006 3:37:11 PM

In the November 14 Market Wrap I had made the following comment: "The VIX is taking its sweet time to play out this pattern and just shows how extended this market is. After breaking out of its descending wedge (bullish for VIX, bearish for stocks), it has been chopping its way lower on top of the broken downtrend line as if afraid to leave it. It's slowly making its way down to the historical lows in 2005. Complacency reigns supreme but a move, even if only briefly, below 10 should scare the bulls. It takes a move above 12 to say we probably have a breakdown in progress on the major indices."

I just received a request from Rick for a follow-up comment on the above. Well Rick, it looks like it's happening--the VIX has broken above its 50-dma and its previous high after breaking its downtrend line (top of its wedge). At the same time we have SPX breaking its uptrend line from July (and its 20-dma). It will be important to see if it gets an end-of-day lift to close at or above its trend line and 20-dma (needs to get to 1387 (cash). Here's an update to the chart I showed in the weekend Wrap: Link

Not only that but the move down looks impulsive and to me this means we have a trend change. I will be looking for a corrective bounce (3-wave move or something similar) that retraces typically 50-62% of the decline as an opportunity to add to my longer term short position. The pieces are falling into place here to call a market top. As always the market can fool me which is why I want to leg into a short position rather than go whole hog and I recommend the same.

Jeff Bailey : 11/27/2006 3:14:39 PM

03:00 Internals found at this Link

Keene Little : 11/27/2006 3:08:36 PM

This might chop its way a little lower in what appears to be a small descending wedge but it should be close now to finding a bottom, perhaps around ES 1382. Link

Jeff Bailey : 11/27/2006 3:03:58 PM

03:00 Market Watch found at this Link

Jane Fox : 11/27/2006 3:02:08 PM

Did you notice how weak the retracement was from the very oversold conditions.

Keene Little : 11/27/2006 3:01:49 PM

The selling is not letting up. But it's now chopping its way lower with a shallower slope to the trend. It's clearly too late to chase this lower and I keep expecting a bigger bounce to take hold. Perhaps into the last hour of trading. Many times the afternoon trend does not get reversed but this afternoon's trend is less of a sell off and more of a drift lower.

Jane Fox : 11/27/2006 2:57:36 PM

* NYSE volume 1.18B
* NYSE has 597 advancers
* NYSE has 2,677 decliners
* NYSE has 120 issues unchanged
* NYSE has 61 issues settting 52-week highs
* NYSE has 13 issues setting 52-week lows
* Nasdaq volume 1.49B
* Nasdaq has 590 advancers
* Nasdaq has 2,409 decliners
* Nasdaq has 85 issues unchanged
* Nasdaq has 21 issues settting 52-week highs

Jane Fox : 11/27/2006 2:55:37 PM

Crude futures close up $1.08 at $60.32 a barrel

Jeff Bailey : 11/27/2006 2:41:28 PM

BOE's Lomax: More Workers May Mean Higher Economic Speed Limit

DJ- The U.K. economy may be able to grow more rapidly than previously thought without generating above-target inflation, Bank of England Governor Rachel Lomax said Monday.

In a speech to business people delivered in Cardiff, Lomax also said the risk that the U.K.'s inflation rate will exceed the 3% upper limit of the Bank of England's target band has lessened since August as oil prices have fallen and the pound has strengthened.

The U.K.'s work force expanded at its fastest rate in 20 years in 2005, reflecting the arrival of around 400,000 immigrants from the eight central and eastern European countries that joined the European Union in 2004, as well as the fact that older workers are choosing to stay in employment longer.

Lomax said the expanded work force may have raised the economy's "speed limit," or the pace at which it can expand without raising the medium-term inflation rate above the 2.0% level targeted by the central bank.

"A faster growing labor force potentially raises the amount the economy can produce," Lomax said, "Rather like raising the economy's speed limit, it implies that it can grow faster without hitting supply constraints and generating inflationary pressures."

Lomax's comments will cement her newly established status as one of the central bank's nine-member, rate-setting Monetary Policy Committee's doves. She was one of two members to vote against raising interest rates to 5.0% from 4.75% earlier this month, having previously dissented from the majority on only two occasions, on both of which she voted against rate cuts.

Lomax added that while demand has been growing at around its long-term average, that "could be an underestimate of how fast we could safely grow."

The U.K.'s inflation rate stood at 2.4% in October. But Lomax said that likely reflects the lagged effect of higher energy prices, while "any broader-based pickup in inflation has been relatively small."

"I do not read the fact that inflation is currently above target as convincing evidence that the economy is overheating," Lomax said.

Lomax did vote for a rise in interest rates at the MPC's August meeting, when the key bank rate was increased from 4.5%. She said that she regarded that hike as "insurance" against the possibility that people would raise their inflation expectations in response to the energy-inspired spike in the Consumer Price Index.

But she added that interest rate hikes aren't without costs, both in terms of growth and jobs.

"There are...still some risks," Lomax said. "But insurance is never costless. In the case of monetary policy, taking out insurance against risks that don't materialize can inject unnecessary volatility into the economy, with consequences for jobs as well as demand."

In common with other central banks, the MPC has been concerned that higher inflationary expectations would lead workers to demand higher wage settlements.

But Lomax argued that even if wage demands do rise, wage settlements may not.

"There are still no real signs of pressure in the labor market," she said. "In today's labor market there is quite a difference between asking for higher pay and getting it - even in sectors not exposed to the full blast of global competition."

She added that "wage growth has remained moderate in all developed countries, including the U.K.."

Indeed, Lomax said the greater competition that is a consequence of economic globalization may have been limiting the ability of businesses and workers to raise their prices, even when demand is strong.

"Globalization may be changing wage- and price-setting behavior...by adding to the competitive pressures facing domestic producers and wage earners," Lomax said. "The net effect of these trends may have been to reduce the sensitivity of domestic inflation to changes in the margin of spare capacity in the economy."

Lomax therefore urged her fellow MPC members to "look through short-run volatility" in inflation rates.

"The current rate of inflation says rather little about where inflation is likely to go," Lomax said. "We need to judge, as best we can, the changing balance of supply and demand in the economy - inflationary pressure."

Jane Fox : 11/27/2006 2:39:31 PM

I find it very interesting that NQ has not broken its upward channel and does not have bearish MACD/RSI divergences. Link

Jane Fox : 11/27/2006 2:38:04 PM

More MACD divergences. Link

Jane Fox : 11/27/2006 2:37:04 PM

MACD and RSI were telling us there was a very good chance of YM retracing. However, I think it will find support at the 50EMA. Link

Jane Fox : 11/27/2006 2:33:42 PM

ES is testing the bottom of its upward channel. Link

Jane Fox : 11/27/2006 2:26:41 PM

NEW YORK (MarketWatch) -- Gold futures closed higher Monday, gaining more than $11 an ounce as they continued to move in the opposite direction of the dollar which remained under pressure against most of its major rivals. Gold for December delivery closed up $11.60 at $640.60 an ounce. Silver futures rose 45 cents at $13.49 an ounce, platinum fell $6.60 to $1,147.40 an ounce and palladium was down $1 at $325 an ounce. Copper futures closed up 7.65 cents at $3.1875 a pound.

Jane Fox : 11/27/2006 2:25:27 PM

TRIN up to 2.12 now. If short I would be taking my positions off the table.

Jeff Bailey : 11/27/2006 2:21:04 PM

Some premiums for a change with VIX 12.28

Jeff Bailey : 11/27/2006 2:20:22 PM

SPY Jan $140 Call (SFB-AJ) ... 7,946 traded. Notable sell bias from my option chain.

Jeff Bailey : 11/27/2006 2:19:12 PM

SPY Dec $140 Put (SFB-XJ) ... I'm showing much heavier 26,137 contracts traded.

Jeff Bailey : 11/27/2006 2:17:56 PM

I'm showing the SPY Dec. $139 Puts (SFB-XI) having traded 9,707 all market makers and pretty darned close to CBOE total.

Keene Little : 11/27/2006 2:17:14 PM

The retests of the lows just now left more bullish divergences. We should see a bigger bounce take hold soon, from here or after another minor new low (may be getting it as I type).

Jeff Bailey : 11/27/2006 2:13:24 PM

SPY Option Chain (CBOE only) at this Link

Jane Fox : 11/27/2006 2:12:11 PM

Careful bears TRIN is 1.81 and this is getting to really oversold. TRIN just hit 1.90

Keene Little : 11/27/2006 2:03:08 PM

The DOW, which has been relatively weaker the past week, has a little more work to do to save itself here. It needs to get back above 12169 to stay above its 20-dma but it must get back above 12220 to recover its broken uptrend line from July. This is an important break today.

Keene Little : 11/27/2006 1:55:25 PM

SPX will need to close at or above 1386 in order for it to show that it has support at its uptrend line from July and 20-dma.

Jeff Bailey : 11/27/2006 1:37:08 PM

01:10 Internals found at this Link

Jeff Bailey : 11/27/2006 1:32:07 PM

01:10 Market Watch found at this Link

Keene Little : 11/27/2006 1:29:45 PM

I think I just saw a buy program. Bullish divergences have been building so it may be time for the bigger bounce to correct some of this morning's decline.

Jane Fox : 11/27/2006 1:29:25 PM

I wish everyday could be this clear. It will take a lot of buyers to turn this around today. Link

Jane Fox : 11/27/2006 1:27:27 PM

You can sure see when the sellers arrived today. I think we will see lower lows later today. Link

Jeff Bailey : 11/27/2006 1:04:26 PM

QQQQ and NDX were only indices I track in Pivot Matrix to have gotten a trade at MONTHLY R2.

Jeff Bailey : 11/27/2006 1:03:24 PM

YM 12,147

Jeff Bailey : 11/27/2006 1:03:11 PM

QQQQ ... $43.67 -2.17% ... did get a trade at WEEKLY S2.

Jeff Bailey : 11/27/2006 12:59:14 PM

QQQQ setting up for a test back at MONTHLY R1 ($43.70). We'll get new MONTHLY Pivot Levels at Thursday's close.

Jeff Bailey : 11/27/2006 12:57:36 PM

QQQQ $43.75 -2.01% ... Daily interval bar chart where I'm dragging up my PINK retracement to Friday's close at this Link

Jeff Bailey : 11/27/2006 12:39:35 PM

Barrick Gold (ABX) $29.89 +0.47% ... tentative at the $30.00 strike.

WEEKLY Pivot Levels are $27.69, $28.69, Piv= $29.31, $30.31, $30.93

Jane Fox : 11/27/2006 12:39:31 PM

Ain't nuttin' telling me to go long.

Jeff Bailey : 11/27/2006 12:37:24 PM

StreetTracks Gold (GLD) $63.59 +0.15% ($635.90) ... a bit tentative at its early September levels.

Consecutive gap lower days really had buyers stepping away from these levels.

The reverse h/s pattern objective juuuust above at $64.00.

WEEKLY Pivot levels ... $60.78, $62.11, Piv= $62.90, $64.23, $65.02.

Keene Little : 11/27/2006 12:34:58 PM

It's beginning to look like the buying we were seeing but now in reverse--only minor consolidations before continuing lower. I suspect we'll be getting a larger bounce soon though as we're now short term oversold enough to get some short covering if a buy program or two hits.

Jeff Bailey : 11/27/2006 12:21:43 PM

RadioShack (RSH) $17.61 -2.65% Link ...

Jeff Bailey : 11/27/2006 12:20:11 PM

Circuit City (CC) $23.96 -1.19% Link ...

Jeff Bailey : 11/27/2006 12:19:25 PM

Best Buy (BBY) $55.27 +0.34% Link ...

Jeff Bailey : 11/27/2006 12:18:20 PM

HOLIDAY SALES GET OFF TO SOLID START

DJ- Shoppers splurge on flat-panel TVs and computers over Thanksgiving holiday, driving strong electronics sales. But Wal-Mart sees its weakest monthly sales in more than a decade, raising doubts about whether Christmas cheer will be widely shared.

S&P Retail Index (RLX.X) 501.16 -0.35% Link ...

Jeff Bailey : 11/27/2006 12:07:29 PM

HIGH COURT WON'T REVIVE TOBACCO RULING

DJ- Supreme Court refuses to consider reinstating a $10.1 billion tobacco judgment against Philip Morris, a unit of Altria Group. Illinois Supreme Court threw out the judgment last year in class-action lawsuit over light and low-tar cigarettes.

Jeff Bailey : 11/27/2006 12:04:40 PM

OPEC PRESIDENT EXPECTS DECEMBER CUT

DJ- OPEC president says concern by oil ministers over high U.S. stock piles could lead the group to more output cuts when it meets in December. Edmund Daukoru foresees a cut of at least 500,000 barrels a day.

Jeff Bailey : 11/27/2006 11:58:51 AM

SPY $139.00 -0.96% ... Daily interval bar chart with MONTHLY Pivot retracement, my "bullish resistance trend" (solid red) and an old "wave" resistance trend (dashed red) at this Link

Keene Little : 11/27/2006 11:49:32 AM

The break down this morning looks to me as though we have our trend change. The break of the uptrend line from November 3rd is bearish. The break of the high on November 7th tells me the wave count from November 3rd is finished and that was the rally leg that should have finished off THE rally. Currently ES is finding support at its uptrend line from July but I expect it to break soon if the top is in. Link

Jane Fox : 11/27/2006 11:47:23 AM

Nasdaq most active stocks: QQQQ MSFT CSCO INTC SIRI
NYSE most active stocks: LU F PFE NT T

Jane Fox : 11/27/2006 11:46:30 AM

Oversold can always get more oversold.

Jane Fox : 11/27/2006 11:58:46 AM

This may be overdone a tad and we may get a oversold bounce but just remember it is dangerous to be long.

Jeff Bailey : 11/27/2006 11:46:47 AM

YM 12,174

DIA 121.45 -1.00%

SPY 139.04 -0.92%

Jane Fox : 11/27/2006 11:45:30 AM

EGads AD line is -1915.

Jeff Bailey : 11/27/2006 11:45:16 AM

TRIN 1.25 -18.30% ... session high and sticks its head above WEEKLY Pivot.

Jane Fox : 11/27/2006 11:45:01 AM

I truly do not see anything in the internals that tell me we have made a bottom. AD volume is making new daily lows and the TRIN is making new daily highs.

Jane Fox : 11/27/2006 11:38:34 AM

If you are brave and want to try a long I would not pick NQ, it is the only market that does not have a bullish MACD divergence. Link

Jeff Bailey : 11/27/2006 11:37:38 AM

Toyota Motor Corp. (TM) $118.95 +0.28% Link ...

Jeff Bailey : 11/27/2006 11:36:53 AM

General Motors (GM) $30.59 -2.04% Link ...

Jeff Bailey : 11/27/2006 11:36:13 AM

Ford Motor (F) $8.31 -2.46% Link ...

Jeff Bailey : 11/27/2006 11:35:17 AM

AUTO SALES LOOK DIM FOR CHRYSLER

DJ- Preliminary data indicates industrywide sales will be 6% higher compared with November 2005, with all of the top six manufacturers reporting gains, except for Chrysler Group, which is expected to report a 3.9% drop.

DCX $58.11 -2.17% Link ...

Jeff Bailey : 11/27/2006 11:32:26 AM

SWIFT TRANSPORT REJECTS BUYOUT OFFER

DJ- Directors committee rejects an offer from Swift's largest shareholder, Jerry Moyes, to acquire the company for $29 a share cash. Trucking company will begin talks with Moyes regarding a higher price.

SWFT $28.29 +2.46% Link ...

Jane Fox : 11/27/2006 11:29:55 AM

HOUSTON (MarketWatch) -- The energy sector was mixed early Monday even as commodity prices rose after Saudi Arabia's oil minister said over the weekend that the world's largest oil producer might support another production cut.

The Amex Oil Index (XOI) was up 0.6% to 1,169.90 points as crude for January delivery climbed 67 cents to $59.91 a barrel on the New York Mercantile Exchange. The Philadelphia Oil Service Index ($OSX was off 0.1% to 200.51 points and the Amex Natural Gas Index (XNG) slipped 0.1% to 451.72 points.

The tone of the new trading week was set by comments from Saudi oil minister Ali Naimi in the London-based newspaper Al-Hayat that the leading global petroleum producer might support another output cut at OPEC's next meeting if the cutback of 1.2 million barrels a day that the cartel agreed on in November fails to stabilize prices. OPEC is due to meet Dec. 14 in Nigeria.

On the oil index, Hess Corp. (HES) blazed ahead of its peers, rising 3% to $46.66. Over the weekend, the weekly financial paper Barron's said Hess was a potential target of a leveraged buyout, citing the company's low trading multiples and high cash generation.

Marathon Oil Corp. (MRO) was the index's second best performer, adding 0.9% to $92.14.

Among the majors, Exxon Mobil Corp. (XOM) was up 0.6% to $72.81 and Chevron Corp. (CVX) gained 0.7% to $69.31.

Lagging the index, Valero Energy Corp. (VLO) was flat at $52.29.

Jane Fox : 11/27/2006 11:27:24 AM

CHICAGO (MarketWatch) - A year after the Illinois Supreme Court handed Philip Morris USA a big victory in a "lights" cigarette case, the U.S. Supreme Court rejected the plaintiff's appeal. The high court said it will not hear the case, a class action suit filed against the unit of Altria in Illinois that alleged the company defrauded people who consume "light" cigarettes by marketing them a somehow less harmful than regular ones. In its initial ruling, the trial court slapped the company with $10.1 billion in compensatory and punitive damages - a verdict that was reversed last December by the Illinois Supreme Court. Shares of Altria (MO) a component of the Dow Jones Industrial Average, were down 18 cents at $83.57.

Jeff Bailey : 11/27/2006 11:26:58 AM

WAL-MART FALLS ON NOVEMBER SALES DECLINE

DJ- Wal-Mart shares slump nearly 2% after reporting a decline in November sales for first time in 10 years. Retailer also launches its $4 generic prescription-drug plan in 11 more states, including California, Connecticut and Pennsylvania.

WMT $46.98 -1.92% Link ...

Jane Fox : 11/27/2006 11:25:06 AM

I consider the two most important internals to be the VIX and the AD volume (as if you didn't know that already) but I will always take into consideration the TRIN and the AD line to moderate my bias. Link

Keene Little : 11/27/2006 11:24:54 AM

ES is now approaching its uptrend line from July at 1388.50.

Jane Fox : 11/27/2006 11:22:35 AM

Jeff my charts show Oct 11 was the last TICK -1000. In any case it was much closer than I thought. You just don't see it that often.

Jeff Bailey : 11/27/2006 11:17:53 AM

NYSE Comp (NYA.X) 8860.77 -0.81% ... WEEKLY S1 8883.30 has been intra-day resistance sice just after 10:00 AM EST.

Jeff Bailey : 11/27/2006 11:15:35 AM

November 9, 2006 at 03:10-03:15 was last time tick fell to -1000

Keene Little : 11/27/2006 11:15:06 AM

And then again... The selling is certainly more than I had expected to see today and quickly changing the longer term picture here. It will be interesting to see where we close today.

Jeff Bailey : 11/27/2006 11:14:11 AM

11:00 Internals found at this Link

Jane Fox : 11/27/2006 11:13:51 AM

Oh my goodness TICK -1000 when was the last time we saw that!!!

Keene Little : 11/27/2006 11:13:05 AM

NQ is still probing for new lows and still building a bullish divergence at the lows. A stronger bounce shouldn't be far away. The others are more or less testing their lows.

Jane Fox : 11/27/2006 11:12:18 AM

TICKS reach -800 as the VIX makes new daily highs.

Jeff Bailey : 11/27/2006 11:04:14 AM

11:00 Market Watch found at this Link

Jeff Bailey : 11/27/2006 11:00:14 AM

YM 5-minute interval chart with QCharts' DAILY pivot levels added at this Link ... Morning action at WEEKLY S1 (or lack of it) suggests a sell bias on re-test.

Tab Gilles : 11/27/2006 10:49:59 AM

$NDX/$NAHGH/$NALOW/$NDXA200 Market finally showing weakness...has it lost momentum?

Add to short positions Profund Ultra ShortOTC (USPIX) & UltraShort Small Cap (UCPIX).

Add remaining 50% position as referred to back on 11/3 10:36 AM post. As my indicators indicated back in late July that Aug. thru Oct. would be bullish. I'm seeing an end to this rally, either a pullback or sideways in Dec.

Link

$BPNDX Link

$NASI Link

USPIX & UCPIX Link Link Entered 50% back on Nov 2nd [USPIX $14.17] & [UCPIX $15.11]

Jeff Bailey : 11/27/2006 10:48:25 AM

YM 60-minute interval chart (Pivot levels derived from High/Low/Close (not overnight, not settlement) Link

Keene Little : 11/27/2006 10:41:22 AM

NQ just made a new low but bullish divergences are starting to show up so we may be close to getting at least some kind of correction to this morning's decline.

Jane Fox : 11/27/2006 10:37:41 AM

AD volume making new daily lows is always a sign to not try getting long.

Keene Little : 11/27/2006 10:24:07 AM

NDX hasn't even pulled back to its 10-dma yet at 1795, currently trading at 1800. The RUT's 20-dma is at 774, about 6 points lower.

Jeff Bailey : 11/27/2006 10:22:31 AM

Should be some pretty strong near-term support around here on the YM. Currently 12,206 with session low so far 12,189.

Keene Little : 11/27/2006 10:20:53 AM

DOW has dropped below its uptrend line from July and pulled back to its 20-dma at 12170. SPX has a little further to go with its 20-dma at 1386 which coincides with its uptrend line.

Jane Fox : 11/27/2006 10:15:56 AM

I love it when my ducks all line up and they are certainly marching in line today.

Jeff Bailey : 11/27/2006 10:12:57 AM

YM long stop alert 12,204

Jane Fox : 11/27/2006 10:12:36 AM

Even with the TRIN at 0.85 the bears rule today.

Jane Fox : 11/27/2006 10:12:15 AM

These are telling you to not even think about been long. Link

Keene Little : 11/27/2006 10:11:32 AM

Attention Wall-Street shoppers, over in the tech aisle we have slashed prices for your shopping pleasure. Be sure to pick up your bargain today.

Jeff Bailey : 11/27/2006 10:10:41 AM

YM Long entry alert 12,216

Jeff Bailey : 11/27/2006 10:09:50 AM

YM long setup alert ... let's look for a YM long on a trade back at WEEKLY S2 and 12,216. Stop 12,204 with target of 12,256.

YM 12,220 ...

Jeff Bailey : 11/27/2006 10:02:35 AM

10:00 Market Watch found at this Link

Jane Fox : 11/27/2006 9:59:46 AM

VIX is making new daily highs and that is never good for the bulls.

Keene Little : 11/27/2006 9:59:19 AM

The DOW's uptrend line from July is at 12200 and I would expect at least a bounce from there.

Jane Fox : 11/27/2006 9:59:16 AM

Bears beward, TRIN is bullish 0.75 and well below its PDL on the other hand VIX is well above its PDH. WE may have a very choppy day today.

Keene Little : 11/27/2006 9:52:57 AM

No follow through to the buy program. In fact just the oppposite--they sold into it. YM is now hitting its uptrend line from November 3rd, and breaking as I type. Starting to look a little bearish here.

Jane Fox : 11/27/2006 9:51:56 AM

AD line is a very bearish -1024 and AD volume is well below 0 and falling.

Keene Little : 11/27/2006 9:41:44 AM

The buy programs made mince meat of whoever was trying to jump aboard that early push lower. They were actually a few minutes late this morning. Monday morning after a holiday, I guess the Boyz are still rubbing the sleep out of their eyes. Now let's see if we get some follow through to that buy program.

Jane Fox : 11/27/2006 9:28:10 AM

Gold continues it rally and broke its PDH overnight. The daily MACD is telling me this rally is going to retrace a bit at least. If the retracement breaks the 615-616 support I will no longer be bullish on gold.

Crude stayed within its PDR but did test its PDH at 60.20.

Tbonds are taking a big drop which is not surprising, MACD has been telling us this was the most likely scenario for a while now. Link

Keene Little : 11/27/2006 9:24:53 AM

At the overnight lows ER and ES have come the closest to Friday's lows. As long as those lows hold I'm thinking we'll head higher. But if we see a break down below Friday's lows then I'll be watching YM to see if it finds support at its uptrend line from November 3rd at 12260 or 22 points below its overnight low. ER might find support near 787, the bottom of its recent consolidation.

The sideways consolidation in ER looks bullish for another run higher. It might have done one of those choppy finishes to its rally and therefore a hard sell off should be viewed longer term bearish but for now I'm looking for a final rally out of the past week's consolidation and I've got a minimum upside target just above 800.

Jane Fox : 11/27/2006 9:15:52 AM

Good morning all. I am back in Washington now and don't plan on leaving again for the next 10 years (smile). My trip to Alberta was so cold.

All equity markets stayed within their previous day ranges (PDR) overnight but are making lower lows. YM's overnight low tested its PDL. Link

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