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Jeff Bailey : 12/13/2006 12:06:05 AM

YM07H 60-minute interval chart with FINAL MONTHLY Pivot Level/retracement calibration at this Link

Jeff Bailey : 12/12/2006 11:45:50 PM

YM Daily/Weekly/Monthly pivot levels at this Link

Jeff Bailey : 12/12/2006 11:41:26 PM

YM07H ... final MONTHLY Pivot adjustment/calibration. On 11/03/06 at 01:37 PM EST, this contract ticked 2 contracts at 12,059. At that time, the YM06Z traded 12,010.

Session low for the YM06Z on 11/03/06 was 11,991.

I add back the 49 points to 11,991 and derive a YM07H low of 12,040.

Keene Little : 12/12/2006 11:28:59 PM

Wednesday's pivot tables: Link and Link

Jeff Bailey : 12/12/2006 11:05:30 PM

Daily/Weekly/Monthly Index Pivot Matrix for tomorrow at this Link

TRIN traded Tuesday's DAILY R2 of 1.62 and did not trade below 1.00, or DAILY Pivot of 1.08.

DIA traded below its DAILY S2 ($122.84) and a penny above its DAILY Pivot of $122.32.

SPY traded its DAILY S2 $141.01 and just above its DAILY Pivot ($141.75)

Could be a wild one tomorrow as correlation abound at DAILY S2/WEEKLY S1 and DAILY R2/WEEKLY R1.

Jeff Bailey : 12/12/2006 10:23:59 PM

Per some of today's MM commentary ... TRIN and VIX.X should be used in combination with each other by day traders.

A couple of days ago, VIX.X was "great" and best indicator for market direction. Use those pivot levels with TRIN. Remember, TRIN "resets" each trading day. 1.00 is waterline, or level where buy/sell is equally matched.

OI Technical Staff : 12/12/2006 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The Market Monitor has been archived.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 : 12/12/2006 9:36:21 PM

NYSE Summation Index ($NYSI) 10-point box still in column of X to 1,130, current measure 1,112.27.

Jeff Bailey : 12/12/2006 9:33:26 PM

NASDAQ Summation Index ($NASI) 10-point box chart gives first "sell signal" since "buy signal" on 08/18/06. Link

On August 18, 2006 the NASDAQ Comp (COMPX) 2,431.60 Link closed at 2,163.95 (+12.36%). The narrower NASDAQ-100 (NDX.X) 1,781.97 Link closed at 1,576.46 (+13.04%).

Jeff Bailey : 12/12/2006 8:49:18 PM

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

Note: Red Hat moves to NYSE. There was some chatter a couple of weeks ago that the company may be looking to sell itself, with IBM mentioned as a possible buyer. Red Hat's move to the big board may give some credence to those rumors. (BGO moves from AMEX to NYSE on 07/14/06, then gets bought by KGC on 11/06/06). I believe that RHT must eventually partner with a stronger company in order to survive. I would remain bearish the name Red Hat, but suggest no short positions in the underlying without call option protection. Volatility/premiums are low with VIX.X 10.65.

Jeff Bailey : 12/12/2006 8:03:15 PM

Closing Internals found at this Link

Jeff Bailey : 12/12/2006 4:55:21 PM

Closing U.S. Market Watch found at this Link

Jeff Bailey : 12/12/2006 4:39:01 PM

CME August Housing Futures from 10/27/06 at this Link

CME August Housing Futures from 11/30/06 at this Link

CME August Housing futures from today at this Link

Jeff Bailey : 12/12/2006 4:28:37 PM

CME May Housing Futures from 10/27/06 at this Link

CME May Housing Futures from 11/30/06 at this Link

CME May Housing Futures from today at this Link

Keene Little : 12/12/2006 4:05:04 PM

YM is sporting the same sideways triangle potential as ES and the pattern calls for another pullback before it's ready for the rally to a new high. Watch for resistance at the top of the triangle near 12430 and then the pullback tomorrow, possibly back to today's lows. Link

This pattern suggests we won't see much movement before expiration which is a little unusual from what we've seen in the past several months. That might be as much a result of funds not chasing the market higher but instead content to see it hold its gains into the end of the year.

Keene Little : 12/12/2006 3:57:03 PM

We had a bigger price swing Before the FOMC announcement than the one post-FOMC. The lack of price action during opex is a little surprising but we'll have to see if Wednesday is the more active day, which is often the case. Today was another throw-away day and continues the consolidation since last week's highs.

Jeff Bailey : 12/12/2006 3:47:55 PM


DJ- President, about to wrap up an intense effort to arrive at a new course for Iraq, now is likely to lay out his plan to the nation early next year instead of before Christmas, a senior White House official says.

Jeff Bailey : 12/12/2006 3:44:23 PM


DJ- Richard K. Davis, new head of the sixth-largest U.S. bank by market value, says investors have boosted bank stocks in the belief that the Fed will cut interest rates, easing pressure on lending margins. But he doesn't see that happening in 2007.

Jeff Bailey : 12/12/2006 3:20:42 PM

GE Reaffirms Fourth-Quarter And Full-Year 2006 EPS Guidance

Sees Double-Digit EPS Growth For 2007

Boosts Qtr Div To 28c/Shr From 25c

Sees Double-Digit EPS Growth In 2006

Sees 4Q EPS Growth Of 13-16% To 62c-64c/Shr

Sees 2006 EPS Growth Of 15-16% To $1.97-$1.99

Sees 2007 EPS Up 10-13% To $2.17-$2.23

Jeff Bailey : 12/12/2006 3:17:45 PM

General Electric (GE) $35.90 +1.87% ... surging after updating quarterly guidance.

Jeff Bailey : 12/12/2006 3:14:43 PM

03:00 Internals found at this Link

Jeff Bailey : 12/12/2006 3:04:03 PM

03:00 Market Watch found at this Link

Jeff Bailey : 12/12/2006 3:03:22 PM

U.S. Dollar Index (dxy) alert 82.96 (30-minute delayed) ... WEEKLY Pivot here.

Jeff Bailey : 12/12/2006 2:58:47 PM

Buy Program Premium ... YM 12,409 : SPY $141.60

Keene Little : 12/12/2006 2:56:07 PM

Price action continues to be very choppy and I see the possibility for it to drop near today's lows before getting another choppy rally back up to the top of the sideways triangle I showed for ES (near 1426.75), probably tomorrow. Then another pullback before setting up the next (choppy) rally leg higher. In other words it could be some ugly trading for the next several days.

Jane Fox : 12/12/2006 2:48:18 PM

SAN FRANCISCO (MarketWatch) -- Fannie Mae (FNM) on Tuesday said it filed a complaint with the Superior Court of the District of Columbia against KPMG LLP for negligence and breach of contract. KPMG was Fannie Mae's former outside auditor.

Jeff Bailey : 12/12/2006 2:39:49 PM

SPY Dec $142 Calls (SFB-LL) $0.25 x $0.30

Jane Fox : 12/12/2006 2:39:19 PM

NEW YORK (MarketWatch) -- U.S. stocks came off their worst levels Tuesday after the Federal Reserve left key rates unchanged at 5.25% and said some inflation risks remain in the economy. "The market is rallying because there were really no surprises except that we had sold off to the degree we had before the announcement," said Stephen Sachs, head of trading at Rydex Investments. The Fed altered some of the language in its accompanying statement, "but the themes are the same -- yes, the economy has slowed and housing is a big drag, but inflation while elevated is under control. And the Fed is on hold for the foreseeable future," he said. The Dow Jones Industrial Average ($INDU) was last down 14 points at 12,314, compared with 12,289 before the decision.

Jeff Bailey : 12/12/2006 2:37:41 PM

Sell Program Premium ... YM 12,386 : SPY $141.35

Keene Little : 12/12/2006 2:30:17 PM

Nice little rally. Would it have anything to do with the Boyz and their call-buying exercise during this morning's spike down? Could be. But based on the internal price action during the past 3 days I wouldn't be surprised to see more consolidation before we see an upside resolution. The sideways triangle idea shown on this ES 60-min chart has resistance at 1427 which is where I'll be watching for a potential pullback to the bottom of the triangle before setting up the long play. Link

Jeff Bailey : 12/12/2006 2:25:11 PM

VIX alert ... 10.67 -0.37% ... lows of the month.

Jane Fox : 12/12/2006 2:24:35 PM

TICKS +1000

Jeff Bailey : 12/12/2006 2:23:02 PM

Buy Program Premium ... YM 12,414 : SPY $141.59

Jeff Bailey : 12/12/2006 2:20:14 PM

Buy Program Premium YM 12,396 : SPY $141.35

Jane Fox : 12/12/2006 2:18:26 PM

* Richmond Fed's Lacker dissents for fourth straight meeting
* FOMC says housing cooling has been 'substantial'
* FOMC says despite mixed data, moderate growth seen
* FOMC says recent economic data has been mixed
* FOMC repeats core inflation 'elevated'
* FOMC maintains informal tightening bias

Jeff Bailey : 12/12/2006 2:16:34 PM

FOMC 10/24-10/25 Statement Link

Jeff Bailey : 12/12/2006 2:15:40 PM

FOMC Statement Link

Jeff Bailey : 12/12/2006 2:14:55 PM

FOMC Keeps Target for Fed Funds at 5.25%

Jeff Bailey : 12/12/2006 2:04:46 PM

YM07H 12,385 ... 60-minute interval chart I (Jeff Bailey) will be trading from. Using +90 point calibration to December's contract. Link

Keene Little : 12/12/2006 1:59:02 PM

ER's consolidation over the past 90 minutes looks like a shallow bear flag pattern. That one suggests we'll see a move lower this afternoon.

Keene Little : 12/12/2006 1:52:57 PM

It'll sure be nice to get this FOMC hold on the market behind us. Then we can get back to good ol' opexantics to trade.

Keene Little : 12/12/2006 1:37:57 PM

ES and YM are back to their weekly pivots (1421.25 and 12384) so we'll see if they now act as resistance.

Jeff Bailey : 12/12/2006 1:17:34 PM

01:00 Internals found at this Link

Jane Fox : 12/12/2006 1:14:45 PM

Also take a look at the TRIN - testing daily highs.

Jane Fox : 12/12/2006 1:14:00 PM

WE had a nice bounce off the bottom but take a look at the AD volume - new daily lows. I don't think we have much more upside.

Jeff Bailey : 12/12/2006 1:04:54 PM

01:00 Market Watch found at this Link

Jeff Bailey : 12/12/2006 12:53:09 PM

EIA: OPEC 10 November Crude Output -430,000 B/D vs. Oct Levels

DJ- The Organization of Petroleum Exporting Countries sharply reduced output in November as most members complied with a recent production cut agreement, the federal Energy Information Administration said Tuesday.

The 10 OPEC members subject to production quotas produced an average of 26.97 million barrels a day in November, compared with a production target of 26.3 million barrels a day and an average of 27.4 million barrels a day produced in October, the EIA said in its monthly Short-Term Energy Outlook.

"OPEC oil production is expected to be reduced by about 0.8 million b/d in November and December" in the wake of OPEC's agreement in October to cut output by 1.2 million b/d, the EIA said.

Most members complied with the agreement, with Kuwait reducing output by 100,000 b/d to 2.5 million b/d, United Arab Emirates producing 100,000 b/d less oil, Libya and Algeria together cutting 110,000 b/d in production, and Qatar and Iran trimming output by a combined 85,000 b/d.

Saudi Arabia's October production was revised down to 8.8 million b/d from 9.2 million barrels to account for the oil kingdom's early decision to trim production.

Venezuela and Nigeria, which aggressively pushed for the production cut, left their output unchanged.

Including Iraq, which is not subject to OPEC's quota system, the cartel produced 28.97 million barrels a day of oil in November, down from 29.46 million b/d in October, the EIA said.

OPEC, faced with bulging stockpiles and falling prices, agreed in October to cut production by 1.2 million barrels a day to 26.3 million b/d.

OPEC ministers meet again Thursday in Abuja, Nigeria, to consider adopting another output cut.

Keene Little : 12/12/2006 12:47:45 PM

Seeing big bears like Merrill Lynch's Richard Bernstein throw in the towel could be a good contrarian sign that the market is about to top out.

Jeff Bailey : 12/12/2006 12:43:54 PM

Merrill's Top Strategist Surprises With Bullish Stance

DJ- In a major shift in sentiment, one of Wall Street's most bearish stock strategists is now calling for stocks to reach record highs.

Richard Bernstein, Merrill Lynch & Co.'s chief investment strategist, has significantly boosted his 12-month price target for the Standard & Poor's 500 Index to a level that would place it at a record high.

The S&P 500 should rise to 1570, or by about 12%, Bernstein said. The level is up by almost 100 points from his earlier projection of 1488 and would handily top 1527, the index's all-time peak, dating back to 2000. The S&P is currently around 1405.

With the shift in sentiment, Bernstein goes from having one of the lower S&P price targets on Wall Street to being one of its biggest bulls. He is even above Goldman Sachs' perennial bull Abby Joseph Cohen, whose own expectation is 1550, and behind only Prudential Equity Group's Ed Keon, whose target is 1600, according to a survey of strategists in this week's Barron's, published by Dow Jones & Co. (DJ), publisher of this newswire.

Indeed, Bernstein's move is a sea change. He is taking a more bullish stance for the first time in the new millennium. Before now, the strategist stayed with single-digit projections for S&P 500 growth.

Bernstein felt there was too much speculation in the market, Wall Street was too upbeat about equities, valuations were too high and companies were facing a slowdown in earnings growth that would have an impact on investors.

But now he feels equities have more to offer, even after their recent strong ascent, as more muted inflation has mollified investors and momentum remains in force.

Prudential's Keon said he was happy that another major Wall Street strategist, especially one who wasn't all that upbeat about equities, has upgraded his opinion, especially now.

"I feel investors will be well-rewarded by stocks in 2007," Keon said.

Jane Fox : 12/12/2006 12:27:52 PM

* Nasdaq decliners outnumber advancers down 19 to 9
* NYSE decliners outnumber advancers 21 to 11

Jeff Bailey : 12/12/2006 12:24:42 PM

EIA: China 1Q 07 Oil Use Seen At 7.6M B/D, +5.6% On Yr

Jeff Bailey : 12/12/2006 12:24:21 PM

EIA World 2Q 07 Oil Use -1.6MB/D Vs 1Q; Less Than In 06

Jeff Bailey : 12/12/2006 12:23:50 PM

EIA Sees World 1Q Oil Use +1.7% On Yr Ago At 86.5M B/D

Jeff Bailey : 12/12/2006 12:23:00 PM

EIA Sees World 4Q Oil Use +1.9% Vs Yr Ago At 87.1M B/D

Jeff Bailey : 12/12/2006 12:22:40 PM

EIA Sees US 1Q Oil Use 2.6% Over Yr Ago At 20.91M B/D

Jeff Bailey : 12/12/2006 12:22:15 PM

EIA Sees US 4Q Oil Use +1.2% on Yr At 21.05 Million B/D

Keene Little : 12/12/2006 12:22:11 PM

I also wouldn't be a bit suprised if this move down is being engineered to suck in some bears while the Boyz load up on some very cheap December call options in preparation for jamming the market higher later today and tomorrow. Obviously that's just speculation but it would fit the pattern of what we've seen the past several opex weeks.

Keene Little : 12/12/2006 12:16:06 PM

The other thing to keep in mind is that this is opex week and sharp moves can be simply the result of squaring of positions and not necessarily the start of a larger move.

Jane Fox : 12/12/2006 12:15:45 PM

* EIA sees surplus crude output capacity up slightly in '07
* EIA still sees world oil demand up 1.5M bbd in 2007
* EIA sees U.S. petroleum consumption up 0.3M bbd in 2007

Keene Little : 12/12/2006 12:12:08 PM

The selling is suddenly picking up some speed. It's tough to tell whether this means anything or is just a little fear in front of FOMC.

Jane Fox : 12/12/2006 12:11:42 PM

What the heck did the FED announce something early?

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

TICKS -800

Jeff Bailey : 12/12/2006 12:10:48 PM

DIA $122.88 -0.37% ... trades WEEKLY Pivot.

Jeff Bailey : 12/12/2006 12:10:20 PM

SPY 141.32 -0.35% ... trades WEEKLY Pivot.

Keene Little : 12/12/2006 12:09:39 PM

ES and YM are testing their weekly pivots (1421.25 and 12384, resp.).

Jane Fox : 12/12/2006 12:01:20 PM

Not an environment in which you want to be long. Link

Jeff Bailey : 12/12/2006 11:45:58 AM

IPOs Expected to Price This Week

Affymax Inc. - 3.5 million shares expected Thursday via Morgan Stanley. Price talk: $22 to $24.

Altra Holdings - 10 million shares expected Thursday via Merrill Lynch. Price talk: $14 to $16.

Artes Medical Inc. - 4.6 million shares expected Wednesday via Cowen & Co. and Lazard Capital. Price talk: $12 to $14.

Atlas Energy Resources LLC - 6.325 million shares expected Tuesday via UBS. Price talk: $19 to $21.

Cal Dive International Inc. - 22.17 million shares expected Wednesday via Banc of America and JP Morgan. Price talk: $14 to $16.

Carrols Restaurant Group Inc. - 15 million shares expected Thursday via Wachovia and Banc of America. Price talk: $14 to $16.

Double-Take Software Inc. - 7.5 million shares expected Thursday via Cowen & Co. and Thomas Weisel Partners. Price talk: $9 to $11.

Genesis Lease Ltd. - 27.86 million shares expected Thursday via Citigroup and JPMorgan. Price talk: $21 to $23.

Guidance Software Inc. - 5 million shares expected Wednesday via Morgan Stanley and Lehman Brothers. Price talk: $12.50 to $14.50.

IPG Photonics Corp. - 9 million shares expected Tuesday via Merrill Lynch and Lehman Brothers. Price talk: $13.50 to $15.

Isilon Systems Inc. - 8.35 million shares expected Wednesday via Morgan Stanley and Merrill Lynch. Price talk: $8.50 to $9.

MEDecision Inc. - 5.5 million shares expected Tuesday via Cowen & Co. Price talk: $11.50 to $13.50.

NewStar Financial Inc. - 11 million shares expected Wednesday via Goldman Sachs and Morgan Stanley. Price talk: $15 to $17.

Obagi Medical Products Inc. - 5.35 million shares expected Wednesday via JPMorgan. Price talk: $13 to $15.

Teekay Offshore Partners LP - 7 million shares expected Wednesday via Citigroup and Merrill Lynch. Price talk: $19 to $21.

US BioEnergy Corp. - 9.38 million shares expected Thursday via UBS and Piper Jaffray. Price talk: $15 to $17.

WSB Financial - 2.3 million shares expected Wednesday via DA Davidson.

Keene Little : 12/12/2006 11:39:05 AM

The little sideways consolidation since yesterday morning's high looks bullish for another run higher. As I play with some Fib projections and trend lines for ES I see the possibility for it to rally up to a projection zone between 1432 and 1437 which could perhaps maybe quite possibly be the end of the rally. The wave count fits so if price plays out as depicted here that's when I'll be looking for a short play to set up. Link

Jane Fox : 12/12/2006 11:34:37 AM

VIX hanging around daily lows does not support the AD volume hanging around daily lows. Internals not in sync and you should not be trading.

Jane Fox : 12/12/2006 11:20:13 AM

I fixed the link in my last post.

Jane Fox : 12/12/2006 11:19:53 AM

Here is how the markets are trading in relation to their PDRs. Link

Jeff Bailey : 12/12/2006 11:15:28 AM

11:00 Internals found at this Link

Keene Little : 12/12/2006 11:05:50 AM

Actually in percentage terms the techs and small caps are weaker this morning than the big caps. But YM is making new daily lows while the others hold above their lows.

Jane Fox : 12/12/2006 11:04:08 AM

* Nasdaq most active stocks: ONNN SUNW NUVO MSFT YHOO
* NYSE most active stocks: F BBY GLW TXN C

Jeff Bailey : 12/12/2006 11:03:10 AM

11:00 Market Watch found at this Link

Keene Little : 12/12/2006 11:02:34 AM

The DOW is now the weak sister this morning and is threatening to break its uptrend line from December 1st. I don't see enough strength here to get me interested in being long and I don't see enough weakness to get me short. I still think we'll see an upside resolution out of this but it could wait until post-FOMC.

Jane Fox : 12/12/2006 10:57:14 AM

Ad volume to new daily lows.

Keene Little : 12/12/2006 10:53:30 AM

Somebody's kicking butt over in the Transports--TRAN is down 1.3% this morning and about to test the December 1st lows.

Jeff Bailey : 12/12/2006 10:49:55 AM

Red Hat symbol change on the Mar 12.50 Puts is RHT-OV

Jeff Bailey : 12/12/2006 10:33:28 AM

Goldman Sachs (GS) $203.00 +0.22% Link ... Earnings Press Release Link

Consensus was for EPS of $6.00 on revenue of $8.81B

Keene Little : 12/12/2006 10:30:06 AM

Watching NQ, ES and YM 1-min charts side by side is a quick way for me to see when program trading is ruling the house. So far this morning I'm not seeing evidence of much program trading. The flopping around this morning tells me the Boyz are taking a rest and we're dealing with smaller parties duking it out here. Probably should be sitting on the sidelines with the Boyz. Being long is still the best play I see here but it sure needs to get started to the upside soon.

Jeff Bailey : 12/12/2006 10:24:25 AM

Trade Deficit Falls As Oil Prices Drop

AP Story Link

Keene Little : 12/12/2006 10:15:47 AM

Support is still holding for ES and YM by their uptrend lines and is a good time to try a long based on that support (can keep your stop tight) but this will need to get a bounce going soon otherwise I don't think support will hold there.

Keene Little : 12/12/2006 10:05:14 AM

NQ has suddenly given up its morning spike and is now making new daily lows.

Jeff Bailey : 12/12/2006 10:05:10 AM

10:00 Market Watch found at this Link

Keene Little : 12/12/2006 10:01:55 AM

YM is the closest to either holding or breaking its uptrend line from December 1st at 12407. If that breaks then the next support level I see is a Fib projection for this move down at 12389. This is also right in between its 30-min 100-pma at 12394 and 130-pma at 12383.

Keene Little : 12/12/2006 9:54:43 AM

So far we're just banging around in a very tight range. But the price pattern makes me think we're going to see an upside resolution out of this and potentially soon. I wouldn't want to short it here but watch the uptrend lines from December 1st--which are being tested this morning for ES and YM.

Jeff Bailey : 12/12/2006 9:53:33 AM

American Eagle Outfitters (AEOS) $47.69 -0.52% ... replaces Red Hat in NASDAQ-100.

Jeff Bailey : 12/12/2006 9:50:57 AM

Red Hat (NYSE:RHT) $16.33 +0.67% ... begins trading on NYSE.

Jane Fox : 12/12/2006 9:49:16 AM

AD volume is telling me "Don't even think long."

Jane Fox : 12/12/2006 9:47:59 AM

TRIN is now falling and making new daily lows. This internal is the most unreliable of all the internals. You need to watch it but don't make any kind of trading decisions based on it.

Jane Fox : 12/12/2006 9:45:22 AM

The internals are not telling me much but based on the tajectory of the AD volume I have to say the bears have the ball.

Jane Fox : 12/12/2006 9:44:12 AM

Wow TRIN is now 1.45 and has hit a high of 1.63

Jeff Bailey : 12/12/2006 9:43:55 AM

Sector Seasonality graph at this Link

Jane Fox : 12/12/2006 9:43:18 AM

VIX is midrange to its PDR and not giving any hints either.

Jane Fox : 12/12/2006 9:41:48 AM

* NYSE decliners outnumber advancers 13 to 12
* Nasdaq decliners outnumber advancers 12 to 11

Jane Fox : 12/12/2006 9:40:31 AM

AD line is -59 but climbing and AD volume is below 0 and falling. No hints here other than about as neutral as you can get.

Keene Little : 12/12/2006 9:40:22 AM

Yesterday morning and this morning we saw NQ driven down hard right after the open to then get reversed hard and head for new morning highs. Games being played. Relative to the others though NQ still looks the weakest.

Keene Little : 12/12/2006 9:27:21 AM

The tight trading range overnight tells us we could see the same thing continue this morning as the market stays on hold in front of the FOMC meeting. Not much to do but wait with the rest of them.

Jane Fox : 12/12/2006 9:04:34 AM

I am bullish on Gold and this chart supports that bullishness as long as it stays above the 625-628 support. The weak dollar also supports a strong Gold market. Link

Jane Fox : 12/12/2006 8:48:53 AM

After reading about the narrowing trade gap I expected to see the overnight futures markets skyrocketing but all they did was a great big yawn. Maybe this market is just plain Jane tired. Link

Jane Fox : 12/12/2006 8:45:10 AM

Nasdaq (NDAQ) launched its hostile $5.3 billion bid for the London Stock Exchange and cut the shareholder acceptance level for the bid to become unconditional to 50% from 90%.

Jane Fox : 12/12/2006 8:44:32 AM

Goldman Sachs (GS) said its fourth quarter net income rose 93% to $3.15 billion, or $6.59 a share on $9.4 billion of revenue. Earnings per share and revenue both surpassed analyst estimates as capital market advances, strong advisory fees and big gains on proprietary investments lifted the Wall Street giant's earnings. Analysts had expected the firm to earn $6.04 cents a share on revenue of $8.96 billion.

Jane Fox : 12/12/2006 8:43:48 AM

LONDON (MarketWatch) -- Shares in Bloomsbury Publishing, known for the Harry Potter book series, dropped more than 29% in a slightly lower London market after the company warned late Monday that its profit for this year could fall below market expectations.,p> Bloomsbury (UK:BMY said lower-than-expected retail sales in the run-up to Christmas will contribute to pretax profit of about 5 million pounds ($9.8 million).

As a result, analysts at Numis Securities cut their 2006 pretax profit estimate from 20 million pounds to 5 million pounds to reflect the reduced guidance.

"This update will come as a shock to the market, as investors have enjoyed a positive upgrade cycle in the past, driven by the success of Harry Potter," the analysts said

Jane Fox : 12/12/2006 8:41:11 AM

Dateline WSJ - Goldman posts quarterly profit of $3.15 billion, or $6.59 a share, on revenue of $9.41 billion. Full article coming soon.

Jane Fox : 12/12/2006 8:40:36 AM

WASHINGTON (MarketWatch) - The U.S. trade deficit narrowed sharply in October, a government report showed Tuesday.

The nation's trade deficit narrowed 8.4% in October to $58.9 billion from $64.3 billion in September, the Commerce Department said.

This is the smallest trade gap since August 2005. The one-month improvement in the deficit is the biggest since December 2001

The narrowing of the deficit was much larger than expected. Analysts surveyed by MarketWatch had expected the deficit to narrow to $63.1 billion.

The improving deficit will be a boost to economic growth in the fourth quarter.

For the first ten months of the year, the trade gap is $643.4 billion. This is still above the record pace of 2005

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