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Jeff Bailey : 8/3/2007 12:22:12 AM

YM Pivot Matrix found at this Link

YM Close/Settle via CBOT Link

CBOT's YM close (the actual exchange) was 13,531. REGULAR SESSION highs and lows (which will tie closer to DIA) is what I and most YM traders (especially those computers that are hedging YM-related positions) use on a daily basis are found in my YM Pivot matrix.

Note: YM closed smack on its MONTHLY Pivot.

Keene Little : 8/2/2007 11:10:49 PM

Friday's pivot tables: Link and Link

The DOW, SPX and even the RUT price patterns look like they need more rally on Friday before starting a pullback into early next week (which should be followed by another leg up).
DOW: Link
SPX: Link
RUT: Link
I don't know how far the bounce will get but I'm showing a large one into next week just to show the potential. As the rally develops then I should be able to get a better idea how far it might go (including whether or not it's looking like it could give us a new high).

NDX ran into resistance when it bumped its head against the broken uptrend line from March and the 38% retracement level: Link This one looks like it could pull back right away on Friday and then another leg up early next week. So we'll have to see who pulls who in what direction.

Jeff Bailey : 8/2/2007 10:33:15 PM

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

OI Technical Staff : 8/2/2007 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The Market Monitor has been archived.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 : 8/2/2007 8:11:59 PM

NYSE NH/NL Ratio Chart at this Link

"f"ive day and (X,O) 10-day NH/NL ratio measures.

"f"ive day's most recent sell signal at 40% came on 7/25/07. 10-day's most recent sell signal at 52% came on 7/26/07.

Jeff Bailey : 8/2/2007 6:01:17 PM

YM 10-minute interval chart Link

RUT.X 10-minute interval chart Link

From BIG and NARROW, to SMALL and BROAD.

See today's MM postings as in between is the SPX/SPY. It's LARGE, but it is also rather broad.

Jeff Bailey : 8/2/2007 5:33:49 PM

Closing U.S. Market Watch found at this Link

Jeff Bailey : 8/2/2007 5:33:29 PM

INterNET bullish % reversed lower to "bull correction" in early July at 54% and has slipped further to 47.14% as of Thursday night.

Needs a reversing higher measure of 54% to get back into "bull confirmed" status. Currently would have to fall to 28% ... there it is again ... and below the July'06 low measure of 30%.

Jeff Bailey : 8/2/2007 5:33:24 PM

Google (GOOG) $4 box Link

Jeff Bailey : 8/2/2007 5:33:09 PM

Closing Internals found at this Link

Go ahead and use today's A/D lines, TRIN and TRINQ for the Internal Trivia.

Remember though, a stock that was up $0.01 still counts as an advance. One that's down $0.01 counts as a decliner.

However, from the point and figure and INSTITUTIONAL perspective, these might not equate to MEANINGFUL moves.

Don wanted to get in the mindset of how institutions view things, so here's an opportunity.

I do think a penny here, a penny there over time adds up. That's what the NYSI Link and $NASI Link help address.

Good gravy! There it is again June'06 and July'06.

Jeff Bailey : 8/2/2007 4:47:06 PM

Research in Motion (RIMM) $224.07 +8.66% Link ... During Tuesday's evening futures session, I would think bears were licking their chops. When they woke up in the morning, futures had recovered notably.

Some meaningful sign of demand today with a 3-box reversal higher.

Keene Little : 8/2/2007 4:44:32 PM

The other update I owe you is for GOOG. It continues to consolidate after getting slammed down. I expect another leg up to finish a 2nd wave correction and the 530 area looks like it should be a good setup to try a short. A 50% retracement of the decline is at 528 and a 50% retracement of its gap is at 530. If GOOG bounces up to this level watch for a short play. Link

Jeff Bailey : 8/2/2007 4:43:06 PM

Internal Trivia .... Later tonight I'll get some information regarding today's supply/demand action.

Here's Wednesday's recap Link

How many NYSE listed stocks to you think continued to rise an additional box on the PnF chart today? Yesterday was 79. How many do you think continued to fall another box? Yesterday was 726.

How many NYSE-listed stocks do you think gave new buy signals today? How many new sell signals?

How many NYSE-listed stocks do you think saw a 3-box reversal higher (like the SPX chart) today? How many NYSE-listed stocks do you think saw a 3-box reversal lower?

NASDAQ?

Optionable?

Keene Little : 8/2/2007 4:41:37 PM

Here's the CME update I pormised and am late in providing. (Forgive me, I have a plane to build--wink). The daily chart shows a bunch of overlapping moves which makes the whole thing since the January high look like one big correction. That interpretation calls for a new leg down (dark red bearish count) with the key level as its last low at 543: Link

If it makes a new high above the bullish key level near 576 then it's in some kind of bullish wave count which for the life of me escapes me as to what it could be. But respect a break to a new high.

The weekly chart shows how the bearish wave count could unfold. A Fib projection down to 439 would be typical for the kind of A-B-C pattern I think it's been in since January (an expanded flat correction where the 2nd leg down usually goes to 162% of the 1st leg). Needless to say that would make for a great short play from here. Link

The bullish wave count on the weekly chart is a little different than the one on the daily chart and has a higher upside potential. But again, I don't like the bullish side here since I'm forcing a wave count to make it look right.

Jeff Bailey : 8/2/2007 4:22:03 PM

OK! ... Link

SPX chart from Monday evening's wrap should have two (2) additional "O" to 1,440.

Did it trade 1,430 today?

No.

Did it see a 3-box reversal higher to 1,470?

Yes.

1,480?

No

Chart X from 1,450 up to 1,470 and stop charting.

Jeff Bailey : 8/2/2007 4:07:48 PM

CHARTING TRENDS

DJ- Hong Kong Dollar Finds Downtrend's End ... This year's impressive downtrend of the Hong Kong dollar against the U.S. dollar has come to an end, charts say. Moreover, traders evidently have a low-risk opportunity in this market because a counter-trend move, which is likely, hasn't yet built momentum, writes Stephen Cox.

Jeff Bailey : 8/2/2007 4:06:17 PM

FED NOMINEES SAY SUBPRIME HASN'T HIT ECONOMY

DJ- Nominees for the Federal Reserve Board are challenged by the head of a key Senate panel on their assertions that problems in the subprime mortgage market haven't spilled over into the broader economy.

Jeff Bailey : 8/2/2007 4:02:04 PM

Dow Jones Corporate Bond Index (DJCORP) at this Link

PRICE action here VERY SIMILAR to that found in May/June'06.

Jeff Bailey : 8/2/2007 3:58:12 PM

Good gravy! ... the more observation I make, the more I become convinced.

Jeff Bailey : 8/2/2007 3:56:32 PM

$10B CHRYSLER AUTO MAY HIT MARKET IN 3 MONTHS

DJ- Bankers are expected to bring $10 billion of Chrysler Automotive's loans back to the market in the next two to three months, after postponing the sale of $12 billion of the debt last week. They plan to fund the bulk of the deal from their own pockets for the near term.

Jane Fox : 8/2/2007 3:49:42 PM

Economic reports out tomorrow include:

8:30a.m. July Nonfarm Payrolls. Expected: +135K. Previous: +132K.

8:30a.m. July Unemployment Rate. Expected: +4.5%. Previous: +4.5%.

10:00a.m. July ISM Non-Manufacturing Business Index. Expected: 59.0. Previous: 60.7.

Jeff Bailey : 8/2/2007 3:48:28 PM

Mmmm, mmm, mmmm ... check out the INDU and the intra-day pattern it begins to develop! WEEKLY Pivot is the neckline.

Jeff Bailey : 8/2/2007 3:45:48 PM

Last 2 and current WEEKLY Pivot Matrix found at this Link ... INDU did just trade WEEKLY Pivot.

Jeff Bailey : 8/2/2007 3:40:22 PM

Thinking ... could have $1 near-term upside RISK in SPY (from short/put perspective).

Need to keep eye on RUT.X. DO NOT want it to show strength from the bottom.

Keene Little : 8/2/2007 3:38:44 PM

Starting the next leg up. Updating the SPX 60-min chart now shows where two equal legs up would take it, which would be just shy of a 50% retracement. Then a big pullback for wave-B and then a wave-C rally into next week. This is obviously speculation on my part but it would be a great pattern to set up the short play next week. If SPX rallies up to the Fib projection just above 1494 (tomorrow) then you'll want to be looking for a short scalping opportunity. Link

Jeff Bailey : 8/2/2007 3:38:37 PM

SPY $147.24 +0.54% ...

Jeff Bailey : 8/2/2007 3:38:10 PM

VIX alert! ... 21.57 -8.87% ... WEEKLY Pivot here.

Jeff Bailey : 8/2/2007 3:29:23 PM

Nice buy program kicking in.

Jeff Bailey : 8/2/2007 3:25:31 PM

Russell 2000 (RUT.X) ... daily interval bar chart with "nested" retracement at this Link

Jeff Bailey : 8/2/2007 3:19:56 PM

I'd better post the RUT.X chart.

Jeff Bailey : 8/2/2007 3:18:45 PM

Jane ! Bullish % are all "bear phase" right now.

Jeff Bailey : 8/2/2007 3:16:09 PM

03:00 Internals found at this Link

Jeff Bailey : 8/2/2007 3:04:15 PM

03:00 Market Watch found at this Link

Jeff Bailey : 8/2/2007 3:01:20 PM

Valero Energy (VLO) $1 box chart Link

Energy futures from 5/11/07 to 7/13/07 Link

Jeff Bailey : 8/2/2007 2:44:48 PM

RUT.X above 785.55 is a starting point.

Jane Fox : 8/2/2007 2:44:24 PM

The fact that the market is stuggling so much here and not rebounding like a bull market should tells me we may see further downside before we see the rebound.

Keene Little : 8/2/2007 2:43:09 PM

I've said that I'm going to be looking for clues in the bounce off yesterday's low to tell me whether or not the bounce will be just a correction of the decline or the start of another rally leg to new highs. It's very early in the bounce so I may be getting ahead of myself but today's consolidation gives me the impression that we're going to get a correction of the decline and not a new rally leg.

For the correction scenario I'm looking for an A-B-C move up over the next week and wave-A can be a 3-wave or 5-wave move. For wave-A we've had one leg up and now a sideways consolidation that looks like it's going to be a sideways triangle type consolidation (that should finish with the current little pullback and then start the next leg up).

The significance of the little sideways triangle is that they're found in a 4th wave position or a b-wave. So this tells me we'll have a 3-wave move up for wave-A and that means it will be the first part of the A-B-C correction rather than the start of a new rally leg.

As I said, it's very early in the bounce but so far that's the message I'm getting from the pattern. This would set up the outstanding short postion next week. But for now, look to buy the dips.

Jeff Bailey : 8/2/2007 2:43:03 PM

"boing" SPY $146.42 ...

Jeff Bailey : 8/2/2007 2:42:33 PM

RUT.X 777.58 -0.04% ... 80.9% is 778.34.

Jeff Bailey : 8/2/2007 2:40:37 PM

Ooooo, this time ... RUT.X is slightly red.

Jeff Bailey : 8/2/2007 2:40:20 PM

10-year 4.755% ... down 0.4 bp, call it unchanged.

Jeff Bailey : 8/2/2007 2:39:53 PM

SPY $146.20

Jeff Bailey : 8/2/2007 2:32:59 PM

I'd say technically that 7/24/07 was "D-day" for VLO. Here's my various energy futures that I track each day's settlement and calculate the crack spread off of Link

Jeff Bailey : 8/2/2007 2:25:35 PM

My "hope" with the VLO position that we closed out yesterday was that after Tuesday's earnings, the stock would "gap higher" on the numbers. We'd close out the covered put, and buy another put to target.

Market participants were a little too smart for that.

Jeff Bailey : 8/2/2007 2:14:35 PM

That's the difficult thing about fundamentals. Whare are PEG's, P/S of Valero going to be in the future?

Jeff Bailey : 8/2/2007 2:12:24 PM

Continuous Unleaded vs. Continuous Oil Link ... 0.30 box size. This is representation of "crack spread"

What it did break that 30.90 measure, all heck broke loose didn't it?

Jeff Bailey : 8/2/2007 2:09:00 PM

That reminds me!

Jeff Bailey : 8/2/2007 2:05:26 PM

Research in Motion (RIMM) $221.82 +3.03% Link ... after a morning kiss of WEEKLY S1 ($209.98) yesterday morning, say $210, sticks its head above WEEKLY Pivot ($221.08) here.

Tab Gilles : 8/2/2007 2:00:41 PM

Valero (VLO)$64.14 Is down 20% from its recent high. Trading at a 7 pe, 0.61 PEG, P/S of 0.39 with a ROE of 34%. The mood now is sell oil stocks and buy technology, can VLO go lower...sure it can test its 100-wema around $58. Link Link

Jeff Bailey : 8/2/2007 1:48:53 PM

Slap on those MONTHLY, WEEKLY and DAILY and you're eyes become lasers.

Then if a level is broken and your "black box" says to "buy" or "sell" take the trade.

Jeff Bailey : 8/2/2007 1:47:29 PM

It's 80.9% retracement of 3/05/07 low close to 7/13/07 high close is 778.34.

Tie that with SPY 50% and you've got the near-term "support" of the weakest two indices.

Jeff Bailey : 8/2/2007 1:46:11 PM

As quiet as it is ... suddenly, the RUT.X gives me he impression that there's some pressure building.

Keene Little : 8/2/2007 1:45:37 PM

SPX has been holding above its broken downtrend line and looks ready to rally at any time. It could pull back again for another test (walk down its trend line) but it continues to look bullish for another leg up. Link

Jane Fox : 8/2/2007 1:44:40 PM

The VIX and AD volume are of no help right now but a TRIN at 1.28 should worry the bulls. Link

Jeff Bailey : 8/2/2007 1:34:42 PM

Hey! RUT.X's "nested" would have RUT.X "in the zone!"

Jeff Bailey : 8/2/2007 1:33:02 PM

"boing" ... SPY $146.69 ...

Jeff Bailey : 8/2/2007 1:31:44 PM

01:15 Internals found at this Link

Jeff Bailey : 8/2/2007 1:27:57 PM

10-year's DAILY Pivot is 47.51

Jeff Bailey : 8/2/2007 1:27:24 PM

Oooo... 10-year Yield ($TNX.X) has reversed a bit ... call it unchanged at 4.757%

Jeff Bailey : 8/2/2007 1:26:56 PM

SPY $146.20 ...

Jeff Bailey : 8/2/2007 1:17:55 PM

01:15 Market Watch found at this Link

Tab Gilles : 8/2/2007 1:16:42 PM

Smith Micro Software (SMSI) $15.50 +$1.77 (12.89%)Reported Q2 earnings last night...market pleased with company's outlook. The company offers products in the technology and communication-related markets, including wireless, mobile music, data compression, and diagnostic and utility software. Link

Jeff Bailey : 8/2/2007 1:15:16 PM

Hey! ... Look at them "junk bonds." Almost up 3-monthly dividends.

Easy now ....

Jane Fox : 8/2/2007 1:13:19 PM

Although the overnight highs have been breached there has not been any follow thru and all markets are not back into their ON ranges. Link

Jeff Bailey : 8/2/2007 1:11:25 PM

Let's slap on a "nested" blue.

Jeff Bailey : 8/2/2007 1:10:14 PM

RUT.X today's high has been 785.09. Here's a chart from 7/25/07 Link

Jeff Bailey : 8/2/2007 1:07:51 PM

Jane?

Jeff Bailey : 8/2/2007 1:06:51 PM

I just found our "why"

Jeff Bailey : 8/2/2007 1:04:39 PM

Me neither Jane ... lots of traders trying to "make sense" of what is going on.

Hey! You finding anything with "nested" retracement on the ER/RUT/IWM today? It's the "weakest" and a VERY IMPORTANT index right now. It's the "tail of the inchworm!"

Jeff Bailey : 8/2/2007 1:01:34 PM

Dow Diamonds (DIA) ... Daily interval chart with "nested" retracement at this Link

YM and even ER traders (Use IWM or RUT.X) may find useful.

Jane Fox : 8/2/2007 12:58:21 PM

With the amount of volatility we have seen in the market of late I am not surprised today is as "calm" as it is. Link

Keene Little : 8/2/2007 12:53:13 PM

I've got that sideways feeling (sung by the Righteous Brothers). Still bullish but patience is required.

Jeff Bailey : 8/2/2007 12:45:24 PM

YM 5-minute interval chart at this Link ... "You bet your mule" interval marked.

Jeff Bailey : 8/2/2007 12:39:04 PM

Isn't that a fact! ... CNBC discussing trading of options on the VIX.X.

Jeff Bailey : 8/2/2007 12:28:24 PM

YM 13,468 ... why?

Jeff Bailey : 8/2/2007 12:28:08 PM

For the SPY, I will also begin adding the MONTHLY and WEEKLY pivot retracement to the SPY chart. I want to try and see if there is an "explanation" to the "Why(s)"

SPY $147.08 +0.66% ... why does it find resistance here?

Jeff Bailey : 8/2/2007 12:26:45 PM

I've done some additional work today with the SPY. In my mind, it is the "second-weakest" major index in my opinion.

RUT.X is weakest.

SPX/SPY is second weakest.

OEX is perhaps #3. Thinking is that if it is in OEX, it is in SPX.

INDU/DIA and NDX/QQQQ run neck-and-neck, but with some jitters, NDX/QQQQ higher beta may be weaker.

I can flip all of this to strongest too.

But with bullish % weakening, I'm a bit more focused on weakness.

So, if that's my mindset, how is DIA/QQQQ/OEX trading with SPY showing some significance at "new" conventional retracement?

Have you placed "new" retracements on DIA/OEX/QQQQ/RUT(IWM)?

Jane Fox : 8/2/2007 12:19:11 PM

Here is the daily NDX chart. I see the NDX above support at 1950. Link

Jeff Bailey : 8/2/2007 12:18:16 PM

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

I moved PBT and VLO back down to Watch List.

With some room in OPEN profiles, I did add the Benchmark of SPY to the SFB-TP. Sold the SFB-TP when SPY was trading $148.90.

Jane Fox : 8/2/2007 12:15:04 PM

The NDX jtHMA charts are giving me a buy and I have gone long QQQQ calls. Link

Jane Fox : 8/2/2007 12:06:13 PM

I thought the S&P would find support at 1460 and although it looked like it could have been support price violated it enough to make that level unclear. However, I do think 1490 will be resistance for that level is quite clear. Link

Jeff Bailey : 8/2/2007 12:00:05 PM

SPY ... Now a 10-minute interval chart with "nested" retracement. Link

Jeff Bailey : 8/2/2007 11:51:49 AM

SPY ... Daily interval chart with a "nested" set of retracement at this Link

Keene Little : 8/2/2007 11:42:42 AM

The DOW looks to be doing a sideways consolidation while SPX and NDX are doing more of a sideways/down consolidation. All look like bullish consolidations so continue to look to buy pullbacks for the next rally leg.

Jeff Bailey : 8/2/2007 11:36:51 AM

Steve's got it! At least be "short small cap and long large cap..."

Jeff Bailey : 8/2/2007 11:26:14 AM

11:00 Internals found at this Link

Yesterday's Internals Link

Jeff Bailey : 8/2/2007 11:19:30 AM

If I were NOT short an Aug $146 SPY put, I'd probably close out a SEP $148 put here. Can always get back on board.

Jeff Bailey : 8/2/2007 11:17:52 AM

You bet your mule it is.

Jeff Bailey : 8/2/2007 11:17:25 AM

OK ... did you put your "new" conventional retracement on the SPY? Check out intra-day action here at 50% $146.20.

Is this retracement "in play?"

Jeff Bailey : 8/2/2007 11:11:57 AM

Excellent, excellent discussion on CNBC ...

Keene Little : 8/2/2007 11:10:26 AM

Two equal legs down for SPX from this morning's high is at 1461.13 and a 38% retracement of yesterday's late-day bounce is at 1460.18 so this is the area I'd watch for potential support.

Jeff Bailey : 8/2/2007 11:05:44 AM

11:00 Market Watch found at this Link

Keene Little : 8/2/2007 11:09:25 AM

For the Fib projection reversal technique, if 127%-138% doesn't turn price around then watch for 162% next, as the DOW did: Link

Jeff Bailey : 8/2/2007 11:02:29 AM

10-year ($TNX.X) up 2.9 bp at 4.788%.

Jeff Bailey : 8/2/2007 11:02:12 AM

OK ... this is a benchmark 1,462.76. Can buyers close the SPX above this level? This is my 61.8% MONTHLY Pivot retracement.

Jeff Bailey : 8/2/2007 10:59:36 AM

I couldn't figure out why the SPY didn't just fall to $142.64 or MONTHLY S1 yesterday, or continue lower to Friday's close.

Now I think I know why.

Jeff Bailey : 8/2/2007 10:57:19 AM

Hmmmm ... what do you think about my CURRENT conventional low/high close retracement?

Huh?

Now take one from the 3/05/07 low close to recent high close.

Hmmmm indeed!

Jeff Bailey : 8/2/2007 10:54:17 AM

Good gravy ... BDK $88.55 +2.28% as I type. Hmmm ... with homebuilding so weak, I was thinking BDK cut in half from 7/12/06.

Jeff Bailey : 8/2/2007 10:52:07 AM

Ok, ok ....

Jeff Bailey : 8/2/2007 10:51:41 AM

Oooo ... was closing out some SPY Puts that day.

Keene Little : 8/2/2007 10:51:34 AM

If you want to play intraday swings, one little trick is to watch for a move that goes to 127%-138% of the previous move where it will often reverse. You don't always know how far the reversal will go but it's a neat little way to scalp a trade. For example, SPX just hit 138% of yesterday's decline so it could give us a larger pullback before proceeding higher again. Link

Jeff Bailey : 8/2/2007 10:48:54 AM

7/18/06 Market Monitor Link

Jeff Bailey : 8/2/2007 10:47:57 AM

Ooops ... that was 2005.

Jeff Bailey : 8/2/2007 10:44:13 AM

SPY ... "That was then ..." Daily interval chart of SPY where you and I are perhaps focusing and analyzing the May'06 to July'06 time period. July 18 was the "best buy" day. Link ... Early September not bad to add to the bull position on test of MONTHLY Pivot. And another good buy at the new 52-weeker and break above MONTHLY R1.

Jeff Bailey : 8/2/2007 10:32:23 AM

EIA Weekly Nat. Gas Storage Table Link ... build of 77 Bcf

Jeff Bailey : 8/2/2007 10:20:06 AM

S&P Dep. Receipts (SPY) $146.69 +0.17% ... Daily interval bar chart with last two months' Pivot retracement (pink) and a conventional retracement (purple dashed) from 6/13/06 low close to recent high close. Link ... Still have the 5/11/07 WEEKLY bar chart "doji" close on my chart.

Jane Fox : 8/2/2007 10:12:17 AM

AD line started the day at +133 then got up to +1357 and is now at +780. It looks like the bulls have the ball this morning but are not able to run with it.

Keene Little : 8/2/2007 10:06:55 AM

If the DOW were to pull back to its broken downtrend line that would be a 100-pt drop to about 13290. Looks like a small drop on the chart and I had to double-check that number. Welcome to volatility. Link

Jeff Bailey : 8/2/2007 10:04:25 AM

NASDAQ a/d 1,534 / 1,089

Jeff Bailey : 8/2/2007 10:04:11 AM

NYSE a/d 1,998 / 949

Jeff Bailey : 8/2/2007 10:02:14 AM

10:00 Market Watch found at this Link

Jane Fox : 8/2/2007 10:02:01 AM

WASHINGTON (MarketWatch) - Demand for U.S.-made capital investment goods was flat in June, better than the previously reported 0.7% decline, the Commerce Department reported Thursday. Boosted by a 31% rise in aircraft orders, total orders for U.S.-made goods rose 0.6% in June, less than the 1% expected by economists surveyed by MarketWatch. Excluding the 7.1% rise in transportation goods orders, however, orders fell 0.5%, the weakest performance since January. Orders for durable goods rose 1.3% in the month, revised down from the 1.4% rise reported a week ago in the preliminary report. Shipments (and orders) of nondurable goods fell 0.1% in June. Total factory shipments fell 0.6% in June.

Jeff Bailey : 8/2/2007 9:59:33 AM

10-year Yield ($TNX.X) up 3.7 bp at 4.796% ...

Jeff Bailey : 8/2/2007 9:57:13 AM

S&P 500 ($SPX) 1,470.09 +0.29% Link ... Today's trade at 1,470 would be a 3-box reversal back higher. (See Fiday evening's MM, Monday's Market Wrap).

Keene Little : 8/2/2007 9:30:47 AM

Quick selloff in the futures just before the open--someone wants a better price for buying. Watch for a quick reversal back up.

Jane Fox : 8/2/2007 9:20:20 AM

The DOW's support looks to have held on but just barely now it has resistance at 13700 before it can move to new yearly highs. Link

Keene Little : 8/2/2007 9:16:19 AM

With the futures up slightly we'll get the break of the downtrend lines so a pullback to retest them should be a very good buying opportunity.

Jane Fox : 8/2/2007 9:14:16 AM

The only thing of interest on this next set of charts is that Oil broke its PDLs overnight.

BTW look at the late day rally in the DAX. Link

Jane Fox : 8/2/2007 9:08:06 AM

Yesterday's late day rally didn't have much follow thru overnight. Although some peaked through their PDHs you would have to consider those highs as resistance overnight. Link

Jane Fox : 8/2/2007 8:58:30 AM

WASHINGTON -- The number of U.S. workers filing new claims for jobless benefits rose slightly last week but remained at levels consistent with solid job creation.

Jobless claims were up 4,000 to 307,000 on a seasonally-adjusted basis in the week ended July 28, the Labor Department said Thursday. Claims for the July 21 week were revised to 303,000 from 301,000.

Wall Street forecasts had called for a sharper increase of 9,000 last week to 310,000.

The four-week average -- which economists use to gauge underlying labor market trends -- fell 3,500 last week to 305,500, its lowest level in two months.

The government reports July employment figures Friday. Economists expect nonfarm job growth of around 130,000, near June's gain of 132,000, though some marked down their July forecasts Wednesday after a report from the payroll firm ADP and the consulting firm Macroeconomic Advisers signaled that private-sector job growth may have been slower

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