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September 28, 2005
Random Rants
Last year's fourth quarter rally was quite impressive. Will we get the same again this year?
Consumer confidence falls sharply, yet the markets remain firm in the face of bad news. Hmm….
Despite the hurricanes, the Fed signals more rate increases - yet bonds remain firm.
Federal money will flow to help rebuild after Rita and Katrina - this may be temporary, but it is an economic stimulant.
The Fed indicates that inflation is the top priority at the moment.
There is a battle raging between the bulls and the bears. Right now, niether is winning as the market churns and bruises both.
The Dow is consolidating near support around 10400. Watch 10350 for an important break.
The Dow Transports continue to firm, but no cigar (bull reversal) until a break above 3670.
The Utilities just keep going and going and going.
The Nasdaq is finding support at 2100 from June resistance and the August low.
It has been four days of indecisive candlesticks for SPY.
XLP led the market higher on Tuesday as money moved into safety - CL, WAG, MO and PEP.
Led by AMGN, BBH broke support at 186.
IAH may have a head-and-shoulders working, but a break above 35.4 would negate the pattern.
SMH led the way lower on Tuesday and closed at ts lowest level since early July.
Home builder Lennar (LEN) beat yet again and raised its estimates - can the stock follow suit?
Can McDonalds (MCD) unlock the value of its real estate?
El Paso (EP) is pushing towards a 52-week high on high volume.
Mircon Tech (MU) led the decline in the Semiconductor HOLDRS (SMH).
Intel (INTC) has a horrible looking chart and Advanced Micro (AMD) I challenging its 52-week high.
JBL formed an outside reversal and the resistance breakout is failing.
Is that another exhausiton gap for HPQ?
JDSU continues to sprint higher.
FFIV formed a bearish engulfing at resistance from the July gap.
CSCO could not make is back above broken support (July low).
ORCL cannot recover from the gap.
RSAS declined on the highest volume in over a month.
MER formed a shooting start on 20-Sep and declined over the past week.
LLY is trading back near support in the low 50s.
ADRX is firming around 15.
PG hit a 52-week high yesterday.
SFD gapped higher on good volume.
HNZ filled last week's gap with a high volume advance.
Posted by Arthur B. Hill at September 28, 2005 10:29 AM