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September 29, 2005
Random Rants
End of quarter window dressing is lifting strong sectors and stocks (Energy).
Durable goods orders rebounded and the ISM fell to 53.6. Beware if ISM dips below 50.
We are waiting for a breakout on a number of indices and stocks. But which way?
Jim Jubak of MSN thinks KWK, CRZO and UPL will benefit from hgiher oil prices.
Gold sure has turned volatile lately.
Oil is back above $66.
RMBS won a battle against Samsung in a Virginia court. The stock surged, but the war still rages.
James "Rev Shark" De Porre of TheStreet.com leads off with the "market's rotting floorboards".
Semis are not performing well and this is weighing on the Nasdaq.
The Nikkei hit a four year high.
The S&P 500 and Dow rebounded, but the Nasdaq finished in the red.
Natural Gas moved to record highs just before winter.
Sivy of CNNMoney thinks Alcoa looks awfully cheap. It is cheap for a reason - higher input costs from rising energy prices.
The Dow has risen four of last five days, but it looks like a weak rally with lots of indecision.
The Dow Transports got a pop yesterday and is on the verge of a resistance break at 3670.
The S&P 100 ETF (OEF) formed a doji and hammer at support - watch 55.8 down and 56.5 up.
SPY formed five indecisive candlesticks in a row as it consolidates above key support at 120.35.
The Consumer Discretionary SPDR (XLY) slipped back below 32 and I am lowering key resistance to 32.7
The Finance SPDR (XLF) is locked in a trading range with a lower high at 30 and a descending triangle taking shape since mid July.
The Biotech HOLDRS (BBH) formed a harami over the last two days and support may actually hold.
The Regional Bank HOLDRS (RKH) is driving the Finance sector lower.
SMH formed a doji near support. The stock needs to clear 36.6 for any bounce to be taken seriously.
The Telecom HOLDRS (TTH) formed a big bullish engulfing. Q, VZ, SBC and BLS all participated in the advance and Internet TV may be the driving force.
The iShares Lehman TIPS Bond Fund (TIP) formed a flag in September and a break above 106 would be bullish.
The iShares 7-10 Year T-Bond Fund (IEF) formed a falling flag and a break above 85.5 would be bullish. Flight to safety?
Of the big bells, SBC has the most support (23.5), Q has the most to gain and VZ looks the weakest.
IBM found support from broken resistance (June high) and popped on good volume yesterday
Little networkers are hot as LU became the latest to pop on good volume.
CIEN extended its gains and breakout at 2.35.
NOVL is one of the stronger stocks of late with a high volume move in Aug-Sep and consolidation the last two weeks.
CHKP shows good relative strength and a break above 24.1 would be bullish.
INTU now needs to clear 46 to confirm the bullish engulfing.
BEAS broke support at 8.6 from a mini head-and-shoulders (Jul-Sep)
CSC is showing signs of life with a bounce on pretty good volume.
EXPD is inching above resistance
Posted by Arthur B. Hill at September 29, 2005 05:11 PM