macbonzo
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Joules MM1 said:
Possibly. Futures have traded between 10392 and 10445. To make matters more tricky we have EIA and API figures to contend with. My personal, feeling is to wait until the data is out of the way. There is every chance we could hit another high on NYMEX then it sells off at the end of the day.
The range that has been in place since mid May is still intact. It has just gradually expanded recently with greater volatility and a bias toward the lower end, with support at 10350 and resistance at 10725. SPX and NDX currently stronger than the Dow. We will need to see a break through 10350 if it is going to head down otherwise it could stay in the current range a while longer.
Oil has slipped back to nearly $69 today since the SR release was announced. This is just sticking plaster since any drawdown from the SR will still have to be replenished and the fallout from Katerina will probably take a couple of months to be recovered.
This is really going to hit the trade deficit in August & September.
Oil has slipped back to nearly $69 today since the SR release was announced. This is just sticking plaster since any drawdown from the SR will still have to be replenished and the fallout from Katerina will probably take a couple of months to be recovered.
This is really going to hit the trade deficit in August & September.
Racer
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Oil up, massive hurricane damage, oil rigs damaged, GDP revised lower, Chicago PMI massive drop and indicating contraction, fed saying oil will slow growth, and still keep raising interest rates.
Oops edit that last bit... market got rose specs on again.. fed not raising rates so market thinks anyway, so that is to be ignored.. great go out and borrow some more, cheap money, roll up, roll up, cheeeeeep money... buy more, buy more.
and yield curve change cos of PMI being below 50, fed hasn't increased rates if it is.. more figures soon may turn that on its head again.
Yes it is definitely a bull market if the dow rallies, must remember to press the blue button when I trade... now where did I put that colour card so I can find out what that looks like
It it like this colour? and not this one?
Oops edit that last bit... market got rose specs on again.. fed not raising rates so market thinks anyway, so that is to be ignored.. great go out and borrow some more, cheap money, roll up, roll up, cheeeeeep money... buy more, buy more.
and yield curve change cos of PMI being below 50, fed hasn't increased rates if it is.. more figures soon may turn that on its head again.
Yes it is definitely a bull market if the dow rallies, must remember to press the blue button when I trade... now where did I put that colour card so I can find out what that looks like
It it like this colour? and not this one?
Last edited:
Racer
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President George W Bush said the area could take years to recover.
Cutting short a holiday in Texas to take charge of the federal recovery effort, Mr Bush said the government was dealing with one of the worst natural disasters in US history.
CAT will do well then as the market obviously thinks
13:30 [BRIEFING.COM] The averages have jumped over the flat line, largely on a trio of Dow components' backs. Trumping ExxonMobil's (XOM 59.69 +1.08) gain is Caterpillar's (CAT 55.33 +1.55) 2.9% hike, which has recently launched into the Dow's driver's seat as attention towards construction companies' potential benefit from Katina has picked up steam.
Cutting short a holiday in Texas to take charge of the federal recovery effort, Mr Bush said the government was dealing with one of the worst natural disasters in US history.
CAT will do well then as the market obviously thinks
13:30 [BRIEFING.COM] The averages have jumped over the flat line, largely on a trio of Dow components' backs. Trumping ExxonMobil's (XOM 59.69 +1.08) gain is Caterpillar's (CAT 55.33 +1.55) 2.9% hike, which has recently launched into the Dow's driver's seat as attention towards construction companies' potential benefit from Katina has picked up steam.
macbonzo
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Yesterday's volume was pretty impressive, as were the market internals. However, I think, we must remember that much of it was due to the idea that the Fed may pause in its interest rate tightening cycle. It is also worth mentioning that yesterday was the last day of the month and we had some "window dressing" going on. My guess is that with the kids running the show (people that make decisions are still in the Hamptons), nobody wanted to be on the wrong side of the market before the long weekend, so they all covered their shorts.
I do like the way all the Fed rentagobs (Santomero, Bernakke etc) are all sent out to tell the market that Katrina is only a blip and will hardly impact on growth rates. Well, we shall await the next 6 weeks data and Q3 results and see if consumers agree with them.
I do like the way all the Fed rentagobs (Santomero, Bernakke etc) are all sent out to tell the market that Katrina is only a blip and will hardly impact on growth rates. Well, we shall await the next 6 weeks data and Q3 results and see if consumers agree with them.
