Where is the Dow & others heading in 2005?

[Minder]

Just to add my pennyworth on the oil situation.
There are various websites that claim with about £100 "add-on" one can run one's diesel car on vegetable oil !! Vegetable oil at my local Tesco is about 40p a litre and it burns clean.
Sounds good to me and for the farmers. So I wrote to all 3 political parties. Guess what. After a considerable delay 3 brush-offs. Well I did try.

Don't forget Excise Duty at 26p (I think) per litre.

Also, according to one Biofuels company I spoke to, many modern diesel engines have an immobiliser to protect the engine in case a fuel other than diesel finds it's way into the tank. It makes no distinction between petrol or bio-diesel, and will shut the engine down.

 

[Pat494]

Even at 50p a litre at the pumps I think that there would be a lot of takers ( and happy farmers )
I expect Prudence's mighty brain could understand the economics of this problem even if he didn't think of the solution himself ?
The daily stats are on ceefax page 239 ( not sure if they are too relevent )

 

[roguetrader]

Odd open, not often the INDU diverges like that.
Internals moderatly bullish for the markets

 

[Racer]

GM down a lot and some of the other big weights moving down

 

[roguetrader]

GM down a lot and some of the other big weights moving down

Thanx Racer, bloomberg running a bit late today, just heard that.

 

[kriesau]

Thanx Racer, bloomberg running a bit late today, just heard that.

Oil moving back up towards $56 (currently $55.70) after yesterdays sudden $1 drop half an hour before the close - what was THAT all about, I wonder !

 

[lemput]

got a bad feeling we might go higher today. We seem to be on the verge of taking out the 1210 S&P cash. The dow is lagging a little, but blame GM for taking 10 points off it!

 

[roguetrader]

Tricky action in my view here, Nasdaq volume surging, NYSE not overly above yesterday yet.
Internals strong and supporting the move, but it is a slow build in the internals suggesting they are being pulled in rather than leading the move.
SPX now well above prior resistance. Given it is options expiry I wonder how trustworthy this break is. INDU still lagging.

 

[roguetrader]

Broad market unsure of itself here, Market internals holding near the highs, but are not exessively strong.
Nyse volume in slightly behind yesterdays pace. Nasdaq some 12% higher

 

[Racer]

Philly Fed -2.2 vs 10.0 expected

Reading the Beige book from yesterday, I didn't think the numbers would be as they estimated

 

[john5000]

Given that YM went into the 10615-25 resistance area on a volume spike (5min) early in today's session in a range that has been in place for a few weeks I went short looking for about say 60 odd tics (~10560 area). Does anybody feel that there is much intra-day downward potential given that it has only meandered down to ~10600 (~10570 on INDU) @ this stage (albeit lunchtime!)?

 

[Racer]

those bulls certainly are keen if they are ignoring that figure and now oil at $57!

Employment numbers should generally be very good in June BTW, so if they aren't then that is something to think about

 

[roguetrader]

Given that YM went into the 10615-25 resistance area on a volume spike (5min) early in today's session in a range that has been in place for a few weeks I went short looking for about say 60 odd tics (~10560 area). Does anybody feel that there is much intra-day downward potential given that it has only meandered down to ~10600 (~10570 on INDU) @ this stage (albeit lunchtime!)?

Difficult to say here, particularly with it being lunchtime. At the moment market internals are holding near the highs suggesting a retest of highs is likely, that may be supported by the poor econnomic data being shrugged off. Will get a better idea at 2pm. INDU is showing relative weakness so if we do head lower, it should suffer the most.

 

[Pat494]

I am having a punt with shorts but expecting a flat sort of day overall

 

[roguetrader]

2pm and all's well.
Market internals continue to hold near the highs, bullish but not exessively so.
Total market volume NYSE is still on par with yesterday, while Nasdaq is running about 10% higher.
Watch and shoot, watch and shoot.

 

[hariab]

it looks highly unlikely at moment that we will be breaching 10550... the volume spikes that have occurred within that region seem to suggest there is a whole lot a support at this level

 

[Racer]

Oil heading even higher now

 

[roguetrader]

INternals may be breaking down here

 

[hariab]

right. $56.55.... should be quite interesting....... lets see how much oil really affects the market... personally i feel its tamed a expected slight rise today

 

[roguetrader]

Very choppy, the SOX got back above the 200 week sma early on and now appears to be finding support there, Nas is showing minor support at 2080, SPX at 1208 and INDU around 560