By Todd Harrison Oct 08, 2004 8:39 am
But I thought the economy was improving?!?!
- Do people follow technical analysis because it works or does it work because folks follow it? Not sure, but there's something to the chart world--note how the S&P pegged the oft-mentioned 1130 level into yesterday's close.
- It's an aberration but a step in the right direction. And note that the dollar is gettin' waxed this morning. DXY 87 has been an area of support.
- A 27-year-old man, arrested after trying to rob a Bank of America in Enid, OK, told police he merely intended to help repay the national debt. (KTUL-TV)
- We flagged some foreign central bank selling last week. Here's a little follow-up...
- Each of the four primary metrics--fundamentals, technicals, psychological and structural--serve as legs under a tradable table. And while the objective is always to line up as many "supports" as possible (for a stable thesis), there are times that the foundation quivers underneath. I view the VXO as a "Richter Scale" in that regard, and with vols ticklin' the bottom end of the teens, the tape is more susceptible to system shocks. It may not matter (California has been rumored to fall into the ocean for years) but it's an underlying risk.
- Only 12 days left in the bet, Mr. Collins. But there IS hope...
- Rolling rotation or chinks in the armor?
- Beeks! Unemployment rate for Sep came in at 5.4% vs 5.4% exp; Average hourly earnings m/m came in at 0.2% vs 0.3% exp; Average hourly earnings y/y came in at 2.4% vs. 2.3% prior. Change in non-farm payrolls for Sept came in at 96k vs 148k exp; Change in manufacturing payrolls came in at -18k vs 10k exp; Average weekly hours for Sept came in at 33.8 vs 33.7 exp.
- We flagged the Liscio report on the Buzz yesterday (they opined that the change in non-farm payrolls would be 80k). Nice job, fellas.
- We've noted the DeMark "red 13's" (sell signals) littering the European landscape. Thus far, the bourses have hung tough and stayed sticky.
- Entertainment. Media. Entertainment. Media.
- We saw some sizable S&P put buyers and NASDAQ future sellers into yesterday's bell.
- Ready yourself for widespread rationalization. The bulls are already wearing the rose-colored glasses.
- No worries--53 is my favorite number too!
- My intermediate-term stochastics are "crossing" negative. Not timing indicators, as we know, but an input nonetheless.
- I sure wish Stevie Ray was still around.
No positions in stocks mentioned.
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