By Todd Harrison Jun 04, 2004 9:09 am
If I can possibly take out the weekly highs, it could spook the Red Dye crowd...
- A little gaseous perspective.
- The metals have been under pressure of late as gold failed at the 50/200 day moving average intersection ($396) and silver stares at major support at $5.50. The China rate chatter--while stale to some ears--helped tip the technical metric to the south side in recent sessions. I've been trading silver (both ways) of late and covered my remaining futures in the overnight session (ahead of Beeks). FYI...
- PMC-Sierra (PMCS:NASD), which designs, develops, markets and supports semiconductor networking solutions, announced this morning that they see 2Q revenue "at or above the high end" of the prior range estimates. This, on the heels of the mother chip (INTC:NASD) slicing off the lower end of their revenue range for guidance last night, will keep the spotlight on the semis today. Hedgies, from what I can tell, were leaning on their shorts a bit yesterday.
- My trusty sidekick Collins has been out all morning and I've been jugglin' the early morning Buzz along with Beeks and a bevy of other banter. As such, my usually witty and insightful morning missive will be a tad terser than usual.
- The unemployment rate arrives (as expected) at 5.6%, avg hourly earnings are .3% (vs. .2%), the change in non-farm payrolls is 248k (vs. 225k), the change in manufacturing payrolls is 32k (vs. 20k) and avg weekly hours are 33.8. The April non-farm payroll data was also revised higher.
- AMG Data reported 453 mln inflows for the week ended June 2 (half going to domestic funds).
- The early mornin' vibe continues to jibe on the heels of the largely uneventful economic data. There is a chorus of "Goldilocks" out there and that's emboldening both Hoofy and Boo in their own special way. S&P 1125-28 and NDX 1475 (weekly highs) are the first levels of resistance.
- Is that a pledge pin on your uniform Billy Meehan?
- Niaz Khan, a Pakistani-British man reportedly told the FBI in March 2000 that Al-Qaeda had trained him in Pakistan to hijack a plane and that he was sent to the U.S. to complete an attack. He was questioned over a period of weeks and passed two polygraph tests before being released because the FBI did not believe him. He had gotten cold feet about the attack, gambled away the money Al Qaeda had given him in Atlantic City and then turned himself in to authorities because he was afraid Al Qaeda would find him.
- Bloomberg is reporting that Israeli Prime Minister Ariel Sharon has fired two ministers today, increasing the likelihood of passing his plan to pullout from the Gaza Strip in a cabinet session this Sunday.
- It'll be good to get up to the Bronx tomorrow to watch the bombers play Texas.
- N's over S's.
No positions in stocks mentioned.
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