Daily market commentary for Thursday, Oct 11, 2006
Written By: Teresa Appleton Stock Forum ID: Teresa
Wednesday did get some volatility but left us in range making for five days up here. The market was waning off its highs ahead of Fed President Lackers comments and the FOMC minutes showed that some inflation is still a concern and the housing market. Then of course some accelerated selling with the aircraft crashing into a NYC building. Which was thought to be possible terrorism and it was quickly uncovered to not be terrorism related. The market recovered that loss to eke out a close back over the level we were ahead of the crash. But still was red across the broader markets, even with the semiconductors nice green close and strength throughout the day. Volume increased today giving us a distribution day on the NYSE and Nasdaq.
Crude fell 42 cents to close at $58.10. OIH (oil service holdr) nice inside down day on the oil weakness. Left some room for a move down to 119.21 support  and just under the 20ema 126.15 which is resistance. Look for movement off the inventory data for movement. Gold futures fell 30 cents leaving a pretty quiet day to close at $576.50.Â
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Thursday look for some additional upside to recoup some of the days losses and then a turn down. We did test and close above the weekly pivot on the broader markets, which has been the retracement we’ve seen each week to continue higher. So for now until the market tells us differently we look for this to hold today’s lows and move higher. The range is become very mundane but we will move and it could be sooner rather than later.Â
Some earnings for the week of September 9-13th    Thursday COST, GENZ, MTG, PEP, PII, WGO and after the bell CAMP. Friday pre market GE.
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 Economic data for the Week of October 9 – October 13  Thursday 08:30 Initial Claims, 08:30 Trade Balance, 10:30 Crude Inventories and Nat Gas, 14:00 Fed’s Beige Book, Friday 08:30 Export Prices ex-ag., 08:30 Import Prices ex-oil, 08:30 Retail Sales, 08:30 Retail Sales ex-auto, 09:50 Mich Sentiment Prel., 10:00 Business Inventories.Â
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NDX (Nasdaq 100) closed –2.01 at 1691.28. Support: 1682.55, 1664.69, 1656.74, 1648.79, 1637.48, 1623.07. Resistance: 1694.12, 1701.98, 1716.42 and 1721.13.
SOX (Semiconductors) closed +5.85 at 460.57.  Support:  456.74, 447.72, 443.81, 439.38. Resistance: 462.13, 464.77, 467.11
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BKX (Banks) closed +.02 at 114.30. Support: 113.96, 112.95, 111.98, 111.73 50dma. Resistance:  114.69, 115.42, 116.25, 117.48 .
Good trading to all!
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