Market Talk / October 8th - 14th

Hey Birch,

Bought me one of them ther tickets for the train ride you've been talkin' bout.

I'm on!

Jeff
 
It's a great opportunity to buy AA and since I already onw Alcan I may take a small position in Alcoa - buy'em when nobody else will. The metals are just taking a rest - this is a secular play and is right up my alley.

Dennis - permabull #1
 
Daily Yak

The Kingdom of TSP

Daily Edition
October 10, 2006 Closing

Yak, Doodles, Tea Leaves & The Tin Box

Kingdom Yak:
Pro-Yak....................................As lube drops, socks rise!

Con-Yak...................................Lube at lowest price in more than a year.

Jester-Yak................................A new Dow high!

Doodles:
Socks [$SPX] Closed at..............1353.42, up +2.76
Volume (CMF) (money flow).........+0.241, decreasing.
Averages (MACD) (trend)............+9.491/8.679, converging.
............ (MACD) (Hist)..............decreasing at +0.812.
Momentum (S-STO) (signal).........93.67, flat.
Strength (RSI) Overbought/sold....[70] 70.46 [30]

Lube (NYM) Closed at..................58.52, dn -1.44
Oil Markers................................<70= ok, 70-75= worry, >75= panic.

Tea Leaves:
Yakndoodles..............................Yellow.

Tin Box:
Position....................................100% G.
Stops [$SPX].............................Alert: 1340. Trail: 1327.
 
Aside from the market's focus on earnings, investors today will also key in on a speech (1:30 ET) from Richmond Fed President Jeffrey Lacker as well as details behind his dissention at the last Fed meeting when the FOMC Minutes are released at 2:00 ET.
 
I know a lot of folks are wanting a correction to start - but you can't always get what you want. The recent momentum would suggest a center point 3rd wave of at least intermediate degree is in the process of unwinding. Watchout for the snap back that will catch a few more bears on the trail.
 
...... but you can't always get what you want.

You can't always get what you want (no, no baby)
You can't always get what you want
You can't always get what you want
But if you try sometimes you just might find
You just might find
You get what you need, ah yes...
 
Yesterday all my troubles seemed so far away - now it seems as though they're here to say, how I long for yesterday and the C fund. The little C creeper is creepin on back - wouldn't I enjoy a 200 point Dow move to catch a few more bears. Anything can happen on a day like today. It's time for a little CCR and run through the jungle.
 
Sure would like a 200 pt gain after 2pm.

Maybe I should make some popcorn for the show!

Anyway it's off to work....

Jeff
 
Odds of rate cut decline after release of Fed minutes



By Tomi Kilgore
Last Update: 3:20 PM ET Oct 11, 2006





NEW YORK (MarketWatch) -- The odds of a rate cut declined after minutes from the Federal Reserve's policy setting meeting in September indicated that members believed inflation remained a "substantial" risk. December fed funds futures fell 0.01 to 94.76, which implies about a 7% chance the Fed will lower its target for overnight rates to 5% from 5.25% by the end of the year. Prior to the release of the minutes, futures had priced in a 13% chance of a rate cut.
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NEW YORK - A small plane crashed into an Upper East Side high-rise Wednesday, shooting flames out the windows, raining debris on the sidewalks below and rattling New Yorkers' nerves exactly one month after the fifth anniversary of the Sept. 11 terrorist attack. Police confirmed 2 people are dead.


Christine Monaco, a New York spokeswoman for FBI, said there was no indication of terrorism, but that officials "have been sent to the scene as a routine." FAA spokesman Jim Peters said all three New York City-area airports were operating normally.

"The initial indication is that there is a terrible accident," said Department of Homeland Security spokesman Russ Knocke.

Nevertheless, fighter jets were scrambled over U.S. cities as a precaution, the Pentagon said.

The aircraft struck the 20th floor of a building on East 72nd Street, said Fire Department spokeswoman Emily Rahimi. Witnesses said the crash caused a loud noise, and flames were seen shooting out of the windows.

"It's a mob scene with police and helicopters circling," said Sandy Teller, watching from his apartment a block away. "There's a dozen ambulances and lots of firefighters waiting on 72nd, on the corner. There's lots of stretchers ready, gurneys. And lots of emergency people waiting."

The Federal Aviation Administration said it was too early to determine what type of aircraft was involved, or what might have caused the crash in the middle of a hazy October afternoon.

(MORE- http://news.yahoo.com/s/ap/manhattan_plane_crash )
 
Did you notice how the market flatlined after the news of that plane hitting so close to Manhattan. Makes you wonder if it was a terrorist attack and what they were really aimming for.
 
LRCX Reports Q1 (Sep) earnings of $1.13 per share, excluding non-recurring items, $0.10 better than the Reuters Estimates consensus of $1.03; revenues rose 88.3% year/year to $604.4 mln vs the $593.6 mln consensus. Trading at $51.01 AH vs $48.12 close.
 
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