Hot Spot Charting: 15 October

Saturday, October 21, 2006

Week Ahead

Next week, which is in the middle of the third-quarter earnings reporting period, the Federal Reserve's monetary policy committee meets and is expected to leave interest rates unchanged again, making the two-day meeting a likely nonevent for stocks...

Companies due to report next week include American Express Co., AT&T Inc., Ford Motor Co., Halliburton Co., Kimberly-Clark Corp., Texas Instruments Inc., Kraft Foods Inc. and Exxon Mobil Corp...

(Click any chart to enlarge)

Which way will it break?

Is this nice run coming to an end?

Ascending triangle...

Showing recent multiple distribution days...

Flag...

Testing it's uptrend line.
Were the two spikes bull traps?

Showing recent strong accumulation...

Charts and comments are NEVER MEANT AS ADVICE...

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Friday, October 20, 2006

Oil

(Click any chart to enlarge)

Sunoco, looks like it could be making a right shoulder...

AMEX Oil Index, consolidating flag pattern
where the 50/200ma meet...

Exxon, showing an ascending triangle formation...

XLE, consolidating flag pattern at the 50/200ma...

Thanks for visiting and have a great weekend...

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Thursday, October 19, 2006

Home Builders

Charts and comments are NEVER INTENDED AS ADVICE...

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Housing

Defaults climbing in Bay Area housing market:

http://www.bizjournals.com/sanjose/stories/2006/10/16/daily58.html?from_rss=1

Home Builders Beginning to File for Bankruptcies, Straining Lenders, Worrying the Fed
On October 11th, Kara Homes, a major New Jersey homebuilder with assets of $350 million filed for bankruptcy. They are one of the first decent sized builders to make such an announcement, but it is unlikely that they are the only ones feeling financial strain at the moment. Larger homebuilders such as Lennar, D.R. Horton and KB Homes have already signaled that they will be reporting weaker profits or lower sales. The impact is being felt across the board as Kara’s bankruptcy deals a major blow to its creditors, who are regional banks such as Amboy National. According to the Ashbury Park Press, Amboy holds $58.2 million in loans with Kara Homes Inc. Unfortunately for Amboy, this is the second time in five months that they have had to deal with faulty loans. Real Estate Mogul Solomon Dwek of Ocean Township bounced a $25.2 million check five months ago and had his assets frozen by a Superior Court judge. Amboy says Dwek owes it $49.7 million, which makes it the largest bank creditor in that case. Ashbury Press also adds that Amboy was not the only bank included in the Kara bankruptcy filing. National City Bank of Philadelphia holds $48.2 million on loans to Kara. North Fork Bank of Edison holds $21.3 million; TD Bank North of Portland, Ore., holds $15.9 million; Yardville National Bank holds $7.8 million; Magyar Bank of North Brunswick holds $7.5 million; and Park Avenue Bank of New York holds $3 million in loans to Kara. Kara’s bankruptcy may be a good time for investors to think about whether more banks are exposed to this same problem. In the past year, bank exposure to mortgages and home loans has hit an eight year peak. If more of these bankruptcies occur, the Federal Reserve may have a much more serious problem to deal with than inflation.
http://biz.yahoo.com/fxcm/061018/1161196805704.html?.v=1

Housing Correction Just Getting Started?
http://www.nysun.com/article/41659

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Wednesday, October 18, 2006

DOW briefly crosses 12000 but tech.........

I will be keeping an eye on the Semiconductor Index...

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Tuesday, October 17, 2006

A look at the Nasdaq

Nasdaq 100 after hours indicatoris close to 06 past tops...

Nasdaq 10 dma record highs is showing negative divergence...

(Weekly)
Nasdaq volume declining chart shows an interesting MACD
going from a 3 or more year high to a 3 or more year low...

Charts and comments are NEVER INTENDED AS ADVICE...

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