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October 31, 2005

Cigars out of the humidor, Mon., Oct. 31, 2005, 3:32 PM

ALERT: S&P 500 index has crossed my 1210 threshold. I have my fingers and toes crossed it doesn't close that way. Otherwise I'm handing out cigars.

I kind of figured something was up when right before the move, CNBC trots out their floor trading TH who tells the audience that the index is bumping up right under technical resistance, and if the Bulls are going to have their act stay on stage the index will have to blow through the resistance. Then Bloomberg trots out John Snow, the Treasury Secretary whose job it is to tell you that the U.S. economy is something to be admired (and should be by the world), yada, yada, and that he did. He also said that except for inflation and interest rates, the economy was really cranking.

Except for inflation and interest rates... :-)

On a happier note, ROBTV just interviewed Ian Telfer, pres and CEO of Goldcorp. Not much new except he said that Barrick called him this summer to see if they would be interested in looking at a possible Placer Dome bid together. But if you missed the TV, you can catch the 3:20 pm interview on Replay at www.robtv.com.

And as for the cigars, I'll have to wait to see what tomorrow after 2:15pm brings. Today was the end of the month, when bonuses are marked to market, and tomorrow is the day Alan Greenspan might introduce a little straight talk and attitude adjusting re inflation and interest rates.

Posted by Posted by Bill Cara on October 31, 2005 03:32:58 PM | Category: Cara Today in the Market

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