Market Soapbox 01/04/06
Still on the road, quick and dirty...
Factory orders +2.5% vs prior +1.7%, ex aircraft flat. Followup on higher volume with nice internals DJIA +33.
Everything up but banking. Semis, MID & RUT leading the way. European and Asian indices all up. Oil pulled back initially but closed at 63.10, the dollar got hammered again.
Yield curve decompressing with bonds up, the 10 year yield falling @ 4.35% & the 30 year @ 4.54. 6 month & 2 year gap -5 bp; 2 & 5 year gap @ -3 bp; 2 & 10 year gap @ 4 bp; 5 & 10 year gap @ 7 bp; 10 & 30 gap @ 19 bp.
Upcoming reports: Jan 5: Initial Claims, ISM Services, EIA Crude; Jan 6: Non Farms Payroll & Unemployment.
From yesterday: "It would appear we are getting that final pop as the media spin that rate increases are seen "nearing an end" threw the Bulls a bone today. Oil futures and the energy sector buoyed the market, while the dollar got crushed in a BIG contra day."
Today had nice followthrough in the DJTA, NAZ, MID & RUT. We expect further perculation to the upside.
Hasta
Factory orders +2.5% vs prior +1.7%, ex aircraft flat. Followup on higher volume with nice internals DJIA +33.
Everything up but banking. Semis, MID & RUT leading the way. European and Asian indices all up. Oil pulled back initially but closed at 63.10, the dollar got hammered again.
Yield curve decompressing with bonds up, the 10 year yield falling @ 4.35% & the 30 year @ 4.54. 6 month & 2 year gap -5 bp; 2 & 5 year gap @ -3 bp; 2 & 10 year gap @ 4 bp; 5 & 10 year gap @ 7 bp; 10 & 30 gap @ 19 bp.
Upcoming reports: Jan 5: Initial Claims, ISM Services, EIA Crude; Jan 6: Non Farms Payroll & Unemployment.
From yesterday: "It would appear we are getting that final pop as the media spin that rate increases are seen "nearing an end" threw the Bulls a bone today. Oil futures and the energy sector buoyed the market, while the dollar got crushed in a BIG contra day."
Today had nice followthrough in the DJTA, NAZ, MID & RUT. We expect further perculation to the upside.
Hasta
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