Initial Claims, Leading Indicators & Market Observations
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead and someone new has taken his place...
Initial Claims: +11k to 308K number of people remaining on benefit rolls UP to 2.439 M vs prior 2.421M.
Leading indicators -0.6% vs prior -0.1%. 1st time with B2B decline since Feb-Mar 01. A cooling housing market, higher energy costs and higher interest rates are just beginning to take their toll.
Yesterday: "We suspect more bounce to come, terminating sometime tomorrow or Friday, then another nice roll down the stairs." It terminated and rolled back.
The 10 yr note hit 5.21, a level not seen since late 2000.
Combine a fizzling housing market, higher interest rates, higher energy costs, a weakening dollar and a slowing economy, what does that spell for profits and stagflation?? Down & Up.
Dollar rescue started today, after seven straight down sessions in the bond market, bond & dollar market rescue is necessary and this will open the liquidity drain backdoor, allowing the bears to come in and raid the fridge.
Look for closing breech of near term support at DJIA 11020, SP500 1245, NDX 1550, NAZ 2125 to signal further sliding. Awaiting: Mon 6 mo note, Tue 2 yr note, Wen 5 yr note auctions, Thu FOMC announcement.
Keep it tween da ditches, we take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us. Just my opinion, I could be wrong, this is The Nattering Naybob and your NOT!!!
Initial Claims: +11k to 308K number of people remaining on benefit rolls UP to 2.439 M vs prior 2.421M.
Leading indicators -0.6% vs prior -0.1%. 1st time with B2B decline since Feb-Mar 01. A cooling housing market, higher energy costs and higher interest rates are just beginning to take their toll.
Yesterday: "We suspect more bounce to come, terminating sometime tomorrow or Friday, then another nice roll down the stairs." It terminated and rolled back.
The 10 yr note hit 5.21, a level not seen since late 2000.
Combine a fizzling housing market, higher interest rates, higher energy costs, a weakening dollar and a slowing economy, what does that spell for profits and stagflation?? Down & Up.
Dollar rescue started today, after seven straight down sessions in the bond market, bond & dollar market rescue is necessary and this will open the liquidity drain backdoor, allowing the bears to come in and raid the fridge.
Look for closing breech of near term support at DJIA 11020, SP500 1245, NDX 1550, NAZ 2125 to signal further sliding. Awaiting: Mon 6 mo note, Tue 2 yr note, Wen 5 yr note auctions, Thu FOMC announcement.
Keep it tween da ditches, we take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us. Just my opinion, I could be wrong, this is The Nattering Naybob and your NOT!!!
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