Market Observations 06/09/06
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead.
India's market +5.5% led a broadbased rebound to no avail as US markets lacked followthrough.
Semis were up 1.3% early, but got sacked at the end of a 4th straight ugly week. On the week, DJIA -2.7%, NAZ -3.2%, SP500 -2.3%, RUT -4%.
The PPT has been very busy juggling this week, dollar treading water, precious metals commodities tanking, bonds rebounding further.
Witness, in two and a half weeks the 10 yr bond yield retraced 5.17 to 4.99 and is in position for June 25 bps Fed bump. During this period equities have been left to Da Bears.
The bump will send it to 5.25, if a pause is indicated, a bond & dollar selloff could result which would send it towards 6.00 and absolutely tank the equities markets as the PPT will be too busy rescueing the dollar and bonds.
THU NAZ volume 2.931B the highest since 06/06/03. Today NAZ & NDX closed at or below support, DJIA 16 points above.
After THU whipsaw 170 down then rebound, we sense another major selloff in the works which would breech the lines in the sand on high volume.
This week PPI, CPI and Quadruple options futures witching awaits. FYI, Captain Numerica sees 1503 for a bottom on the NDX. Lets wait and see.
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!!!
India's market +5.5% led a broadbased rebound to no avail as US markets lacked followthrough.
Semis were up 1.3% early, but got sacked at the end of a 4th straight ugly week. On the week, DJIA -2.7%, NAZ -3.2%, SP500 -2.3%, RUT -4%.
The PPT has been very busy juggling this week, dollar treading water, precious metals commodities tanking, bonds rebounding further.
Witness, in two and a half weeks the 10 yr bond yield retraced 5.17 to 4.99 and is in position for June 25 bps Fed bump. During this period equities have been left to Da Bears.
The bump will send it to 5.25, if a pause is indicated, a bond & dollar selloff could result which would send it towards 6.00 and absolutely tank the equities markets as the PPT will be too busy rescueing the dollar and bonds.
THU NAZ volume 2.931B the highest since 06/06/03. Today NAZ & NDX closed at or below support, DJIA 16 points above.
After THU whipsaw 170 down then rebound, we sense another major selloff in the works which would breech the lines in the sand on high volume.
This week PPI, CPI and Quadruple options futures witching awaits. FYI, Captain Numerica sees 1503 for a bottom on the NDX. Lets wait and see.
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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