Market Soapbox 06/27/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1210, Nasdaq 2050; NDX 1500
MAJOR YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 5.23%; 10 yr @ 5.20; 5 yr @ 5.18; 2yr @ 5.24; 6 mo @ 5.30.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29. 6mo above 10yr 06/02 -?; 2yr above 10yr 06/08 - ? 6mo & 2yr above 30yr 06/13 - ?
MON, an up day on lower volume with decent internals, DJIA +56.
TUE, operation save $ & bond in full effect, a broadbased triple digit slam to the downside for equities, DJIA -121 on higher volume with fugly internals. This week DJIA -65, since 09/19/05 DJIA +284.
Indexes UP: XOI DOWN: Everything else slammed SOX -3.75%
Sectors UP: Oil, Natural Gas DOWN: Everything beat down like cheap conga drums, Gold Bugs, Airlines, Networking & Semis all -3% or more.
Overseas: FTSE, CAC , DAX, Hang Seng all DOWN & Nikkei 225 UP.
Dollar UP BIG vs. Euro 1.2583 & Yen 116.27, XAU -1.7% & gold DOWN @ 584.4, XOI & crude UP @ 71.92, CRB commodities index DOWN @ 337.07
We broke through near term support on a closing basis with heavy volume selling into the close: DJIA 11000, SP500 1245, NDX 1550, NAZ 2120.
If we stay there 2 more days, look out below. More market observations & economic news in today's other post.
Support: DJIA 10650, SP500 1210, Nasdaq 2050; NDX 1500
MAJOR YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 5.23%; 10 yr @ 5.20; 5 yr @ 5.18; 2yr @ 5.24; 6 mo @ 5.30.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29. 6mo above 10yr 06/02 -?; 2yr above 10yr 06/08 - ? 6mo & 2yr above 30yr 06/13 - ?
MON, an up day on lower volume with decent internals, DJIA +56.
TUE, operation save $ & bond in full effect, a broadbased triple digit slam to the downside for equities, DJIA -121 on higher volume with fugly internals. This week DJIA -65, since 09/19/05 DJIA +284.
Indexes UP: XOI DOWN: Everything else slammed SOX -3.75%
Sectors UP: Oil, Natural Gas DOWN: Everything beat down like cheap conga drums, Gold Bugs, Airlines, Networking & Semis all -3% or more.
Overseas: FTSE, CAC , DAX, Hang Seng all DOWN & Nikkei 225 UP.
Dollar UP BIG vs. Euro 1.2583 & Yen 116.27, XAU -1.7% & gold DOWN @ 584.4, XOI & crude UP @ 71.92, CRB commodities index DOWN @ 337.07
We broke through near term support on a closing basis with heavy volume selling into the close: DJIA 11000, SP500 1245, NDX 1550, NAZ 2120.
If we stay there 2 more days, look out below. More market observations & economic news in today's other post.
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