Market Soapbox 06/29/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1210, Nasdaq 2050; NDX 1500
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead and someone else has taken his place.
Commodities, Bonds & Equities had a field day as the dollar got clubbed over the head. Economic news to todays other post.
MAJOR YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 5.25%; 10 yr @ 5.20; 5 yr @ 5.16; 2yr @ 5.20; 6 mo @ 5.25.
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.
WEN, an up and sideways flagwaving day DJIA +49 on lower volume with OK internals.
THU, a triple digit bounce with AUTHORITY, DJIA +217 on higher volume with pretty internals. This week DJIA +201, since 09/19/05 DJIA +540.
Indexes UP: Everything MAJOR SOX +3.3%; XAU +6.8%; RUT +3.3% DOWN: None
Sectors UP: Everything leaving contrails, cept Utilities DOWN: None.
Overseas: FTSE, CAC, DAX, Hang Seng & Nikkei 225 ALL UP BIG TIME.
Dollar DOWN BIG vs. Euro 1.2727 & Yen 113.87, XAU +5.6% & gold UP +1.4% @ 588.9, XOI +2.3% & crude UP +1.8% @ 73.52, CRB commodities index UP +1.2% @ 342.30
Yesterday: "I expect a near term continuation of the pattern started 05/10 at least until 07/07." Just after the Fed announcement the markets rocketed to the upside.
Prior to today for Q206, DJIA -1.2%, SP500 -3.8% NAZ - 9.7%. We are witnessing Fed "pause spin" euphoria & quarter end window dressing that has sucked part of the herd in.
This appears to be a triple digit headfake much like the 14th - 15th, look what happened 16th - 18th. We stand by our position until the market proves otherwise with additional conviction.
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!!!
Support: DJIA 10650, SP500 1210, Nasdaq 2050; NDX 1500
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead and someone else has taken his place.
Commodities, Bonds & Equities had a field day as the dollar got clubbed over the head. Economic news to todays other post.
MAJOR YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 5.25%; 10 yr @ 5.20; 5 yr @ 5.16; 2yr @ 5.20; 6 mo @ 5.25.
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.
WEN, an up and sideways flagwaving day DJIA +49 on lower volume with OK internals.
THU, a triple digit bounce with AUTHORITY, DJIA +217 on higher volume with pretty internals. This week DJIA +201, since 09/19/05 DJIA +540.
Indexes UP: Everything MAJOR SOX +3.3%; XAU +6.8%; RUT +3.3% DOWN: None
Sectors UP: Everything leaving contrails, cept Utilities DOWN: None.
Overseas: FTSE, CAC, DAX, Hang Seng & Nikkei 225 ALL UP BIG TIME.
Dollar DOWN BIG vs. Euro 1.2727 & Yen 113.87, XAU +5.6% & gold UP +1.4% @ 588.9, XOI +2.3% & crude UP +1.8% @ 73.52, CRB commodities index UP +1.2% @ 342.30
Yesterday: "I expect a near term continuation of the pattern started 05/10 at least until 07/07." Just after the Fed announcement the markets rocketed to the upside.
Prior to today for Q206, DJIA -1.2%, SP500 -3.8% NAZ - 9.7%. We are witnessing Fed "pause spin" euphoria & quarter end window dressing that has sucked part of the herd in.
This appears to be a triple digit headfake much like the 14th - 15th, look what happened 16th - 18th. We stand by our position until the market proves otherwise with additional conviction.
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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