Market Soapbox 07/06/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1210, Nasdaq 2050; NDX 1500
YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 5.22%; 10 yr @ 5.18; 5 yr @ 5.14; 2yr @ 5.21; 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 & 2yr above 30yr 06/13 - 06/30.
6mo above 10yr 06/02 -?; 2yr above 10yr 06/08 - ? 6mo above 30yr 06/13 - ?
MON, half day on thin volume with pretty internals, DJIA +78.
TUE, DJIA -76, on higher - but average volume with ugly internals.
WEN, DJIA +73 on average volume with midlin internals. This week DJIA -5, since 09/19/05 DJIA +572.
Indexes UP: XMI. DOWN: DJUA, DJTA, NDX, SOX, XAU
Sectors UP: Everything else. DOWN: Transports, Utilities, Semis, Tech, Natural Gas, Oil, Cyclical
Overseas: FTSE, CAC, DAX, Hang Seng UP & Nikkei 225 DOWN.
Dollar DOWN vs. Euro 1.2842 & vs. Yen 113.91, XAU +4% & gold UP @ 635.3, XOI & crude UP @ 74.82, CRB commodities index UP @ 352.86
Oil to all time record over $75 & gold surging, while bonds & equities struggle.
Until the market proves otherwise with additional conviction our thumb is pointed down. FYI quarterly earnings season kicks off Monday with Alcoa.
Support: DJIA 10650, SP500 1210, Nasdaq 2050; NDX 1500
YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 5.22%; 10 yr @ 5.18; 5 yr @ 5.14; 2yr @ 5.21; 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 & 2yr above 30yr 06/13 - 06/30.
6mo above 10yr 06/02 -?; 2yr above 10yr 06/08 - ? 6mo above 30yr 06/13 - ?
MON, half day on thin volume with pretty internals, DJIA +78.
TUE, DJIA -76, on higher - but average volume with ugly internals.
WEN, DJIA +73 on average volume with midlin internals. This week DJIA -5, since 09/19/05 DJIA +572.
Indexes UP: XMI. DOWN: DJUA, DJTA, NDX, SOX, XAU
Sectors UP: Everything else. DOWN: Transports, Utilities, Semis, Tech, Natural Gas, Oil, Cyclical
Overseas: FTSE, CAC, DAX, Hang Seng UP & Nikkei 225 DOWN.
Dollar DOWN vs. Euro 1.2842 & vs. Yen 113.91, XAU +4% & gold UP @ 635.3, XOI & crude UP @ 74.82, CRB commodities index UP @ 352.86
Oil to all time record over $75 & gold surging, while bonds & equities struggle.
Until the market proves otherwise with additional conviction our thumb is pointed down. FYI quarterly earnings season kicks off Monday with Alcoa.
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