Market Observations 08/08/06
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.
SP500 3 week "fed pause" rally +3.3%. At 2:15PM EST the Fed paused, DJIA +46 in 7 minutes to be +58 on the day, then collapsing -105 in the next 7 minutes, closing down -46.
Yesterday, "pause...jags the market to the upside." It jagged up for 7 minutes, then the pause rally fizzled as defensive plays became the order of the day, utilities, select large caps and energy.
With 10yr, 30yr auctions and options unwind at hand, we still smell 665 RUT coming up.
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!!!
SP500 3 week "fed pause" rally +3.3%. At 2:15PM EST the Fed paused, DJIA +46 in 7 minutes to be +58 on the day, then collapsing -105 in the next 7 minutes, closing down -46.
Yesterday, "pause...jags the market to the upside." It jagged up for 7 minutes, then the pause rally fizzled as defensive plays became the order of the day, utilities, select large caps and energy.
With 10yr, 30yr auctions and options unwind at hand, we still smell 665 RUT coming up.
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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