Market Soapbox 08/09/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 5.04%; 10 yr @ 4.93; 5 yr @ 4.85; 2yr @ 4.91; 6 mo @ 5.14.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07; 03/20 - 3/29; 06/08 - 07/26. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29; 6mo & 2yr above 30yr 06/13 - 07/20. 2 yr below 10 yr today 08/09.
2yr above 10yr 08/03 - ?; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ?
MON, DJIA -21 on lower volume with ugly internals.
TUE, wavy gravy awaiting FOMC decision, DJIA -46 on higher but average volume with ugly internals.
WEN, an upside pop, then sliding further down the stairs triple digits at one point, DJIA -97 on average volume with ugly internals. This week DJIA -164, since 09/19/05 DJIA +434.
Indexes UP: XOI, XAU, SOX, NDX, DJUA DOWN: DJTA -2.9%, MID, RUT
Sectors UP: Tech, Commodity, Energy, Gold Bugs DOWN: Transports, Brokers, Cyclical, Banking.
Overseas: FTSE, CAC, DAX, Hang Seng & Nikkei ALL UP nicely.
Dollar UP vs. Euro 1.2873 & vs. Yen 115.20, XAU +2.25% & gold UP @ 650.5, XOI UP & crude DOWN @ $76.30, CRB commodities index UP @ 353.39. Natural Gas +6%
$13B 10 year note auction: a solid bid to cover 2.23, indirect bid 30.3%, high yield 4.930%. Today's tech and semis headfake tried to buoy the market and failed. 30 yr auction, options unwind, CPI & PPI await.
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 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 5.04%; 10 yr @ 4.93; 5 yr @ 4.85; 2yr @ 4.91; 6 mo @ 5.14.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07; 03/20 - 3/29; 06/08 - 07/26. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29; 6mo & 2yr above 30yr 06/13 - 07/20. 2 yr below 10 yr today 08/09.
2yr above 10yr 08/03 - ?; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ?
MON, DJIA -21 on lower volume with ugly internals.
TUE, wavy gravy awaiting FOMC decision, DJIA -46 on higher but average volume with ugly internals.
WEN, an upside pop, then sliding further down the stairs triple digits at one point, DJIA -97 on average volume with ugly internals. This week DJIA -164, since 09/19/05 DJIA +434.
Indexes UP: XOI, XAU, SOX, NDX, DJUA DOWN: DJTA -2.9%, MID, RUT
Sectors UP: Tech, Commodity, Energy, Gold Bugs DOWN: Transports, Brokers, Cyclical, Banking.
Overseas: FTSE, CAC, DAX, Hang Seng & Nikkei ALL UP nicely.
Dollar UP vs. Euro 1.2873 & vs. Yen 115.20, XAU +2.25% & gold UP @ 650.5, XOI UP & crude DOWN @ $76.30, CRB commodities index UP @ 353.39. Natural Gas +6%
$13B 10 year note auction: a solid bid to cover 2.23, indirect bid 30.3%, high yield 4.930%. Today's tech and semis headfake tried to buoy the market and failed. 30 yr auction, options unwind, CPI & PPI await.
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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