Market Soapbox 08/16/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 5.00%; 10 yr @ 4.87; 5 yr @ 4.80; 2yr @ 4.88; 6 mo @ 5.13.
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.
2yr above 10yr 08/03 - ?; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ?
MON, early triple digit bounce, then a slip, bleeding into the close. DJIA +10 on low volume with deceiving internals.
TUE, a broadbased triple digit bounce, DJIA +132 on low volume with "seemingly pretty" internals.
WEN, followthrough, DJIA +97 on average volume with nice internals. This week DJIA +239, since 09/19/05 DJIA +665.
Indexes UP: SOXX, NDX +2%, RUT, DJTA +3% DOWN: XOI, DJUA -1%.
Sectors UP: Everything leaving contrails, Transports +6% DOWN: Energy, Utilities
Overseas: FTSE DOWN, DAX, CAC, Hang Seng, Nikkei ALL UP NICELY.
Dollar DOWN vs. Euro 1.2812 & vs. Yen 115.57, XAU & gold UP +1% @ 639, XOI & crude DOWN -1.6% @ $73.10, CRB commodities index DOWN @ 337.54.
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 5.00%; 10 yr @ 4.87; 5 yr @ 4.80; 2yr @ 4.88; 6 mo @ 5.13.
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.
2yr above 10yr 08/03 - ?; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ?
MON, early triple digit bounce, then a slip, bleeding into the close. DJIA +10 on low volume with deceiving internals.
TUE, a broadbased triple digit bounce, DJIA +132 on low volume with "seemingly pretty" internals.
WEN, followthrough, DJIA +97 on average volume with nice internals. This week DJIA +239, since 09/19/05 DJIA +665.
Indexes UP: SOXX, NDX +2%, RUT, DJTA +3% DOWN: XOI, DJUA -1%.
Sectors UP: Everything leaving contrails, Transports +6% DOWN: Energy, Utilities
Overseas: FTSE DOWN, DAX, CAC, Hang Seng, Nikkei ALL UP NICELY.
Dollar DOWN vs. Euro 1.2812 & vs. Yen 115.57, XAU & gold UP +1% @ 639, XOI & crude DOWN -1.6% @ $73.10, CRB commodities index DOWN @ 337.54.
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