Market Soapbox 08/22/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 4.94%; 10 yr @ 4.81; 5 yr @ 4.76; 2yr @ 4.87; 6 mo @ 5.16.
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, post short covering letdown and defensive plays ended the longest win streak in 5 months, DJIA -36 on low volume with ugly internals.
TUE, up early, then real wavy gravy with neutral breadth and limited participation, DJIA -5 on higher but average volume with OK internals. This week DJIA -41, since 09/19/05 DJIA +679.
Indexes UP: DJUA DOWN: SOXX
Sectors UP: Gold Bugs, Energy, Airlines, Utilities, Commodity. DOWN: Telecom, Semis
Overseas: FTSE DOWN, DAX, CAC, Hang Seng & Nikkei UP.
Dollar UP vs. Euro 1.2819 & vs. Yen 116.18, XAU UP & gold DOWN @ 634, XOI UP & crude DOWN @ $73.10, CRB commodities index UP @ 336.67.
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 4.94%; 10 yr @ 4.81; 5 yr @ 4.76; 2yr @ 4.87; 6 mo @ 5.16.
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, post short covering letdown and defensive plays ended the longest win streak in 5 months, DJIA -36 on low volume with ugly internals.
TUE, up early, then real wavy gravy with neutral breadth and limited participation, DJIA -5 on higher but average volume with OK internals. This week DJIA -41, since 09/19/05 DJIA +679.
Indexes UP: DJUA DOWN: SOXX
Sectors UP: Gold Bugs, Energy, Airlines, Utilities, Commodity. DOWN: Telecom, Semis
Overseas: FTSE DOWN, DAX, CAC, Hang Seng & Nikkei UP.
Dollar UP vs. Euro 1.2819 & vs. Yen 116.18, XAU UP & gold DOWN @ 634, XOI UP & crude DOWN @ $73.10, CRB commodities index UP @ 336.67.
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