Market Soapbox 08/24/06
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 @ 4.93%; 10 yr @ 4.80; 5 yr @ 4.77; 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 DJIA -5 on higher but average volume with OK internals.
WEN, 3rd straight down day, a broadbased post short covering letdown. DJIA -42 on average volume with ugly internals.
THU, sideways & choppy, DJIA a weak +7 on low volume with midlin internals. This week DJIA -76, since 09/19/05 DJIA +644.
Indexes UP: XOI, DJUA, SOXX, NDX DOWN: AMEX, XAU, DJTA, MID.
Sectors UP: Healthcare, Energy. DOWN: Airlines, Gold Bugs, Brokers, Transports, Commodity Cyclical.
Overseas: FTSE, DAX, CAC, Hang Seng & Nikkei all UP.
Dollar UP vs. Euro 1.2784 & vs. Yen 116.02, XAU & gold DOWN @ 627.1, XOI & crude UP @ $72.90, CRB commodities index UP @ 336.12.
No surprise here... the Justice Dept. ended its accounting probe of Fannie Mae without filing charges... just a sweep under the rug.
This market is starting to get scary quiet, like the lull before a squall. Next month, look for poor August new and existing home sales results to really have an effect.
The public and investors are waking up to the subtle fact that with the housing sector economy tanking and no more home equity ATM, we have nothing to fall back on, and its not going to be a happy ending for many.
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 UP with the 30 yr yield falling @ 4.93%; 10 yr @ 4.80; 5 yr @ 4.77; 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 DJIA -5 on higher but average volume with OK internals.
WEN, 3rd straight down day, a broadbased post short covering letdown. DJIA -42 on average volume with ugly internals.
THU, sideways & choppy, DJIA a weak +7 on low volume with midlin internals. This week DJIA -76, since 09/19/05 DJIA +644.
Indexes UP: XOI, DJUA, SOXX, NDX DOWN: AMEX, XAU, DJTA, MID.
Sectors UP: Healthcare, Energy. DOWN: Airlines, Gold Bugs, Brokers, Transports, Commodity Cyclical.
Overseas: FTSE, DAX, CAC, Hang Seng & Nikkei all UP.
Dollar UP vs. Euro 1.2784 & vs. Yen 116.02, XAU & gold DOWN @ 627.1, XOI & crude UP @ $72.90, CRB commodities index UP @ 336.12.
No surprise here... the Justice Dept. ended its accounting probe of Fannie Mae without filing charges... just a sweep under the rug.
This market is starting to get scary quiet, like the lull before a squall. Next month, look for poor August new and existing home sales results to really have an effect.
The public and investors are waking up to the subtle fact that with the housing sector economy tanking and no more home equity ATM, we have nothing to fall back on, and its not going to be a happy ending for many.
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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