Market Soapbox 08/28/06
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 @ 4.93%; 10 yr @ 4.79; 5 yr @ 4.76; 2yr @ 4.88; 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, broadbased bounce DJIA +68 on low volume with nice internals. This week DJIA +68, since 09/19/05 DJIA +692.
Indexes UP: RUT, SOXX, MID, NAZ, DJTA DOWN: XOI, XAU.
Sectors UP: Everything cept... DOWN: Gold Bugs, Energy, Commodity.
Overseas: FTSE, DAX, CAC UP, Hang Seng & Nikkei DOWN.
Dollar DOWN vs. Euro 1.2792 & vs. Yen 117.12, XAU -1.8% & gold DOWN -1% @ 623.9, XOI -1% & crude DOWN -2.6% @ $70.60, CRB commodities index DOWN 2% @ 329.68. Natural Gas -7.2%; Unleaded -6%
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 4.93%; 10 yr @ 4.79; 5 yr @ 4.76; 2yr @ 4.88; 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, broadbased bounce DJIA +68 on low volume with nice internals. This week DJIA +68, since 09/19/05 DJIA +692.
Indexes UP: RUT, SOXX, MID, NAZ, DJTA DOWN: XOI, XAU.
Sectors UP: Everything cept... DOWN: Gold Bugs, Energy, Commodity.
Overseas: FTSE, DAX, CAC UP, Hang Seng & Nikkei DOWN.
Dollar DOWN vs. Euro 1.2792 & vs. Yen 117.12, XAU -1.8% & gold DOWN -1% @ 623.9, XOI -1% & crude DOWN -2.6% @ $70.60, CRB commodities index DOWN 2% @ 329.68. Natural Gas -7.2%; Unleaded -6%
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