Market Soapbox 08/30/06
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 @ 4.90%; 10 yr @ 4.75; 5 yr @ 4.72; 2yr @ 4.82; 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, broadbased bounce DJIA +68 on low volume with nice internals.
TUE, down & up, chop city DJIA +18 on low volume with OK internals.
WEN, more chop, DJIA +13 on low volume with nice internals. This week DJIA +99, since 09/19/05 DJIA +723.
Indexes UP: RUT, SOXX, XAU, NDX DOWN: XOI, DJTA, DJUA.
Sectors UP: Airlines, Networking, Brokers, Tech DOWN: Energy, Transports, Utilities, Commodity.
Overseas: DAX, FTSE, CAC, Hang Seng UP & Nikkei DOWN.
Dollar DOWN vs. Euro 1.2847 & UP vs. Yen 116.81, XAU & gold UP 1% @ 626.1, XOI -1.4% & crude UP @ $70.03, CRB commodities index DOWN @ 327.09.
Fed Head Lacker, the lone dissenter from the last FOMC meeting said on Bloomberg TV he doesn't think we're out of the woods yet, saying none of the recent data since August 8th changes his assessment that further tightening may be needed to bring inflation down more rapidly.
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 4.90%; 10 yr @ 4.75; 5 yr @ 4.72; 2yr @ 4.82; 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, broadbased bounce DJIA +68 on low volume with nice internals.
TUE, down & up, chop city DJIA +18 on low volume with OK internals.
WEN, more chop, DJIA +13 on low volume with nice internals. This week DJIA +99, since 09/19/05 DJIA +723.
Indexes UP: RUT, SOXX, XAU, NDX DOWN: XOI, DJTA, DJUA.
Sectors UP: Airlines, Networking, Brokers, Tech DOWN: Energy, Transports, Utilities, Commodity.
Overseas: DAX, FTSE, CAC, Hang Seng UP & Nikkei DOWN.
Dollar DOWN vs. Euro 1.2847 & UP vs. Yen 116.81, XAU & gold UP 1% @ 626.1, XOI -1.4% & crude UP @ $70.03, CRB commodities index DOWN @ 327.09.
Fed Head Lacker, the lone dissenter from the last FOMC meeting said on Bloomberg TV he doesn't think we're out of the woods yet, saying none of the recent data since August 8th changes his assessment that further tightening may be needed to bring inflation down more rapidly.
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