Market Soapbox Week Ending 11/03/06
Resistance: DJIA 12250; SP500 1390; Nasdaq 2400; NDX 1745
Support: DJIA 11675, SP500 1335, Nasdaq 2250; NDX 1645
MAJOR YIELD CURVE INVERSION: Bonds DOWN BIG with the 30 yr yield rising @ 4.81%; 10 yr @ 4.71; 5 yr @ 4.69; 2yr @ 4.82; 6 mo @ 5.17.
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 - ? 2 yr above 30yr 11/03 - ?
MON, DJIA -4 on lower volume with midlin internals. Weak SP500, All UP cept XOI, XMI, OEX, NYA, DJUA. Crude futures -3.9%, largest single day drop in last year.
TUE, a wavy gravy split tape day, DJIA -6 on average volume with midlin internals. XOI & XAU UP nice, DJUA, SOXX, NDX UP, SP500 flat, RUT, MID, DJTA, TMWX all DOWN. DJIA best Oct in 3 yrs +3.4%.
WEN, broadbased downswing on higher volume, DJIA -50. All DOWN cept DJUA. 10 yr bond hit 3 week low at 4.56%. SP500 broke support bouncing at 1367.
THU, DJIA -12 on average volume with midlin internals. UP XAU, NDX. DOWN nice, SOXX, DJUA, DJTA. SP500 holding at 1367 as bonds finally sold off, gold UP over $625.
FRI, DJIA -33 closing under 12K, 1st 6 day drop since June 05, average volume with midlin internals. DJTA, DJUA DOWN nice, XAU & XOI UP nice, all others DOWN cept MID, RUT, AMEX & SOXX. This week DJIA -105, since 09/19/05 DJIA +1326.
Dollar UP vs. Euro 1.27121 & vs. Yen 117.91, XAU UP 139.35 & gold UP @ 629.20, XOI UP 1147.21 & crude DOWN @ $59.92, CRB commodities index DOWN @ 309.91.
Support: DJIA 11675, SP500 1335, Nasdaq 2250; NDX 1645
MAJOR YIELD CURVE INVERSION: Bonds DOWN BIG with the 30 yr yield rising @ 4.81%; 10 yr @ 4.71; 5 yr @ 4.69; 2yr @ 4.82; 6 mo @ 5.17.
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 - ? 2 yr above 30yr 11/03 - ?
MON, DJIA -4 on lower volume with midlin internals. Weak SP500, All UP cept XOI, XMI, OEX, NYA, DJUA. Crude futures -3.9%, largest single day drop in last year.
TUE, a wavy gravy split tape day, DJIA -6 on average volume with midlin internals. XOI & XAU UP nice, DJUA, SOXX, NDX UP, SP500 flat, RUT, MID, DJTA, TMWX all DOWN. DJIA best Oct in 3 yrs +3.4%.
WEN, broadbased downswing on higher volume, DJIA -50. All DOWN cept DJUA. 10 yr bond hit 3 week low at 4.56%. SP500 broke support bouncing at 1367.
THU, DJIA -12 on average volume with midlin internals. UP XAU, NDX. DOWN nice, SOXX, DJUA, DJTA. SP500 holding at 1367 as bonds finally sold off, gold UP over $625.
FRI, DJIA -33 closing under 12K, 1st 6 day drop since June 05, average volume with midlin internals. DJTA, DJUA DOWN nice, XAU & XOI UP nice, all others DOWN cept MID, RUT, AMEX & SOXX. This week DJIA -105, since 09/19/05 DJIA +1326.
Dollar UP vs. Euro 1.27121 & vs. Yen 117.91, XAU UP 139.35 & gold UP @ 629.20, XOI UP 1147.21 & crude DOWN @ $59.92, CRB commodities index DOWN @ 309.91.
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