Market Soapbox Week Ending 12/01/06
Resistance: DJIA 12500; SP500 1415; Nasdaq 2480; NDX 1860
Support: DJIA 12000, SP500 1377, Nasdaq 2390; NDX 1760
MAJOR YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 4.55%; 10 yr @ 4.43; 5 yr @ 4.39; 2yr @ 4.52; 6 mo @ 5.05.
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 - 11/29
MON, broadbased triple digit followthrough, DJIA -158 on average volume with devastating internals.
TUE, more drop then a rebound, DJIA +15 on average volume with midlin internals. SP500 falls to 1377 support.
WEN, more rebound, DJIA +90 on average volume with nice internals.
THU, sideways chop, DJIA -5 on average volume with midlin internals. SP500 steady at 1395 - 1400 line.
FRI, more drop, DJIA -28 on higher volume with ugly internals. All DOWN cept XOI, MID, DJUA. This week DJIA -86, since 09/19/05 DJIA +1534.
Dollar POUNDED DOWN BIG vs. Euro 1.3336 & vs. Yen 115.45, XAU 147.68 & gold UP BIG @ 650.70, XOI 1215.98 & crude UP BIG @ $63.43, CRB commodities index UP @ 321.23.
Support: DJIA 12000, SP500 1377, Nasdaq 2390; NDX 1760
MAJOR YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 4.55%; 10 yr @ 4.43; 5 yr @ 4.39; 2yr @ 4.52; 6 mo @ 5.05.
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 - 11/29
MON, broadbased triple digit followthrough, DJIA -158 on average volume with devastating internals.
TUE, more drop then a rebound, DJIA +15 on average volume with midlin internals. SP500 falls to 1377 support.
WEN, more rebound, DJIA +90 on average volume with nice internals.
THU, sideways chop, DJIA -5 on average volume with midlin internals. SP500 steady at 1395 - 1400 line.
FRI, more drop, DJIA -28 on higher volume with ugly internals. All DOWN cept XOI, MID, DJUA. This week DJIA -86, since 09/19/05 DJIA +1534.
Dollar POUNDED DOWN BIG vs. Euro 1.3336 & vs. Yen 115.45, XAU 147.68 & gold UP BIG @ 650.70, XOI 1215.98 & crude UP BIG @ $63.43, CRB commodities index UP @ 321.23.
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