Market Soapbox & Observations Week Ending 02/02/07
MON, down & sideways, split tape, DJIA +4 on average volume with midlin internals. All DOWN cept RUT, MID, NDX, DJTA. Bonds down 10 yr 4.89, $ up vs 121.82y & down vs 1.2952E, WTI crude down -2.8% $53.86, gold down $649.20.
TUE, back up, DJIA +33 on lower volume with nice internals. All UP cept XMI. Bonds up 10yr 4.87, $ down vs 121.7y & down vs 1.2967E, WTI crude up 5.3% $56.88, gold up $652.90
WEN, broadbased surge, DJIA +98 on average volume and pretty internals. All UP cept SOXX. Bonds up BIG 10 yr 4.81, $ down vs 120.68y & vs 1.3035E, gold up 1.3% $658.70, WTI crude up 1.8% 58.00. Huge aftermarket volume surge.
THU, broadbased followthrough, DJIA +52 on average volume with pretty internals. All UP cept NDX. Bonds down 10 yr 4.84, $ up 120.73y & 1.302E, gold up $662.20, WTI crude down 1.4% $57.35. Large aftermarket volume.
FRI, split tape, DJIA -20 on lower volume with OK internals. All UP cept NYA, XMI, XOI, XAU. Bonds down 10yr 4.88, $ up vs 121.055y & vs 1.2966E, WTI crude up 3% $59.10, gold down 1.5% $652.70.
This week, DJIA +167, since 09/19/05 DJIA +2022. Dollar down vs. Euro 1.2966 & vs. Yen 121.055, XAU up 139.05 & gold up 652.70, XOI up 1175.85 & WTI crude up $59.10, CRB commodities index up 301.33
MAJOR YIELD CURVE INVERSION: This week bonds up with the 30 yr yield falling @ 4.92%; 10 yr @ 4.82; 5 yr @ 4.82; 2yr @ 4.93; 6 mo @ 5.15.
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 - ?
Resistance: DJIA 12685; SP500 1450; Nasdaq 2480; NDX 1800
Support: DJIA 12525, SP500 1425, Nasdaq 2450; NDX 1775
Dollar index waving about 85, crude bounce from $50 to $58, gold rising $652 as bonds rebound lowering rate 6bps 10 yr 4.82. VIX falling back to 10, volatility getting dangerously low again.
New mulit year and all time highs this week. DJTA soaring along with crude? SP500 seems headed for 1520, RUT for 830, does it have the gas?
Keep an eye on the reaction at this level. A pullback would be healthy, perhaps profit taking mid Mon?
TUE, back up, DJIA +33 on lower volume with nice internals. All UP cept XMI. Bonds up 10yr 4.87, $ down vs 121.7y & down vs 1.2967E, WTI crude up 5.3% $56.88, gold up $652.90
WEN, broadbased surge, DJIA +98 on average volume and pretty internals. All UP cept SOXX. Bonds up BIG 10 yr 4.81, $ down vs 120.68y & vs 1.3035E, gold up 1.3% $658.70, WTI crude up 1.8% 58.00. Huge aftermarket volume surge.
THU, broadbased followthrough, DJIA +52 on average volume with pretty internals. All UP cept NDX. Bonds down 10 yr 4.84, $ up 120.73y & 1.302E, gold up $662.20, WTI crude down 1.4% $57.35. Large aftermarket volume.
FRI, split tape, DJIA -20 on lower volume with OK internals. All UP cept NYA, XMI, XOI, XAU. Bonds down 10yr 4.88, $ up vs 121.055y & vs 1.2966E, WTI crude up 3% $59.10, gold down 1.5% $652.70.
This week, DJIA +167, since 09/19/05 DJIA +2022. Dollar down vs. Euro 1.2966 & vs. Yen 121.055, XAU up 139.05 & gold up 652.70, XOI up 1175.85 & WTI crude up $59.10, CRB commodities index up 301.33
MAJOR YIELD CURVE INVERSION: This week bonds up with the 30 yr yield falling @ 4.92%; 10 yr @ 4.82; 5 yr @ 4.82; 2yr @ 4.93; 6 mo @ 5.15.
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 - ?
Resistance: DJIA 12685; SP500 1450; Nasdaq 2480; NDX 1800
Support: DJIA 12525, SP500 1425, Nasdaq 2450; NDX 1775
Dollar index waving about 85, crude bounce from $50 to $58, gold rising $652 as bonds rebound lowering rate 6bps 10 yr 4.82. VIX falling back to 10, volatility getting dangerously low again.
New mulit year and all time highs this week. DJTA soaring along with crude? SP500 seems headed for 1520, RUT for 830, does it have the gas?
Keep an eye on the reaction at this level. A pullback would be healthy, perhaps profit taking mid Mon?
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