Market Soapbox 03/15/07
THU, sideways, DJIA +25 on lower volume and nice internals. All UP cept XOI.
Bonds flat 10 yr yield 4.53, $ up vs 117.625y & down vs 1.3234E, gold up $646.70, WTI crude down -1.1% $57.50.
Yesterday, "perhaps more short covering to rise to 1392 or 1401, but then??" Today, SP500 rising to 1395.73 then closing at 1392 level.
Tomorrow quadruple witching and more short covering. Much like todays bad PPI, Initial Claims, Philly Fed & NY Empire reports, a bad CPI & Industrial Production report will be ignored.
Perhaps a rise to the 1400 - 1407 level carrying through to Monday, 1417 & 1427 seem unlikely given Mon Housing Index, Tues Housing Starts, Wen FOMC statement, Fri Existing Home Sales.
This corrective 2nd leg bounce up off the 1st leg down 02/27 - 03/05 NDX and 03/14 SP500 should terminate after 1410 SP500, 790 RUT, 1761 NDX.
A nasty 3rd leg to the downside awaits in the woodshed, perhaps sending us to 1325 SP500.
Bonds flat 10 yr yield 4.53, $ up vs 117.625y & down vs 1.3234E, gold up $646.70, WTI crude down -1.1% $57.50.
Yesterday, "perhaps more short covering to rise to 1392 or 1401, but then??" Today, SP500 rising to 1395.73 then closing at 1392 level.
Tomorrow quadruple witching and more short covering. Much like todays bad PPI, Initial Claims, Philly Fed & NY Empire reports, a bad CPI & Industrial Production report will be ignored.
Perhaps a rise to the 1400 - 1407 level carrying through to Monday, 1417 & 1427 seem unlikely given Mon Housing Index, Tues Housing Starts, Wen FOMC statement, Fri Existing Home Sales.
This corrective 2nd leg bounce up off the 1st leg down 02/27 - 03/05 NDX and 03/14 SP500 should terminate after 1410 SP500, 790 RUT, 1761 NDX.
A nasty 3rd leg to the downside awaits in the woodshed, perhaps sending us to 1325 SP500.
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