Market Soapbox 03/20/07
TUE, followthrough, DJIA +61 on tepid volume with nice internals. All UP.
Bonds up 10 yr yield -2 bps 4.55, $ down vs 117.209y & vs 1.3318E, WTI crude up $56.73, gold up $659.
SP500 breaking through 1410 barrier and NDX touching 1772, closing at 1767, as declining housing index and building permit disaster were ignored.
IF FOMC statement is benign, SP500 heads for 1420-1427 and NDX could make 1782 on exhuberance. If the party line is not maintained, a pullback.
Caveat Emptor, just when you think its safe to go back in the water, you can't even make it past the sand... something nasty is still lurking in the woodshed...
New Century Financial, the second biggest U.S. subprime mortgage lender, was ordered to halt operations in its home state of California, and Fannie Mae stopped buying the company's loans...
Bonds up 10 yr yield -2 bps 4.55, $ down vs 117.209y & vs 1.3318E, WTI crude up $56.73, gold up $659.
SP500 breaking through 1410 barrier and NDX touching 1772, closing at 1767, as declining housing index and building permit disaster were ignored.
IF FOMC statement is benign, SP500 heads for 1420-1427 and NDX could make 1782 on exhuberance. If the party line is not maintained, a pullback.
Caveat Emptor, just when you think its safe to go back in the water, you can't even make it past the sand... something nasty is still lurking in the woodshed...
New Century Financial, the second biggest U.S. subprime mortgage lender, was ordered to halt operations in its home state of California, and Fannie Mae stopped buying the company's loans...
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