Market Soapbox Week Ending 03/23/07
MON, triple digit up day, DJIA +116 on lower volume with pretty internals. All UP cept SOXX. Bonds down 10 yr yield +2 bps 4.57, $ up vs 1.3294E & vs 117.48Y, WTI crude down $56.70, gold up $654.
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.
WEN, rocket ride, DJIA +159 on below average volume with sterling internals. All UP. Bonds up 10yr yield -1 bps 4.54, $ up vs 117.555y & down vs 1.3381E, WTI crude up $59.61, gold up $663.70
THU, sideways and down, DJIA +14 on average volume and midlin internals. All DOWN cept DJUA, MID, XOI, RUT. Bonds down BIG 10 yr yield +4 bps 4.58, $ up vs 118.125y & vs 1.3331E, gold up $664.20, WTI crude up BIG +3.7% $61.82.
FRI, DJIA +20 on tepid volume with OK internals. All UP cept NDX, OEX. Bonds down 10 yr yield +3 bps 4.61, $ down vs 118.07y & up vs 1.3288E, gold down 1% $657.30, WTI crude up 1% $62.28
This week, DJIA +370, since 09/19/05 DJIA +1850. Dollar up vs. Euro 1.3288 & vs. Yen 118.07, XAU up 137.74 & gold up $657.30, XOI up 1213.44 & WTI crude up $62.28, CRB commodities index up 310.94
YIELD CURVE CORRECTING: This week bonds down with the 10 yr yield rising 6bps. 30 yr @ 4.80%; 10 yr @ 4.61; 5 yr @ 4.51; 2yr @ 4.60; 6 mo @ 5.09.
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 - 02/22; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ? 2 yr above 30yr 11/03 - 03/01
Resistance: DJIA 12485; SP500 1440; NAZ 2460; NDX 1810
Support: DJIA 12250; SP500 1405; NAZ 2395; NDX 1755
Dollar index flat at 83.28 with the Yen & Euro falling, crude jumping from $57 to $62.28.
Gold rising from $652 to $657, as bonds fell raising the 10 yr 7 bps in 2 days to 4.61, Volatility whipsawing back down to under 11.
We don't need no stinkin badges.... SP500 blew through 1410, 1420 & 1430 to rest at 1436, DJIA up 5 straight days.
Next week: Mon New Home Sales, Tue Same Store Sales, Wen Durable Goods & 2 yr auction, Thurs 5 yr auction, Fri Construction Spending.
GM execs are getting stock bonus money for "only" losing $2 Billion this year...
I guess the execs are now like athletes, a bunch of overrated loser crybabies getting the big bucks... our professional USA basketball team comes to mind...
speaking of losers... poor sweet Vonage getting bashed by a clueless or prejudicial judge in the Verizon suit...
how Verizon "owns" patents on VOIP technology is beyond me. It would be like owning TCP/IP or ETHERNET and for every packet on the internet you get paid a royalty....
homey don't think so... why isn't Verizon suing Yahoo, Google or anyone providing VOIP??
Even if Vonage survives, Nextel/Sprint is next in line to bend over poor Vonage with a "patent" lawsuit. Perhaps photosynthesis and defecation will be patented next...
Just a thought, the Vonage attorneys need a better intellectual properties analyst or they should try anti trust litigation or they should up the ante with the judge.
Sneekers n Chips... Nike and Jabil Circuit both gave lowered forward guidance...
As it has the past 6 months, this market will ignore the bad micro & macro news, the final arbitor (the stock and bond markets) are no longer a reliable or honest gauge for future expectations.
Next week on bad news, perhaps up to fill the NDX 1808 - 1820 gap, then your guess is as good as mine. I still think there is something nasty lurking in the woodshed...
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.
WEN, rocket ride, DJIA +159 on below average volume with sterling internals. All UP. Bonds up 10yr yield -1 bps 4.54, $ up vs 117.555y & down vs 1.3381E, WTI crude up $59.61, gold up $663.70
THU, sideways and down, DJIA +14 on average volume and midlin internals. All DOWN cept DJUA, MID, XOI, RUT. Bonds down BIG 10 yr yield +4 bps 4.58, $ up vs 118.125y & vs 1.3331E, gold up $664.20, WTI crude up BIG +3.7% $61.82.
FRI, DJIA +20 on tepid volume with OK internals. All UP cept NDX, OEX. Bonds down 10 yr yield +3 bps 4.61, $ down vs 118.07y & up vs 1.3288E, gold down 1% $657.30, WTI crude up 1% $62.28
This week, DJIA +370, since 09/19/05 DJIA +1850. Dollar up vs. Euro 1.3288 & vs. Yen 118.07, XAU up 137.74 & gold up $657.30, XOI up 1213.44 & WTI crude up $62.28, CRB commodities index up 310.94
YIELD CURVE CORRECTING: This week bonds down with the 10 yr yield rising 6bps. 30 yr @ 4.80%; 10 yr @ 4.61; 5 yr @ 4.51; 2yr @ 4.60; 6 mo @ 5.09.
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 - 02/22; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ? 2 yr above 30yr 11/03 - 03/01
Resistance: DJIA 12485; SP500 1440; NAZ 2460; NDX 1810
Support: DJIA 12250; SP500 1405; NAZ 2395; NDX 1755
Dollar index flat at 83.28 with the Yen & Euro falling, crude jumping from $57 to $62.28.
Gold rising from $652 to $657, as bonds fell raising the 10 yr 7 bps in 2 days to 4.61, Volatility whipsawing back down to under 11.
We don't need no stinkin badges.... SP500 blew through 1410, 1420 & 1430 to rest at 1436, DJIA up 5 straight days.
Next week: Mon New Home Sales, Tue Same Store Sales, Wen Durable Goods & 2 yr auction, Thurs 5 yr auction, Fri Construction Spending.
GM execs are getting stock bonus money for "only" losing $2 Billion this year...
I guess the execs are now like athletes, a bunch of overrated loser crybabies getting the big bucks... our professional USA basketball team comes to mind...
speaking of losers... poor sweet Vonage getting bashed by a clueless or prejudicial judge in the Verizon suit...
how Verizon "owns" patents on VOIP technology is beyond me. It would be like owning TCP/IP or ETHERNET and for every packet on the internet you get paid a royalty....
homey don't think so... why isn't Verizon suing Yahoo, Google or anyone providing VOIP??
Even if Vonage survives, Nextel/Sprint is next in line to bend over poor Vonage with a "patent" lawsuit. Perhaps photosynthesis and defecation will be patented next...
Just a thought, the Vonage attorneys need a better intellectual properties analyst or they should try anti trust litigation or they should up the ante with the judge.
Sneekers n Chips... Nike and Jabil Circuit both gave lowered forward guidance...
As it has the past 6 months, this market will ignore the bad micro & macro news, the final arbitor (the stock and bond markets) are no longer a reliable or honest gauge for future expectations.
Next week on bad news, perhaps up to fill the NDX 1808 - 1820 gap, then your guess is as good as mine. I still think there is something nasty lurking in the woodshed...
Comments