Market Soapbox 04/26/07
THU, strange daze indeed, DJIA +16 on average volume with midlin internals. All UP cept DJTA, DJUA, NYSE, SP500, OEX, TMWX, XAU, XOI.
Bonds down 10 yr yield +4 bps 4.69, $ up vs 119.615y & vs 1.3603E, gold down 1.4% $678, WTI crude down 1% $65.06
Parabolic: DJIA reaching 13K just 128 trading days after eclipsing 12K. Thats 15 times faster than the previous 1000-point advance.
Today, more "pretzel logic" as only 11 of 30 DJIA components traded higher. Tech held up the market as ebullient investors focused on a staple of the global economy "Ipod sales"...
Totally ignoring Apple's huge sequential drop while homebuilders also gained on massive earnings and sales downturns.
For all the gory details, see all of the "nattering" in our earnings reports update. Intraday, NDX 1896, SP500 1498; DJIA 13182, RUT & MID all time highs. Afterhours: Microsoft.
Reversal's and finally a grain of truth: Dallas Fed Head Dick Fisher said he sees more economic impact coming from the housing market.... the US Senate passed the Iraqi withdrawl plan 51-46, "Shrub" promises veto.
The Nattering One muses... so far, questionable gains and "narrowing" quarterly losses Yoy due to "channel stuffing", year end book cooking; favorable foreign exchage and increased foreign sales have "saved the day".
Across the board, North American sales are down. Me thinks further declines await as the housing debacle worsens. When we catch a cold, they catch the flu.... What will happen when foreign sales decline as well?
Tomorrow, GDP and chain deflator, is the drop priced in? Will it be bigger than expected? Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down 10 yr yield +4 bps 4.69, $ up vs 119.615y & vs 1.3603E, gold down 1.4% $678, WTI crude down 1% $65.06
Parabolic: DJIA reaching 13K just 128 trading days after eclipsing 12K. Thats 15 times faster than the previous 1000-point advance.
Today, more "pretzel logic" as only 11 of 30 DJIA components traded higher. Tech held up the market as ebullient investors focused on a staple of the global economy "Ipod sales"...
Totally ignoring Apple's huge sequential drop while homebuilders also gained on massive earnings and sales downturns.
For all the gory details, see all of the "nattering" in our earnings reports update. Intraday, NDX 1896, SP500 1498; DJIA 13182, RUT & MID all time highs. Afterhours: Microsoft.
Reversal's and finally a grain of truth: Dallas Fed Head Dick Fisher said he sees more economic impact coming from the housing market.... the US Senate passed the Iraqi withdrawl plan 51-46, "Shrub" promises veto.
The Nattering One muses... so far, questionable gains and "narrowing" quarterly losses Yoy due to "channel stuffing", year end book cooking; favorable foreign exchage and increased foreign sales have "saved the day".
Across the board, North American sales are down. Me thinks further declines await as the housing debacle worsens. When we catch a cold, they catch the flu.... What will happen when foreign sales decline as well?
Tomorrow, GDP and chain deflator, is the drop priced in? Will it be bigger than expected? Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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