Market Soapbox 04/30/07
MON, DJIA -58 on average volume with ugly internals.
All DOWN nicely. Bonds up BIG, 10 yr yield -7 bps 4.62, $ up vs 1.365E & down vs 119.499Y, WTI crude down 1% $65.71, gold up $683.5
Centex #4 U.S. home builder, reported a wider than expected Q1 loss ($22M) with an 11% decline in revenue and 14% decline in closings.
Centex has scrambled to deal with the real estate slowdown by selling off land that was decreasing in value and exiting the sub prime lending and commercial contracting businesses.
20 for 22?? NOT... Month end window dressing could not save the market from 1:20 EST on, a profit taking collapse into the close, SP500 dropping from 1496 to 1482.
The market has been parabolic of late, 19 of 22, and starting to look like a blowoff reminiscent of 2000. Remember, "sell in May and go away"... lets see...
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
All DOWN nicely. Bonds up BIG, 10 yr yield -7 bps 4.62, $ up vs 1.365E & down vs 119.499Y, WTI crude down 1% $65.71, gold up $683.5
Centex #4 U.S. home builder, reported a wider than expected Q1 loss ($22M) with an 11% decline in revenue and 14% decline in closings.
Centex has scrambled to deal with the real estate slowdown by selling off land that was decreasing in value and exiting the sub prime lending and commercial contracting businesses.
20 for 22?? NOT... Month end window dressing could not save the market from 1:20 EST on, a profit taking collapse into the close, SP500 dropping from 1496 to 1482.
The market has been parabolic of late, 19 of 22, and starting to look like a blowoff reminiscent of 2000. Remember, "sell in May and go away"... lets see...
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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