Market Soapbox Week Ending 04/13/07
MON, split tape, DJIA +9 on thinly traded volume with midlin internals. All UP cept NDX, NAZ, SOXX, XOI, RUT.
Bonds slapped silly again, 10 yr yield +6 bps 4.74, as the low end of the yield curve got hammered, 2 yr yield +11bps 4.73, $ up vs 1.3357E & vs 119.29Y, WTI crude down 4.3% $61.51, gold down $676.90
TUE, DJIA +5 on low volume with pretty internals. All UP cept DJTA. Bonds up 10 yr yield -2 bps 4.72, $ down vs 119.11y & vs 1.3434E, WTI crude up $61.89, gold up $681.50.
WEN, broadbased profit taking, DJIA -89 on below average volume with fugly internals. All DOWN. Bonds down 10yr yield +1 bps 4.73, $ up vs 119.335y & vs 1.3428E, WTI crude up $62.01, gold up $681.70
THU, down & up, DJIA +68 on below average volume with nice internals. All UP cept DJUA & XAU. Bonds flat 10 yr yield +0 bps 4.73, $ down vs 119.056y & down vs 1.3488E, gold down $679.7, WTI crude up 3% $63.85
FRI, DJIA +59 on below average volume with nice internals. All UP cept DJUA, DJTA, SOXX. Bonds down10 yr yield +3 bps 4.76, $ up vs 119.25y & down vs 1.353E, gold up $689.9, WTI crude down $63.63
This week, DJIA +52, since 09/19/05 DJIA +1976. Dollar down vs. Euro 1.353 & up vs. Yen 119.25, XAU up 147.02 & gold up $689.9, XOI up 1271.19 & WTI crude down $63.63, CRB commodities index up 317.93
This week bonds down yield curve rising 10 yr +8 bps, 2yr +14 bps 30 yr @ 4.93%; 10 yr @ 4.76; 5 yr @ 4.69; 2yr @ 4.76; 6 mo @ 5.08.
Recent Inversions: 2yr above 10 yr 12/27/05 - 3/29/06; 06/08/06 - 02/22/07; 2yr above 30 yr 02/09/06 - 3/29/06; 11/03/06- 03/01/07. 6mo above 10yr 06/02/06 -?; 6mo above 30yr 06/13/06 - ?
Resistance: DJIA 12670; SP500 1455; NAZ 2500; NDX 1820
Support: DJIA 12470; SP500 1425; NAZ 2445; NDX 1785
Dollar index falling 82.7 to 82.2 with the Yen declining & Euro rising, crude falling $64.28 to $63.63.
Gold rising from $679.4 to 689.90, 30 year bond testing 110.08, Volatility falling 13.25 to 12.20.
Last week, "Perhaps Mon or Tues SP500 1455 & NDX 1838? Then what?" SP500 bouncing to 1453 today, NDX still at 1818.
Short covering should push the market up next week, unless there's unfavorable quarterly reports or otherwise.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!!!
Bonds slapped silly again, 10 yr yield +6 bps 4.74, as the low end of the yield curve got hammered, 2 yr yield +11bps 4.73, $ up vs 1.3357E & vs 119.29Y, WTI crude down 4.3% $61.51, gold down $676.90
TUE, DJIA +5 on low volume with pretty internals. All UP cept DJTA. Bonds up 10 yr yield -2 bps 4.72, $ down vs 119.11y & vs 1.3434E, WTI crude up $61.89, gold up $681.50.
WEN, broadbased profit taking, DJIA -89 on below average volume with fugly internals. All DOWN. Bonds down 10yr yield +1 bps 4.73, $ up vs 119.335y & vs 1.3428E, WTI crude up $62.01, gold up $681.70
THU, down & up, DJIA +68 on below average volume with nice internals. All UP cept DJUA & XAU. Bonds flat 10 yr yield +0 bps 4.73, $ down vs 119.056y & down vs 1.3488E, gold down $679.7, WTI crude up 3% $63.85
FRI, DJIA +59 on below average volume with nice internals. All UP cept DJUA, DJTA, SOXX. Bonds down10 yr yield +3 bps 4.76, $ up vs 119.25y & down vs 1.353E, gold up $689.9, WTI crude down $63.63
This week, DJIA +52, since 09/19/05 DJIA +1976. Dollar down vs. Euro 1.353 & up vs. Yen 119.25, XAU up 147.02 & gold up $689.9, XOI up 1271.19 & WTI crude down $63.63, CRB commodities index up 317.93
This week bonds down yield curve rising 10 yr +8 bps, 2yr +14 bps 30 yr @ 4.93%; 10 yr @ 4.76; 5 yr @ 4.69; 2yr @ 4.76; 6 mo @ 5.08.
Recent Inversions: 2yr above 10 yr 12/27/05 - 3/29/06; 06/08/06 - 02/22/07; 2yr above 30 yr 02/09/06 - 3/29/06; 11/03/06- 03/01/07. 6mo above 10yr 06/02/06 -?; 6mo above 30yr 06/13/06 - ?
Resistance: DJIA 12670; SP500 1455; NAZ 2500; NDX 1820
Support: DJIA 12470; SP500 1425; NAZ 2445; NDX 1785
Dollar index falling 82.7 to 82.2 with the Yen declining & Euro rising, crude falling $64.28 to $63.63.
Gold rising from $679.4 to 689.90, 30 year bond testing 110.08, Volatility falling 13.25 to 12.20.
Last week, "Perhaps Mon or Tues SP500 1455 & NDX 1838? Then what?" SP500 bouncing to 1453 today, NDX still at 1818.
Short covering should push the market up next week, unless there's unfavorable quarterly reports or otherwise.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!!!
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