Market Soapbox 05/01/07
TUE, DJIA +73 on average volume with midlin internals.
All UP cept DJTA, XAU. Bonds down 10 yr yield +2 bps 4.64, $ up vs 119.78Y & vs 1.3612E, WTI crude down 2% $64.40, gold down 1% $677.3.
Following up on our earlier Natterings... YTD automotive sales declining 3 out of 4 months... GM sales -9.5%; Cars -10%; Lite Trucks-9.1%; Large Pickups -14.5%.
Slidin on down: Toyota Cars -6%, Trucks -2.3% & Nissan lite cars & trucks -21%, even Honda sacked -9.1%.
Meanwhile, tampons & toothpaste... PnG #1 US consumer goods maker Q3 profit +14%; Sales +8.4%; Shipments +6%; PNG said "growth was driven by developing markets."
Yesterday "starting to look like a blowoff... collapse into the close, SP500 dropping from 1496 to 1482".
Today, 20 for 23?? Yes... falling to catch support at 1476 then riding up to close at 1486.
Fri ISM Services & Non Farms should show pullbacks, will the market care? Sell in May and go away?
Not so fast Joe, the last leg of this blowoff needs to run its course. SP500 1520-1530 is still the next target.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
All UP cept DJTA, XAU. Bonds down 10 yr yield +2 bps 4.64, $ up vs 119.78Y & vs 1.3612E, WTI crude down 2% $64.40, gold down 1% $677.3.
Following up on our earlier Natterings... YTD automotive sales declining 3 out of 4 months... GM sales -9.5%; Cars -10%; Lite Trucks-9.1%; Large Pickups -14.5%.
Slidin on down: Toyota Cars -6%, Trucks -2.3% & Nissan lite cars & trucks -21%, even Honda sacked -9.1%.
Meanwhile, tampons & toothpaste... PnG #1 US consumer goods maker Q3 profit +14%; Sales +8.4%; Shipments +6%; PNG said "growth was driven by developing markets."
Yesterday "starting to look like a blowoff... collapse into the close, SP500 dropping from 1496 to 1482".
Today, 20 for 23?? Yes... falling to catch support at 1476 then riding up to close at 1486.
Fri ISM Services & Non Farms should show pullbacks, will the market care? Sell in May and go away?
Not so fast Joe, the last leg of this blowoff needs to run its course. SP500 1520-1530 is still the next target.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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