Market Soapbox 05/02/07
WEN, broadbased followthrough, DJIA +76 on average volume with pretty internals. All UP.
Bonds flat 10yr yield +0bps 4.64, $ up vs 120.18y & vs 1.3587E, WTI crude down $63.54, gold up $675.9
GMAC reported a Q1 ($305M) loss vs Q106 net income $495M as GMAC had to inject $1 billion into its home lending unit due to deliquency losses.
GMAC's Residential Capital lost ($905M) vs Q106 earnings of $201M amid a "sharp downturn" in the U.S. mortgage market.
Communications equipment company JDS Uniphase reported a Q3 loss ($14M) vs year ago profit $3.7M, and warned Q4 sales would miss.
Yesterday "Not so fast Joe, the last leg of that blowoff needs to run its course." Today, 21 for 24, DJIA hurdling over 13.2K, a 17th record high YTD.
SP500 riding up from 1486 to 1499; 28 points away from March 24, 2000 all time high @ 1527.40; SP500 1520-1530 is still the next target.
Tomorrow GM pill to swallow; FRI Non Farms Porridge must be just right for Golidlocks or the Bears come out to play and delay SP500 date with 1530.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds flat 10yr yield +0bps 4.64, $ up vs 120.18y & vs 1.3587E, WTI crude down $63.54, gold up $675.9
GMAC reported a Q1 ($305M) loss vs Q106 net income $495M as GMAC had to inject $1 billion into its home lending unit due to deliquency losses.
GMAC's Residential Capital lost ($905M) vs Q106 earnings of $201M amid a "sharp downturn" in the U.S. mortgage market.
Communications equipment company JDS Uniphase reported a Q3 loss ($14M) vs year ago profit $3.7M, and warned Q4 sales would miss.
Yesterday "Not so fast Joe, the last leg of that blowoff needs to run its course." Today, 21 for 24, DJIA hurdling over 13.2K, a 17th record high YTD.
SP500 riding up from 1486 to 1499; 28 points away from March 24, 2000 all time high @ 1527.40; SP500 1520-1530 is still the next target.
Tomorrow GM pill to swallow; FRI Non Farms Porridge must be just right for Golidlocks or the Bears come out to play and delay SP500 date with 1530.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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