Market Soapbox 05/16/07
WEN, broadbased triple digit rebound, DJIA +104 on average volume with nice internals. All UP cept SOXX, XAU.
Bonds flat 10yr yield +0bps 4.71, $ up vs 120.778y & vs 1.3516E, WTI crude down 1% $62.55, gold down 2% $661.5
Driving it up... Soros, Lampert and Buffet disclose large cap holdings spurring a round of big cap buying that pushed up the indices.
This market has no breadth and wobbly internals, yet it keeps driving up on what appears to be a blowoff run... the question is when?
Over the last two weeks, some magic numbers with strong resistance... RUT 830, SOXX 500-505, SP500 1510, NDX 1905. They still stand as magnets...
Today, SP500 1500 to 1514. DJIA new record high up 29 for 34.... and on a parallel with 1989 Nikkei 225: the DJIA is now 36 for 46....
SP500 1520-1530 is still the next target on short covering by FRI options expiration.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds flat 10yr yield +0bps 4.71, $ up vs 120.778y & vs 1.3516E, WTI crude down 1% $62.55, gold down 2% $661.5
Driving it up... Soros, Lampert and Buffet disclose large cap holdings spurring a round of big cap buying that pushed up the indices.
This market has no breadth and wobbly internals, yet it keeps driving up on what appears to be a blowoff run... the question is when?
Over the last two weeks, some magic numbers with strong resistance... RUT 830, SOXX 500-505, SP500 1510, NDX 1905. They still stand as magnets...
Today, SP500 1500 to 1514. DJIA new record high up 29 for 34.... and on a parallel with 1989 Nikkei 225: the DJIA is now 36 for 46....
SP500 1520-1530 is still the next target on short covering by FRI options expiration.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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