Market Soapbox 06/04/07
MON, DJIA +8 on lower volume with decent internals. All UP cept DJTA, DJUA, XAU.
Bonds up, 10 yr yield -3 bps 4.93, $ down vs 1.349E & vs 121.75Y, WTI crude up $66.07, gold flat $676.9
DJIA up 35 for 47; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 42 for 58.
Over the last 3 weeks, some magic numbers with strong resistance... SOXX 500-505. it still stands...
Last week: "Another "shanghai surprise" and the market might notice.". Today, Shanghai plunging 8.3% the largest drop since 8.8% on Feb 27th.
Friday: "10 year yield at 4.90 highest since Aug 06... somethings gonna give if it heads for 5..." a break today as bonds rallied, but....
China & Japan have cut back bond purchases, the Yuan $ band was loosened, then Kuwait & Syria cut their $ pegs.
All of this points to less dollar buying, and that means less bond purchases and higher interest rates in the long run.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds up, 10 yr yield -3 bps 4.93, $ down vs 1.349E & vs 121.75Y, WTI crude up $66.07, gold flat $676.9
DJIA up 35 for 47; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 42 for 58.
Over the last 3 weeks, some magic numbers with strong resistance... SOXX 500-505. it still stands...
Last week: "Another "shanghai surprise" and the market might notice.". Today, Shanghai plunging 8.3% the largest drop since 8.8% on Feb 27th.
Friday: "10 year yield at 4.90 highest since Aug 06... somethings gonna give if it heads for 5..." a break today as bonds rallied, but....
China & Japan have cut back bond purchases, the Yuan $ band was loosened, then Kuwait & Syria cut their $ pegs.
All of this points to less dollar buying, and that means less bond purchases and higher interest rates in the long run.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Comments