Market Soapbox 06/28/07
THU, sideways, DJIA -5 on lower volume with OK internals. All UP cept NDX, SP500, SOXX, XAU.
Bonds down 10 yr yield +3bps 5.11, $ up vs 123.195y & vs 1.3436E, gold up 1% $650.4, WTI crude up 1% $69.57
DJIA up 43 for 65; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 50 for 76.
Yesterday: "Hawkish Fed speak will pancake this market and runs counter to "best and vested interests", thus the Nattering One senses a script change....
as a shift of concern to future growth rather than inflation could light a roman candle under this dead man walkin."
Today, a misdirect re inflation, with a slight shift in verbiage, but no roman candle, yet. See today's FOMC post for further details.
Today double down $20.7B in Fed reanimation; SP500 range bound at 1507, DJUA rising to 496.
Perhaps the blatant softening of the inflation verbiage will sink in and have a delayed reaction.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down 10 yr yield +3bps 5.11, $ up vs 123.195y & vs 1.3436E, gold up 1% $650.4, WTI crude up 1% $69.57
DJIA up 43 for 65; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 50 for 76.
Yesterday: "Hawkish Fed speak will pancake this market and runs counter to "best and vested interests", thus the Nattering One senses a script change....
as a shift of concern to future growth rather than inflation could light a roman candle under this dead man walkin."
Today, a misdirect re inflation, with a slight shift in verbiage, but no roman candle, yet. See today's FOMC post for further details.
Today double down $20.7B in Fed reanimation; SP500 range bound at 1507, DJUA rising to 496.
Perhaps the blatant softening of the inflation verbiage will sink in and have a delayed reaction.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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