Market Soapbox Week Ending 06/15/07
MON, wavy gravy DJIA +1 on lower volume with midlin internals. All DOWN cept DJUA, SP500, XAU, XOI. Bonds down, 10 yr yield +2 bps 5.14, $ up vs 1.3354E & vs 121.795Y, WTI crude up 2% $65.97, gold up 1% $659
TUE, broadbased triple digit consolidation, DJIA -130 on average volume with disasterous internals. All DOWN, Bonds beat down like cheap congas 10 yr yield +16 bps 5.30, $ up vs 1.3303E & down vs 121.605Y, WTI crude down $65.16, gold down $651
WEN, triple digit bounce, DJIA +187 on below average volume with pretty internals. All UP BIG. Bonds up 10yr yield -9 bps 5.21, $ up vs 122.64y & down vs 1.3313E, WTI crude up 1% $66.26, gold up $652.7
THU, followthrough, DJIA +72 on below average volume with pretty internals. All UP. Bonds down 10 yr yield +1bps 5.22, $ up vs 122.921y & up vs 1.331E, gold up $655.9, WTI crude up 1.4% $67.65
FRI, followthrough, DJIA +86 on higher volume with pretty internals. All UP. Bonds up 10 yr yield -6bps 5.16, $ up vs 123.445y & down vs 1.3388E, gold up $658.7, WTI crude up $68
This week, DJIA +216, since 09/19/05 DJIA +3015. CRB commodities up from 307.51 to 319.30
XAU up to 140.77 from 135.23 & gold up from $650.30 to $658.7. XOI up to 1434.81 from 1356.57 & WTI crude up from $64.76 to $68.
Volatility VIX down 14.74 to 13.94. Dollar index up 82.79 from 82.66. $ up vs Yen 121.745 to 123.445 & vs Euro 1.337 to 1.3388.
This week bonds down 30 yr +4bps; 10 yr +4bps, 6mo -7bps. 30 yr @ 5.26%; 10 yr @ 5.16; 5 yr @ 5.09; 2yr @ 5.02; 6 mo @ 4.85.
Recent Inversions: 2yr above 10 yr 12/27/05 - 3/29/06; 06/08/06 - 02/22/07; 05/02/07 - 06/07/07; 2yr above 30 yr 02/09/06 - 3/29/06; 11/03/06- 03/01/07. 6mo above 10yr 06/02/06 -06/07/07; 6mo above 30yr 06/13/06 - 05/25/07
Resistance: DJIA 13700; SP500 1540; NAZ 2650; NDX 1955
Support: DJIA 13500; SP500 1505; NAZ 2575; NDX 1905
DJIA up 40 for 56; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 47 for 67.
Yesterday $16B in Fed reanimation, today $11.5B had the zombie marching. Bonds rallied... the SP500 bouncing from 1522 to 1538 fading into close at 1532 on short covering.
Yesterday: "Today's market applauded rising PPI, tomorrow a standing O for CPI gone out of control??"
You betcha, its a "Tommy" market... that deaf dumb and blind market sure plays mean pinball...
Next week, our 1545-1550 target in sight, then retest of 1535-40. NDX & NAZ at multi year highs, we sense some resistance at NDX 1955.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
TUE, broadbased triple digit consolidation, DJIA -130 on average volume with disasterous internals. All DOWN, Bonds beat down like cheap congas 10 yr yield +16 bps 5.30, $ up vs 1.3303E & down vs 121.605Y, WTI crude down $65.16, gold down $651
WEN, triple digit bounce, DJIA +187 on below average volume with pretty internals. All UP BIG. Bonds up 10yr yield -9 bps 5.21, $ up vs 122.64y & down vs 1.3313E, WTI crude up 1% $66.26, gold up $652.7
THU, followthrough, DJIA +72 on below average volume with pretty internals. All UP. Bonds down 10 yr yield +1bps 5.22, $ up vs 122.921y & up vs 1.331E, gold up $655.9, WTI crude up 1.4% $67.65
FRI, followthrough, DJIA +86 on higher volume with pretty internals. All UP. Bonds up 10 yr yield -6bps 5.16, $ up vs 123.445y & down vs 1.3388E, gold up $658.7, WTI crude up $68
This week, DJIA +216, since 09/19/05 DJIA +3015. CRB commodities up from 307.51 to 319.30
XAU up to 140.77 from 135.23 & gold up from $650.30 to $658.7. XOI up to 1434.81 from 1356.57 & WTI crude up from $64.76 to $68.
Volatility VIX down 14.74 to 13.94. Dollar index up 82.79 from 82.66. $ up vs Yen 121.745 to 123.445 & vs Euro 1.337 to 1.3388.
This week bonds down 30 yr +4bps; 10 yr +4bps, 6mo -7bps. 30 yr @ 5.26%; 10 yr @ 5.16; 5 yr @ 5.09; 2yr @ 5.02; 6 mo @ 4.85.
Recent Inversions: 2yr above 10 yr 12/27/05 - 3/29/06; 06/08/06 - 02/22/07; 05/02/07 - 06/07/07; 2yr above 30 yr 02/09/06 - 3/29/06; 11/03/06- 03/01/07. 6mo above 10yr 06/02/06 -06/07/07; 6mo above 30yr 06/13/06 - 05/25/07
Resistance: DJIA 13700; SP500 1540; NAZ 2650; NDX 1955
Support: DJIA 13500; SP500 1505; NAZ 2575; NDX 1905
DJIA up 40 for 56; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 47 for 67.
Yesterday $16B in Fed reanimation, today $11.5B had the zombie marching. Bonds rallied... the SP500 bouncing from 1522 to 1538 fading into close at 1532 on short covering.
Yesterday: "Today's market applauded rising PPI, tomorrow a standing O for CPI gone out of control??"
You betcha, its a "Tommy" market... that deaf dumb and blind market sure plays mean pinball...
Next week, our 1545-1550 target in sight, then retest of 1535-40. NDX & NAZ at multi year highs, we sense some resistance at NDX 1955.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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