Market Soapbox Week Ending 06/29/07
MON, DJIA -8 on average volume with lousy internals. All DOWN cept DJTA, DJUA, XMI. Bonds up, 10 yr yield -5 bps 5.08, $ up vs 1.3464E & down vs 123.675Y, WTI crude up $69.18, gold down $654.7
TUE, more wavy gravy, DJIA -14 on lower volume with poor internals. All DOWN. Bonds down 10 yr yield +2 bps 5.10, $ down vs 1.3468E & vs 123.262Y, WTI crude down 2% $67.77, gold down 1.5% $645.3
WEN, a bounce, DJIA +90 onaverage volume with nice internals. All UP. Bonds up 10yr yield -2 bps 5.08. $ down vs 122.645y & up vs 1.3442E, WTI crude up 1.7% $68.97, gold down $644.8
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
FRI, wavy gravy, DJIA -14 on average volume with poor internals. All DOWN cept DJUA, NDX, XOI, XAU. Bonds up BIG 10 yr yield -8bps 5.03, $ down vs 123.179y & down vs 1.3542E, gold up $650.9, WTI crude up 1.6% $70.68
DJIA up 43 for 66; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 50 for 77.
This week, DJIA +49, since 09/19/05 DJIA +2802. CRB commodities down from 314.75 to 313.13
XAU down from 139.14 to 135.95 & gold down from $657 to $650.9. XOI down to 1409.92 from 1412.11 & WTI crude up from $69.14 to $70.68.
Volatility VIX down from 16.25 to 16.23. Dollar index down from 82.34 to 81.90. $ down vs Yen 123.875 to 123.179 & down vs Euro 1.3465 to 1.3542.
This week bonds up BIG 30yr -13bps; 10yr -10bps, 5yr -8bps, 2yr -4bps, 6mo -2bps. 30 yr @ 5.12%; 10 yr @ 5.03; 5 yr @ 4.93; 2yr @ 4.87; 6 mo @ 4.93.
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.
6mo above 2 yr 06/25/07 - ???
Resistance: DJIA 13500; SP500 1515; NAZ 2630; NDX 1955
Support: DJIA 13250; SP500 1485; NAZ 2575; NDX 1900
13th biggest U.S. mortgage lender American Home Mortgage Investment Corp. shares fell 12% after the lender said it will repurchase larger than expected numbers of loans that soured.
Washington Mutual the biggest U.S. savings and loan, said today that it will refinance up to $2 B in subprime loans to help borrowers avoid foreclosure.
Office Depot, the world's 2nd largest office supplies retailer said a "weak" economy will cause sales at older North American stores to decline as much as 5 % in Q2.
Today $3.25B in Fed reanimation; DJIA up 102, then gave it all back. This market is quakin, shakin and range bound.
Right back to the magic numbers: SP500 1505; RUT 830; MID 900; SOXX 500. We sense NDX 1955 is a very key number.
The month & quarter ending window dressing is done, now lets see what falls out the window.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
TUE, more wavy gravy, DJIA -14 on lower volume with poor internals. All DOWN. Bonds down 10 yr yield +2 bps 5.10, $ down vs 1.3468E & vs 123.262Y, WTI crude down 2% $67.77, gold down 1.5% $645.3
WEN, a bounce, DJIA +90 onaverage volume with nice internals. All UP. Bonds up 10yr yield -2 bps 5.08. $ down vs 122.645y & up vs 1.3442E, WTI crude up 1.7% $68.97, gold down $644.8
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
FRI, wavy gravy, DJIA -14 on average volume with poor internals. All DOWN cept DJUA, NDX, XOI, XAU. Bonds up BIG 10 yr yield -8bps 5.03, $ down vs 123.179y & down vs 1.3542E, gold up $650.9, WTI crude up 1.6% $70.68
DJIA up 43 for 66; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 50 for 77.
This week, DJIA +49, since 09/19/05 DJIA +2802. CRB commodities down from 314.75 to 313.13
XAU down from 139.14 to 135.95 & gold down from $657 to $650.9. XOI down to 1409.92 from 1412.11 & WTI crude up from $69.14 to $70.68.
Volatility VIX down from 16.25 to 16.23. Dollar index down from 82.34 to 81.90. $ down vs Yen 123.875 to 123.179 & down vs Euro 1.3465 to 1.3542.
This week bonds up BIG 30yr -13bps; 10yr -10bps, 5yr -8bps, 2yr -4bps, 6mo -2bps. 30 yr @ 5.12%; 10 yr @ 5.03; 5 yr @ 4.93; 2yr @ 4.87; 6 mo @ 4.93.
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.
6mo above 2 yr 06/25/07 - ???
Resistance: DJIA 13500; SP500 1515; NAZ 2630; NDX 1955
Support: DJIA 13250; SP500 1485; NAZ 2575; NDX 1900
13th biggest U.S. mortgage lender American Home Mortgage Investment Corp. shares fell 12% after the lender said it will repurchase larger than expected numbers of loans that soured.
Washington Mutual the biggest U.S. savings and loan, said today that it will refinance up to $2 B in subprime loans to help borrowers avoid foreclosure.
Office Depot, the world's 2nd largest office supplies retailer said a "weak" economy will cause sales at older North American stores to decline as much as 5 % in Q2.
Today $3.25B in Fed reanimation; DJIA up 102, then gave it all back. This market is quakin, shakin and range bound.
Right back to the magic numbers: SP500 1505; RUT 830; MID 900; SOXX 500. We sense NDX 1955 is a very key number.
The month & quarter ending window dressing is done, now lets see what falls out the window.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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