Market Soapbox 07/03/07
TUE, followthrough, DJIA +42 on lower 1/2 day volume with nice internals. All UP cept DJUA, XAU.
Bonds down 10 yr yield +5 bps 5.04, $ up vs 1.3608E & down vs 122.39Y, WTI crude up $71.23, gold down $655.4
June Auto Sales: The Good; Toyota +10% Honda +11%, and Nissan + 23%. The Bad; DaimlerChrysler's -1.8%.
The Ugly; Ford's -8.1% its eighth consecutive monthly decline; General Motors -21%.
Today $9B in Fed reanimation. NDX jumped over 1955 to hit 1965. Stock Traders Almanac sez July begins the worst 4 months for the NAZ. SP500 at 1526.
Last week: "a change in Fed verbiage could light a roman candle under this dead man walking". and "a delayed reaction could be in store."
So far, that would seem to be the case. Our sense, BOE will raise, ECB will hold.
Until SP500 closes above 1550 for 2 days, we reserve judgment on an overall change in market direction.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down 10 yr yield +5 bps 5.04, $ up vs 1.3608E & down vs 122.39Y, WTI crude up $71.23, gold down $655.4
June Auto Sales: The Good; Toyota +10% Honda +11%, and Nissan + 23%. The Bad; DaimlerChrysler's -1.8%.
The Ugly; Ford's -8.1% its eighth consecutive monthly decline; General Motors -21%.
Today $9B in Fed reanimation. NDX jumped over 1955 to hit 1965. Stock Traders Almanac sez July begins the worst 4 months for the NAZ. SP500 at 1526.
Last week: "a change in Fed verbiage could light a roman candle under this dead man walking". and "a delayed reaction could be in store."
So far, that would seem to be the case. Our sense, BOE will raise, ECB will hold.
Until SP500 closes above 1550 for 2 days, we reserve judgment on an overall change in market direction.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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