Market Soapbox 07/24/07
TUE, triple digit slapdown, DJIA -226 on high volume with fugly internals. All DOWN BIG.
Bonds up 10 yr yield -4bps 4.92, $ CLUBBED vs 1.382E & vs 120.225Y, WTI crude down 2% $73.56, gold up $684.8
Last night aftermarket volume surge NYSE 1.2 B shares. Today, $6.5B in Fed reanimation.
4 weeks ago: "a complex topping process?" Maybe. 3 weeks ago: "this market is sideways and range bound since 05/18." Still is.
The last two weeks: "S&P 500 needs to close above 1550 2 days straight to signal an overall change in market direction." It hasn't.
Friday: "The yuan (RMB) revaluation (proxy for the Yen) should give markets a haircut." It did.
Today, the opposite of July 12th +200 pt day, 142 of 147 S&P industry groups down. DJUA porked 3.5% smashing 100 DMA support.
NDX ran into 2045 (2037) barrier again then dropped to 2000.
Yesterday: "our predicted SP500 retest of 1530-35 is done." And how! We are retesting 75 DMA at 1510, 100 DMA support at 1485 awaits.
The Nattering One muses... this might be a buying opportunity before the next PPT wave up to 1575. Just a thought.
FYI, look at $HGX and XLF, getting punished as they should, more to come. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds up 10 yr yield -4bps 4.92, $ CLUBBED vs 1.382E & vs 120.225Y, WTI crude down 2% $73.56, gold up $684.8
Last night aftermarket volume surge NYSE 1.2 B shares. Today, $6.5B in Fed reanimation.
4 weeks ago: "a complex topping process?" Maybe. 3 weeks ago: "this market is sideways and range bound since 05/18." Still is.
The last two weeks: "S&P 500 needs to close above 1550 2 days straight to signal an overall change in market direction." It hasn't.
Friday: "The yuan (RMB) revaluation (proxy for the Yen) should give markets a haircut." It did.
Today, the opposite of July 12th +200 pt day, 142 of 147 S&P industry groups down. DJUA porked 3.5% smashing 100 DMA support.
NDX ran into 2045 (2037) barrier again then dropped to 2000.
Yesterday: "our predicted SP500 retest of 1530-35 is done." And how! We are retesting 75 DMA at 1510, 100 DMA support at 1485 awaits.
The Nattering One muses... this might be a buying opportunity before the next PPT wave up to 1575. Just a thought.
FYI, look at $HGX and XLF, getting punished as they should, more to come. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Comments