Market Soapbox 07/25/07
WEN, wavy gravy, DJIA +68 on average volume with ugly internals. All UP cept DJTA, MID, XAU.
Bonds up1 0 yr yield -2bps 4.90, $ up vs 1.3716E & vs 120.49Y, WTI crude up BIG +3.5% $76.13, gold down 1.6% $673.8.
Today, $6.75B in Fed Open Market Reanimation. DJIA up 104 then poof, down 32, catching support at 13670, then closing up 68.
Yesterday: "this might be a buying opportunity before the next PPT wave up to 1575. Just a thought."
Today's credit market crunch, existing housing decline and tomorrows new housing decline, do not bode well.
GDP and the chain deflator on Friday could be the lynchpin. It would not be out of character for the bad news to be ignored.
Perhaps, with the SP500 scaling 1535 again to attempt 1555, while the NDX takes another run at 2045.
In any event, we expect the current volatile, choppy, range bound market move since 05/07/07 to come to fruition by 08/06; whether it be up or down.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds up1 0 yr yield -2bps 4.90, $ up vs 1.3716E & vs 120.49Y, WTI crude up BIG +3.5% $76.13, gold down 1.6% $673.8.
Today, $6.75B in Fed Open Market Reanimation. DJIA up 104 then poof, down 32, catching support at 13670, then closing up 68.
Yesterday: "this might be a buying opportunity before the next PPT wave up to 1575. Just a thought."
Today's credit market crunch, existing housing decline and tomorrows new housing decline, do not bode well.
GDP and the chain deflator on Friday could be the lynchpin. It would not be out of character for the bad news to be ignored.
Perhaps, with the SP500 scaling 1535 again to attempt 1555, while the NDX takes another run at 2045.
In any event, we expect the current volatile, choppy, range bound market move since 05/07/07 to come to fruition by 08/06; whether it be up or down.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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