Market Soapbox 07/26/07
THU, an asswhuppin, DJIA -344 on high volume with horrific internals. All DOWN BIG.
Bonds up BIG 10 yr yield -12bps 4.78, $ down vs 118.76y & vs 1.3747E, gold up $675.1, WTI crude down 1.5% $74.75
Yesterday: "Today's credit market crunch, existing housing decline and tomorrows new housing decline, do not bode well." And HOW! Today the $ was crushed vs YEN as the carry trade unwind continues.
Looks like its going to be a hell of a ride as the VIX jumped 21% to an 11 month high at 21.95. Today, $19B in Fed Open Market Reanimation to no avail.
A global sell off on RBMS, CDO, LBO credit crunch fears gave the DJIA another triple digit slapdown with bonds gaining as the 2 yr yield dropped 15 bps to a 7 week low.
2 days ago: "100 DMA at 1485 awaits SP500" SP500 hit 1467 intraday to close at 1475.
Is this a buying opportunity? Should the SP500 fall further and close for 2 days below 100 DMA there could be more downside.
Yesterday: "In any event, we expect the current volatile, choppy market move since 05/07/07 to come to fruition by 08/06; whether it be up or down." Perhaps the fall lasts, or we bounce from now till Aug 6th?
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds up BIG 10 yr yield -12bps 4.78, $ down vs 118.76y & vs 1.3747E, gold up $675.1, WTI crude down 1.5% $74.75
Yesterday: "Today's credit market crunch, existing housing decline and tomorrows new housing decline, do not bode well." And HOW! Today the $ was crushed vs YEN as the carry trade unwind continues.
Looks like its going to be a hell of a ride as the VIX jumped 21% to an 11 month high at 21.95. Today, $19B in Fed Open Market Reanimation to no avail.
A global sell off on RBMS, CDO, LBO credit crunch fears gave the DJIA another triple digit slapdown with bonds gaining as the 2 yr yield dropped 15 bps to a 7 week low.
2 days ago: "100 DMA at 1485 awaits SP500" SP500 hit 1467 intraday to close at 1475.
Is this a buying opportunity? Should the SP500 fall further and close for 2 days below 100 DMA there could be more downside.
Yesterday: "In any event, we expect the current volatile, choppy market move since 05/07/07 to come to fruition by 08/06; whether it be up or down." Perhaps the fall lasts, or we bounce from now till Aug 6th?
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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