Market Soapbox 08/02/07
THU, followthrough, DJIA +101 on high volume with nice internals. All UP cept SOXX, XOI.
Bonds down 10 yr yield +1bps 4.77, $ up vs 119.22y & down vs 1.3704E, gold up $676.6, WTI crude up $76.86
There is speculation that another large brokerage firm will report sharp losses tied to the mortgage meltdown. The benchmark ABX subprime indexes fell to record lows.
Mr. Toads wild ride... Tues DJIA 284 pt swing & SP500 19 pt reversal. Yesterday DJIA 258 pt swing, SP500 29 pt reversal.
Today, $17B in Fed Open Market Reanimation; volatility down, VIX 25.15 to 21.22; a late rally lifted the markets again; SP500 1465 up to close 1472; NDX 1945 up to close 1966.
Yesterday: "This ride ends late Friday or early Monday; also this market goes nowhere until $ vs Yen crossover gets back to 120, watch it."
Today, VIX dropping allowed the carry traders to come out and play as the Yen lost & equities benefit.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down 10 yr yield +1bps 4.77, $ up vs 119.22y & down vs 1.3704E, gold up $676.6, WTI crude up $76.86
There is speculation that another large brokerage firm will report sharp losses tied to the mortgage meltdown. The benchmark ABX subprime indexes fell to record lows.
Mr. Toads wild ride... Tues DJIA 284 pt swing & SP500 19 pt reversal. Yesterday DJIA 258 pt swing, SP500 29 pt reversal.
Today, $17B in Fed Open Market Reanimation; volatility down, VIX 25.15 to 21.22; a late rally lifted the markets again; SP500 1465 up to close 1472; NDX 1945 up to close 1966.
Yesterday: "This ride ends late Friday or early Monday; also this market goes nowhere until $ vs Yen crossover gets back to 120, watch it."
Today, VIX dropping allowed the carry traders to come out and play as the Yen lost & equities benefit.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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