Market Soapbox 08/07/07
TUE, wavy gravy, DJIA +36 on higher volume with decent internals. All UP.
Bonds down 10 yr yield +5 bps 4.79, $ up vs 1.3758E & down vs 118.67Y, WTI crude up $72.42, gold up $683.9
Last week, "We sense a bottom forming at NDX 1895 & SP500 1420, however..."
Yesterday: "Fri & Today's action or inflection point indicates that perhaps the worst is over. To confirm, SP500 needs to close above 1470 2 straight days."
"Max Pain is ABOVE at 1525-1530 and "bargain" hunters could run this market right back up to it in the blink of an eye."
Today, $7.2.5B in Fed Open Market Reanimation; volatility falling 5%, VIX 23.22 to 21.75; PPT? Bond yields up 11 bps in the last 2 days as stocks get rescued.
Yesterday, the largest DJIA pt gain since Oct 02. Crude oil -4.5% the 2nd largest %drop ever. Today, again a late rally, with large herks and jerks...
SP500 open 1467, fell to 1456, then rising from 2:30 on 32 pts up to 1488, then falling to close at 1476.
On the morrow... 10 year auction & Toll Brothers could be a drag. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down 10 yr yield +5 bps 4.79, $ up vs 1.3758E & down vs 118.67Y, WTI crude up $72.42, gold up $683.9
Last week, "We sense a bottom forming at NDX 1895 & SP500 1420, however..."
Yesterday: "Fri & Today's action or inflection point indicates that perhaps the worst is over. To confirm, SP500 needs to close above 1470 2 straight days."
"Max Pain is ABOVE at 1525-1530 and "bargain" hunters could run this market right back up to it in the blink of an eye."
Today, $7.2.5B in Fed Open Market Reanimation; volatility falling 5%, VIX 23.22 to 21.75; PPT? Bond yields up 11 bps in the last 2 days as stocks get rescued.
Yesterday, the largest DJIA pt gain since Oct 02. Crude oil -4.5% the 2nd largest %drop ever. Today, again a late rally, with large herks and jerks...
SP500 open 1467, fell to 1456, then rising from 2:30 on 32 pts up to 1488, then falling to close at 1476.
On the morrow... 10 year auction & Toll Brothers could be a drag. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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