Market Soapbox 08/08/07
WEN, followthrough, DJIA +154 on higher volume with nice internals. All UP BIG.
Bonds down 10 yr yield +8bps 4.87, $ down vs 1.37981E & up vs 119.705Y, WTI crude down $72.27, gold up $686.3.
Last week, "We sense a bottom forming at NDX 1895 & SP500 1420, however..." It would seem a bottom did form.
Also, "this market goes nowhere until Yen/$ crossover is at 120" 3 days and we are at 120.
Monday: "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."
It has with authority as bonds have been left to fend for themselves.
"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." At this rate, they could in the next two days.
Today, $8.75 B in Fed Open Market Reanimation; volatility falling another 7%, VIX 21.75 to 20.12.
10 yr note auction 32% indirect bidders. PPT? Bond yields up 19 bps in the last 3 days as stocks get rescued.
Tues, a 257 pt DJIA swing as the large intraday swings and closing herks and jerks continue.
SP500 open 1476, rising to 1503, dropping to 1478 from 2:30 to 3:30, then rising to close at 1497.
Yen falling to 120, VIX volatility way down, the decks have been cleared and the carry traders have come back out to play.
So far SP500 up 70 from 1427 low on Mon morning. Some resistance at 1506 level, needs to be hurdled.
After the largest SP500 pt drop in 5 years... Is this a dead cat bounce? or do we hear another 30 up by Friday for MAX PAIN?
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down 10 yr yield +8bps 4.87, $ down vs 1.37981E & up vs 119.705Y, WTI crude down $72.27, gold up $686.3.
Last week, "We sense a bottom forming at NDX 1895 & SP500 1420, however..." It would seem a bottom did form.
Also, "this market goes nowhere until Yen/$ crossover is at 120" 3 days and we are at 120.
Monday: "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."
It has with authority as bonds have been left to fend for themselves.
"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." At this rate, they could in the next two days.
Today, $8.75 B in Fed Open Market Reanimation; volatility falling another 7%, VIX 21.75 to 20.12.
10 yr note auction 32% indirect bidders. PPT? Bond yields up 19 bps in the last 3 days as stocks get rescued.
Tues, a 257 pt DJIA swing as the large intraday swings and closing herks and jerks continue.
SP500 open 1476, rising to 1503, dropping to 1478 from 2:30 to 3:30, then rising to close at 1497.
Yen falling to 120, VIX volatility way down, the decks have been cleared and the carry traders have come back out to play.
So far SP500 up 70 from 1427 low on Mon morning. Some resistance at 1506 level, needs to be hurdled.
After the largest SP500 pt drop in 5 years... Is this a dead cat bounce? or do we hear another 30 up by Friday for MAX PAIN?
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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