Market Soapbox 08/09/07
THU, collapse, DJIA -387 on higher volume with fugly internals. All DOWN BIG.
Bonds up BIG 10 yr yield -11bps 4.76, $ down vs 118.265y & up vs 1.3677E, gold down -2% $672.8, WTI crude down $71.59
Yesterday: "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 by Friday for MAX PAIN?" Today, 3 sounds, MEOW, THUD & OW!!
Today, $24B in Fed Open Market Reanimation, the most since April & an unprecedented $130 B in ECB Reanimation. 30 year bond auction a weak 11% indirect bid.
Volatility jumping 20%, VIX 20.12 to 25.65; Yen surging from 120 to 118; Bonds up 1st time in 4 days; yields -11 bps as the carry traders unwound and stocks were left to fall.
SP500 open 1497, then dropping 26 pts to 1471 in the 1st 10 min., sideways & down then falling 13 pts in last 10 min. from 1466 to 200 DMA at 1453 to close.
Sittin on DMA: NDX 75; DJIA & NAZ 100; DJUA & OEX 150; DJTA, MID, SP500 200; RUT fell from 250.
Yesterday's critical failure near 1506, and today's breech of 1470 on 44 pt loss warrants watching current support at SP500 200 DMA 1450 & 250 DMA 1425 very closely.
From The Big Lebowski Walter:"Donnie, your out of your element!" Yep it sure is different this time...
The good news is the RMBS risk has been packaged and distributed globally.
The bad news is, since its global, everyone shall suffer as the bad news can come from anywhere at anytime.
As stated before in these pages, this market is no longer tip toeing through the tulips...as these ordnance's are not IED's,
this is a finely wired mine field and all it takes is one mis-step to set off a dominoe like chain reaction which will defy all efforts of "containment".
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds up BIG 10 yr yield -11bps 4.76, $ down vs 118.265y & up vs 1.3677E, gold down -2% $672.8, WTI crude down $71.59
Yesterday: "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 by Friday for MAX PAIN?" Today, 3 sounds, MEOW, THUD & OW!!
Today, $24B in Fed Open Market Reanimation, the most since April & an unprecedented $130 B in ECB Reanimation. 30 year bond auction a weak 11% indirect bid.
Volatility jumping 20%, VIX 20.12 to 25.65; Yen surging from 120 to 118; Bonds up 1st time in 4 days; yields -11 bps as the carry traders unwound and stocks were left to fall.
SP500 open 1497, then dropping 26 pts to 1471 in the 1st 10 min., sideways & down then falling 13 pts in last 10 min. from 1466 to 200 DMA at 1453 to close.
Sittin on DMA: NDX 75; DJIA & NAZ 100; DJUA & OEX 150; DJTA, MID, SP500 200; RUT fell from 250.
Yesterday's critical failure near 1506, and today's breech of 1470 on 44 pt loss warrants watching current support at SP500 200 DMA 1450 & 250 DMA 1425 very closely.
From The Big Lebowski Walter:"Donnie, your out of your element!" Yep it sure is different this time...
The good news is the RMBS risk has been packaged and distributed globally.
The bad news is, since its global, everyone shall suffer as the bad news can come from anywhere at anytime.
As stated before in these pages, this market is no longer tip toeing through the tulips...as these ordnance's are not IED's,
this is a finely wired mine field and all it takes is one mis-step to set off a dominoe like chain reaction which will defy all efforts of "containment".
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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