Market Soapbox 08/14/07
TUE, triple digit slap down, DJIA -207 on average volume with horrible internals. All DOWN BIG.
Bonds up 10 yr yield -5 bps 4.73, $ up vs 1.3537E & down vs 117.78Y, WTI crude up 1% $72.38, gold down $679.7
2 weeks ago: "this market goes nowhere until Yen $ crossover gets back to 120+".
Yen gaining to sub 118 as massive liquidations unwind the carry trade further.
Yesterday: "Tue, Wen & Thur PPI, CPI, housing index, starts & permits could either give a tuck and lift, or knock it back down again."
Last week: "watch current support at SP500 200 DMA 1450 & 250 DMA 1425 very closely."
Today, BOJ sopped up $13B injected over the last 3 days, and ZERO in Fed reanimation. SP500 open 1452, up to 1456 then collapsing into closing 1426.
With options expiration FRI and the PUTS getting rewarded, the ball is bouncing down the stairs and perhaps about to be kicked very hard.
Tomorrow is the last day for for Q3 hedge fund withdrawals. How much is that doggy in the window? and can you cover that redemption? DOH!
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up 10 yr yield -5 bps 4.73, $ up vs 1.3537E & down vs 117.78Y, WTI crude up 1% $72.38, gold down $679.7
2 weeks ago: "this market goes nowhere until Yen $ crossover gets back to 120+".
Yen gaining to sub 118 as massive liquidations unwind the carry trade further.
Yesterday: "Tue, Wen & Thur PPI, CPI, housing index, starts & permits could either give a tuck and lift, or knock it back down again."
Last week: "watch current support at SP500 200 DMA 1450 & 250 DMA 1425 very closely."
Today, BOJ sopped up $13B injected over the last 3 days, and ZERO in Fed reanimation. SP500 open 1452, up to 1456 then collapsing into closing 1426.
With options expiration FRI and the PUTS getting rewarded, the ball is bouncing down the stairs and perhaps about to be kicked very hard.
Tomorrow is the last day for for Q3 hedge fund withdrawals. How much is that doggy in the window? and can you cover that redemption? DOH!
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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