Market Soapbox 08/20/07
MON, sideways chop, DJIA +42 on low volume with so-so internals. All UP cept SP500, OEX.
Short term bonds up BIG, 10 yr yield -5 bps 4.64, $ up vs 1.3484E & BIG vs 115.03Y, WTI crude down $71.12, gold up $666.5
Friday Japan's Nikkei 225 plunged 5.4%, logging its biggest one-day percentage loss since 2001.
Yesterday, ebullience with biggest gain in a year 3%. Today, Natural Gas -14%, largest decline in 10 years.
Sunday: "We still see instability in the markets and sense that further bad housing & debt market news will have this market back on its knees in the near future. Friday New Homes & Durable Goods will not be pretty. "
Carry traders coming back? Yen falling past 115, VIX down 12% to 26.20. SP500 open 1445, falling 15 to 1430, rising 21 to 1451, bleed to close 1445.
Watch resistance 1455 andsee if anyone steps on a land mine. BOJ will not raise, we sense another change in the current by Friday.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Short term bonds up BIG, 10 yr yield -5 bps 4.64, $ up vs 1.3484E & BIG vs 115.03Y, WTI crude down $71.12, gold up $666.5
Friday Japan's Nikkei 225 plunged 5.4%, logging its biggest one-day percentage loss since 2001.
Yesterday, ebullience with biggest gain in a year 3%. Today, Natural Gas -14%, largest decline in 10 years.
Sunday: "We still see instability in the markets and sense that further bad housing & debt market news will have this market back on its knees in the near future. Friday New Homes & Durable Goods will not be pretty. "
Carry traders coming back? Yen falling past 115, VIX down 12% to 26.20. SP500 open 1445, falling 15 to 1430, rising 21 to 1451, bleed to close 1445.
Watch resistance 1455 andsee if anyone steps on a land mine. BOJ will not raise, we sense another change in the current by Friday.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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