Market Soapbox 08/23/07
THU, sideways, DJIA FLAT on low volume with poor internals. All DOWN cept XOI.
Bonds up 10 yr yield -1bps 4.63, $ up BIG vs 116.077y & down vs 1.3563E, gold down $668.4, WTI crude up $69.83
Donut holes? Circle Family Foods, once the largest franchisee of Krispy Kreme Doughnuts, filed for bankruptcy protection.
Sun: "Friday New Homes & Durable Goods will not be pretty." Tues: "Wait till Friday to see if anyone steps on a land mine. BOJ will not raise."
BOJ held, Yen weakened further, Nikkei up BIG again, no help. SP500 open 1464, up 8 to 1472 then falling 19 to 1453, drift up 10 to close 1463.
Yesterday: "If the market can survive more bad news and stay above 200DMA SP500 1455, we could see a slow grind up till October."
Fri: "New Housing Sales awaits." Mon: Existing home sales awaits.
If the numbers are bad, its a downdraft till Labor Day. This is no longer a liquidity issue, its a solvency problem thats gonna hit hard in the next 120 days.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up 10 yr yield -1bps 4.63, $ up BIG vs 116.077y & down vs 1.3563E, gold down $668.4, WTI crude up $69.83
Donut holes? Circle Family Foods, once the largest franchisee of Krispy Kreme Doughnuts, filed for bankruptcy protection.
Sun: "Friday New Homes & Durable Goods will not be pretty." Tues: "Wait till Friday to see if anyone steps on a land mine. BOJ will not raise."
BOJ held, Yen weakened further, Nikkei up BIG again, no help. SP500 open 1464, up 8 to 1472 then falling 19 to 1453, drift up 10 to close 1463.
Yesterday: "If the market can survive more bad news and stay above 200DMA SP500 1455, we could see a slow grind up till October."
Fri: "New Housing Sales awaits." Mon: Existing home sales awaits.
If the numbers are bad, its a downdraft till Labor Day. This is no longer a liquidity issue, its a solvency problem thats gonna hit hard in the next 120 days.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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