Market Soapbox 08/28/07
TUE, vortex, DJIA -280 on thin volume with horrific internals. All DOWN 2%.
Bonds up BIG 10 yr yield -6 bps 4.52, $ up vs 1.3617E & down BIG vs 114.52Y, WTI crude down $71.73, gold down $673.5
What does $2 Billion from BofA buy? In the case of Countrywide Financial...
Lehman Brothers slashed its FY07 EPS estimates and Piper Jaffray downgraded the stock. Now that's what I call "CON"-fidence...
Indirect bidder 4 week note demand: 08/14 6.4%; bid to cover 2.36; $3.4 B tendered; 08/21 11%; bid to cover 1.11; $3.5 B tendered;
TODAY: 35.5%; bid to cover 3.42 with $22 Billion tendered.
Two weeks ago: "1435 & 1425 in plain view". After last weeks bounce: "existing home sales awaits, bad numbers could mean a downdraft till Labor Day."
Early, the yen vs $ +0.9% to 114.89 & vs Euro +0.9% to 156.78, VIX +14%; Yesterday, they left with a welt, today with a size 11 bootprint tattoed, on their ass.
Thats 2 days running the carry traders get chased from the market. SP500 open 1466, down 16 at 2EST then plunge 18 to 1432, in the last 2 hours, shattering 200 DMA 1455.
NAZ declining volume 4 to 1; NYSE 13 to 1. We hit 1432 & 1425 is in plain view, NAZ 2500, DJIA 13K awaits.
Can month end window dressing vs jetison prior to 3 day weekend slow it down? August is ending, vacation is over, back to school for the kiddies.
Extreme D/A volume ratio on paper thin volume, and bargain hunting month opening fund inflows, may yield a boomerang. We shall see either early Friday or Tuesday.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up BIG 10 yr yield -6 bps 4.52, $ up vs 1.3617E & down BIG vs 114.52Y, WTI crude down $71.73, gold down $673.5
What does $2 Billion from BofA buy? In the case of Countrywide Financial...
Lehman Brothers slashed its FY07 EPS estimates and Piper Jaffray downgraded the stock. Now that's what I call "CON"-fidence...
Indirect bidder 4 week note demand: 08/14 6.4%; bid to cover 2.36; $3.4 B tendered; 08/21 11%; bid to cover 1.11; $3.5 B tendered;
TODAY: 35.5%; bid to cover 3.42 with $22 Billion tendered.
Two weeks ago: "1435 & 1425 in plain view". After last weeks bounce: "existing home sales awaits, bad numbers could mean a downdraft till Labor Day."
Early, the yen vs $ +0.9% to 114.89 & vs Euro +0.9% to 156.78, VIX +14%; Yesterday, they left with a welt, today with a size 11 bootprint tattoed, on their ass.
Thats 2 days running the carry traders get chased from the market. SP500 open 1466, down 16 at 2EST then plunge 18 to 1432, in the last 2 hours, shattering 200 DMA 1455.
NAZ declining volume 4 to 1; NYSE 13 to 1. We hit 1432 & 1425 is in plain view, NAZ 2500, DJIA 13K awaits.
Can month end window dressing vs jetison prior to 3 day weekend slow it down? August is ending, vacation is over, back to school for the kiddies.
Extreme D/A volume ratio on paper thin volume, and bargain hunting month opening fund inflows, may yield a boomerang. We shall see either early Friday or Tuesday.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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