Market Soapbox 09/06/07
THU, tenative, DJIA +58 on low volume with OK internals. All UP cept OEX, RUT.
Bonds down 10 yr yield +3bps 4.50, $ down vs 1.3686E & up vs 115.355Y, WTI crude up $76.3, gold up 2% $704.6
A half handed slap in the face... Yesterday, 2 months after intro, Apple cut the Iphone price from $500 to $300.
Existing customers were not happy. Today, Apple will credit them $100.
Wavy Gravy: SP500 open 1472, up to 1479, down to 1467, up to 1481, down to 1473 closing up 6 at 1478.
NDX 1994 gap up to 2004, down to 1984, up to 2005, down to 1992, up to 2004, down to close up 4 at 1998.
Yesterday: "Does NDX 2082 and twin tops await by late Friday? Even if 1990 support holds, probably not...
even by early Monday. Later in the week? Maybe on short covering barring any landmines getting stepped on."
The downside risk far outweighs the upside at this point. Lets lower the target, perhaps 2055 and twin tops sometime next week?
10 year note auction, options unwind & 9/11 anniversary await. The Central Banks are pumping hard, they know something nasty is lurking in the woodshed.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down 10 yr yield +3bps 4.50, $ down vs 1.3686E & up vs 115.355Y, WTI crude up $76.3, gold up 2% $704.6
A half handed slap in the face... Yesterday, 2 months after intro, Apple cut the Iphone price from $500 to $300.
Existing customers were not happy. Today, Apple will credit them $100.
Wavy Gravy: SP500 open 1472, up to 1479, down to 1467, up to 1481, down to 1473 closing up 6 at 1478.
NDX 1994 gap up to 2004, down to 1984, up to 2005, down to 1992, up to 2004, down to close up 4 at 1998.
Yesterday: "Does NDX 2082 and twin tops await by late Friday? Even if 1990 support holds, probably not...
even by early Monday. Later in the week? Maybe on short covering barring any landmines getting stepped on."
The downside risk far outweighs the upside at this point. Lets lower the target, perhaps 2055 and twin tops sometime next week?
10 year note auction, options unwind & 9/11 anniversary await. The Central Banks are pumping hard, they know something nasty is lurking in the woodshed.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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