Market Soapbox 09/11/07
TUE, full ricochet, DJIA +181 on below average volume with pretty internals. All UP BIG.
Bonds down, 10 yr yield +3 bps 4.36, $ down vs 1.3834E & vs 114.163Y, WTI crude up 1% $78.23, gold up 1.3% $721.10.
Friday: "Broadbased whuppin with 10 to 1 declining volume, we sense a ricochet coming Monday, with hopes for a Sept. Fed Cut could start a small rally, when the Fed refuses on the 19th, just before options expiration, pffffttttt."
Ricochet started late Mon with Tue followthrough: SP500, open 1451, rise to 1472, close up 20 at 1471 above 200 DMA at 1460.
NDX open 1960, gap up to 1973, rise to 1991, close up 28 at 1988. MAX PAIN NDX 1950-1975; SP500 1480-1485.
Yesterday: "Sept 18th & Oct 31st +/- 2 days are going to be MAJOR inflection points. Between now and then, watch the direction of YTD market leader NDX for clues."
We could see a run up to NDX 2030, 2060 or 2080 area prior to Fed meeting on 09/18, then again, someone could step on a $2 Billion landmine (Countrywide).
Intraday: $ hit all time low vs Euro, Oct. crude hit all time high. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down, 10 yr yield +3 bps 4.36, $ down vs 1.3834E & vs 114.163Y, WTI crude up 1% $78.23, gold up 1.3% $721.10.
Friday: "Broadbased whuppin with 10 to 1 declining volume, we sense a ricochet coming Monday, with hopes for a Sept. Fed Cut could start a small rally, when the Fed refuses on the 19th, just before options expiration, pffffttttt."
Ricochet started late Mon with Tue followthrough: SP500, open 1451, rise to 1472, close up 20 at 1471 above 200 DMA at 1460.
NDX open 1960, gap up to 1973, rise to 1991, close up 28 at 1988. MAX PAIN NDX 1950-1975; SP500 1480-1485.
Yesterday: "Sept 18th & Oct 31st +/- 2 days are going to be MAJOR inflection points. Between now and then, watch the direction of YTD market leader NDX for clues."
We could see a run up to NDX 2030, 2060 or 2080 area prior to Fed meeting on 09/18, then again, someone could step on a $2 Billion landmine (Countrywide).
Intraday: $ hit all time low vs Euro, Oct. crude hit all time high. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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