Market Soapbox Week Ending 09/07/07
MON, Labor Day Markets Closed
TUE, followthrough, DJIA +91 on below average volume with nice internals. All UP. Bonds down, 10 yr yield +2 bps 4.55, $ up vs 1.3606E & vs 116.29Y, WTI crude up 1.4% $75.08, gold up 1.5% $692.5.
WEN, down, DJIA -143 on lower volume with ugly internals. All DOWN. Bonds up BIG 10 yr yield -8 bps 4.47, $ down vs 1.3649E & down BIG vs 115.255Y, WTI crude up 1% $75.92, gold down $690.7
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
FRI, triple digit slapdown DJIA -250 on low volume with horrid internals. All DOWN BIG. Bonds up BIG 10 yr yield -13bps 4.37, $ down BIG vs 113.425y & down vs 1.3767E, gold up $709.7 WTI crude up $76.7
This week, DJIA -244, since 09/19/05 DJIA +2503. CRB commodities up 308.76 to 312.32
XAU up 140.77 to 151.61 & gold up $681.90 to 709.7 XOI up 1364.1 to 1378.92 & WTI crude up $74.04 to 76.7
Volatility VIX up 22.58 to 26.61. Dollar index down 80.80 to 79.96 $ down vs Yen 115.945 to 113.425 & vs Euro 1.363 to 1.3767
This week bonds up BIG. 30yr -14bps; 10yr -16bps, 5yr -21bps, 2yr -23bps, 6mo -3bps. 30 yr @ 4.69%; 10 yr @ 4.37; 5 yr @ 4.03; 2yr @ 3.90; 6 mo @ 4.19.
Resistance: DJIA 13400; SP500 1495; NAZ 2595; NDX 2000
Support: DJIA 13085; SP500 1455; NAZ 2535; NDX 1940
Adding to the Dead Pool... National City Corp., Ohio's biggest bank, said yesterday it would reduce staff by 1,300.
IndyMac Bancorp Inc., the second- biggest U.S. mortgage company, plans to cut 10% of its workforce and lower its dividend. IndyMac may post a loss for the 1st time in 8 years.
SP500 open 1478, falling 29 to 1449, bounce to close at 200 DMA 1453. NDX 1998 gap down 26 to 1972 plunging 21 to 1951, bouncing 7 at close 1958.
Yesterday: "Barring someone stepping on a landmine... The downside risk far outweighs the upside at this point." Negative non farms was the landmine.
The Yen rebounded on carry trade unwind, the dollar index below 80, gold over $700, crude heading for $80.
10 year note auction, options unwind & 9/11 anniversary await. Broadbased whuppin with 10 to 1 declining volume.
We sense a ricochet coming Monday, plus hopes for a Sept Fed Cut could start a small rally.
When the Fed refuses on the 19th, just before options expiration, pffffttttt. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
TUE, followthrough, DJIA +91 on below average volume with nice internals. All UP. Bonds down, 10 yr yield +2 bps 4.55, $ up vs 1.3606E & vs 116.29Y, WTI crude up 1.4% $75.08, gold up 1.5% $692.5.
WEN, down, DJIA -143 on lower volume with ugly internals. All DOWN. Bonds up BIG 10 yr yield -8 bps 4.47, $ down vs 1.3649E & down BIG vs 115.255Y, WTI crude up 1% $75.92, gold down $690.7
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
FRI, triple digit slapdown DJIA -250 on low volume with horrid internals. All DOWN BIG. Bonds up BIG 10 yr yield -13bps 4.37, $ down BIG vs 113.425y & down vs 1.3767E, gold up $709.7 WTI crude up $76.7
This week, DJIA -244, since 09/19/05 DJIA +2503. CRB commodities up 308.76 to 312.32
XAU up 140.77 to 151.61 & gold up $681.90 to 709.7 XOI up 1364.1 to 1378.92 & WTI crude up $74.04 to 76.7
Volatility VIX up 22.58 to 26.61. Dollar index down 80.80 to 79.96 $ down vs Yen 115.945 to 113.425 & vs Euro 1.363 to 1.3767
This week bonds up BIG. 30yr -14bps; 10yr -16bps, 5yr -21bps, 2yr -23bps, 6mo -3bps. 30 yr @ 4.69%; 10 yr @ 4.37; 5 yr @ 4.03; 2yr @ 3.90; 6 mo @ 4.19.
Resistance: DJIA 13400; SP500 1495; NAZ 2595; NDX 2000
Support: DJIA 13085; SP500 1455; NAZ 2535; NDX 1940
Adding to the Dead Pool... National City Corp., Ohio's biggest bank, said yesterday it would reduce staff by 1,300.
IndyMac Bancorp Inc., the second- biggest U.S. mortgage company, plans to cut 10% of its workforce and lower its dividend. IndyMac may post a loss for the 1st time in 8 years.
SP500 open 1478, falling 29 to 1449, bounce to close at 200 DMA 1453. NDX 1998 gap down 26 to 1972 plunging 21 to 1951, bouncing 7 at close 1958.
Yesterday: "Barring someone stepping on a landmine... The downside risk far outweighs the upside at this point." Negative non farms was the landmine.
The Yen rebounded on carry trade unwind, the dollar index below 80, gold over $700, crude heading for $80.
10 year note auction, options unwind & 9/11 anniversary await. Broadbased whuppin with 10 to 1 declining volume.
We sense a ricochet coming Monday, plus hopes for a Sept Fed Cut could start a small rally.
When the Fed refuses on the 19th, just before options expiration, pffffttttt. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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