Market Soapbox 10/22/07
MON, bounce, DJIA +45 on average volume with OK internals. All UP cept XAU, XOI.
Bonds down 10 yr yield +2 bps 4.41, $ up vs 1.4172E & down vs 114.38y, WTI crude down 1% $86.02, gold down 1% $760
Friday: "Monday could be a really BLACK day OR a major pivot day." A rollercoaster ride down to NDX 25 DMA & SP500 50 DMA, then a bounce up.
NDX gapped down 2131 to 2121, fell to 2116, rise to close 2157. SP500 opened 1497 fell to 1490, rise to close 1506.
Foreign markets pounded overnight, a 114 pt DJIA fall out the gate, then strangeways. Bonds, commodities, gold, oil all down on economic slowing concerns.
Yet, dollar, tech, discretionary, financial & industrial up, on slowing concerns? Sniff, sniff...
The Yen gained big overnight hitting 113.5, as carry traders unwound and liquidated positions. Not a good sign.
After the bell, Apple & Texas Instruments both beat the number. Range bound with a downtrend, breech of NDX 2194 to upside or 2100 downside would confirm direction.
We think everyone is waiting for a Fed cut Oct 31st to bust or move. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down 10 yr yield +2 bps 4.41, $ up vs 1.4172E & down vs 114.38y, WTI crude down 1% $86.02, gold down 1% $760
Friday: "Monday could be a really BLACK day OR a major pivot day." A rollercoaster ride down to NDX 25 DMA & SP500 50 DMA, then a bounce up.
NDX gapped down 2131 to 2121, fell to 2116, rise to close 2157. SP500 opened 1497 fell to 1490, rise to close 1506.
Foreign markets pounded overnight, a 114 pt DJIA fall out the gate, then strangeways. Bonds, commodities, gold, oil all down on economic slowing concerns.
Yet, dollar, tech, discretionary, financial & industrial up, on slowing concerns? Sniff, sniff...
The Yen gained big overnight hitting 113.5, as carry traders unwound and liquidated positions. Not a good sign.
After the bell, Apple & Texas Instruments both beat the number. Range bound with a downtrend, breech of NDX 2194 to upside or 2100 downside would confirm direction.
We think everyone is waiting for a Fed cut Oct 31st to bust or move. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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