Market Soapbox 10/24/07
WEN, wavy gravy, DJIA -1 on average volume with ugly internals. All DOWN cept DJUA, XMI, XAU, XOI.
Bonds up BIG 10 yr yield -5bps 4.34, $ down vs 1.4267E & vs 114.215y, WTI crude up 2.3% $87.24, gold up $765.6
Yesterday: "We sense 2250-60 NDX as a limit. The caveat: bad existing & new home sales numbers, Microsoft or Countrywide may spook the market. "
My bad as I neglected to add Merrill Lynch & Ambac to the toxic brew.
Yesterday: "Will tech diverge from the broader market? Will the market follow tech?"
Today, it seems tech followed, the downdraft on higher NAZ volume with the SOXX falling off a cliff -4%. Large intraday swings.
NDX gapped down 2202 to 2187, rose to magic number 2194, plunged to 2140, rise to close 2188.
SP500 opened 1516, fell to 1489, rise to close 1515. SP500 formed a new post 10/11 low 1489. Existing home sales & writedowns stalled the market.
$20 Billion 2 year note auction: bid to cover 2.86, vs avg 2.94; Indirect bidders 22% vs avg 34%. Tomorrow a $13 Billion 5 year note auction.
Dollar sunk, crude jumped, bonds rallied, with 2 year notes hitting a 2 year yield low. Yen moving up as carry traders unwound.
Most expect the economic impact of a collapsing housing market will force the Fed into another rate cut on Oct 31st.
Tomorrow, new home sales, Friday, Countrywide. More stall? Perhaps. World Series pick: with the Tribe out, the red hot Rockies should handle the BoSox.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up BIG 10 yr yield -5bps 4.34, $ down vs 1.4267E & vs 114.215y, WTI crude up 2.3% $87.24, gold up $765.6
Yesterday: "We sense 2250-60 NDX as a limit. The caveat: bad existing & new home sales numbers, Microsoft or Countrywide may spook the market. "
My bad as I neglected to add Merrill Lynch & Ambac to the toxic brew.
Yesterday: "Will tech diverge from the broader market? Will the market follow tech?"
Today, it seems tech followed, the downdraft on higher NAZ volume with the SOXX falling off a cliff -4%. Large intraday swings.
NDX gapped down 2202 to 2187, rose to magic number 2194, plunged to 2140, rise to close 2188.
SP500 opened 1516, fell to 1489, rise to close 1515. SP500 formed a new post 10/11 low 1489. Existing home sales & writedowns stalled the market.
$20 Billion 2 year note auction: bid to cover 2.86, vs avg 2.94; Indirect bidders 22% vs avg 34%. Tomorrow a $13 Billion 5 year note auction.
Dollar sunk, crude jumped, bonds rallied, with 2 year notes hitting a 2 year yield low. Yen moving up as carry traders unwound.
Most expect the economic impact of a collapsing housing market will force the Fed into another rate cut on Oct 31st.
Tomorrow, new home sales, Friday, Countrywide. More stall? Perhaps. World Series pick: with the Tribe out, the red hot Rockies should handle the BoSox.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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