Market Soapbox 10/25/07
THU, wavy gravy, DJIA -3 on average volume with ugly internals. All DOWN cept DJUA, NYA, XMI, XAU, XOI.
Bonds down 10 yr yield +1bps 4.35, $ down vs 1.4317E & vs 114.03Y, WTI crude up 3.8% $90.46, gold up $771
Yesterday: "SOXX falling off a cliff -4%. Large intraday swings." Earlier in the week: "Will Tech diverge?"
Tech diverging with 3 to 1 declining volume. Today, SOXX -2% slammed again, SP500 fell 23 points; swung 37 points intraday.
Yesterday: "Tomorrow, new home sales, Friday, Countrywide. More stall?" Affirmative.
FYI: $13 Billion 5 year note auction decent bid to cover 2.69, lower indirect bidders 21%.
NDX opened 2190, rise to 2195, fall to 2146, rise to close 2161. SP500 opened 1516, up to 1523, fall to 1500, rise to close 1514.
NDX topped at 2195 for the 3rd time, SP500 found support at 1500 again. Dollar plunged, commodities roared, tomorrow Countrywide.
We are headed towards a very critical juncture on Oct 31st. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down 10 yr yield +1bps 4.35, $ down vs 1.4317E & vs 114.03Y, WTI crude up 3.8% $90.46, gold up $771
Yesterday: "SOXX falling off a cliff -4%. Large intraday swings." Earlier in the week: "Will Tech diverge?"
Tech diverging with 3 to 1 declining volume. Today, SOXX -2% slammed again, SP500 fell 23 points; swung 37 points intraday.
Yesterday: "Tomorrow, new home sales, Friday, Countrywide. More stall?" Affirmative.
FYI: $13 Billion 5 year note auction decent bid to cover 2.69, lower indirect bidders 21%.
NDX opened 2190, rise to 2195, fall to 2146, rise to close 2161. SP500 opened 1516, up to 1523, fall to 1500, rise to close 1514.
NDX topped at 2195 for the 3rd time, SP500 found support at 1500 again. Dollar plunged, commodities roared, tomorrow Countrywide.
We are headed towards a very critical juncture on Oct 31st. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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