Market Soapbox 11/05/07
MON, downdraft, DJIA -52 on average volume with lousy internals. All DOWN cept DJUA.
Bonds down 10 yr yield +1 bps 4.33, $ up vs 1.4464E & down vs 114.48y, WTI crude -2% $93.98, gold up $810.8
NDX gap down 2214 to 2193, rise to 2212, fall to 2179, rise to close 2200. SP500 gap down 1509 to 1505, fall to 1489, rise to close 1502.
Thursday: "Long term, we sense the downside potential outweighs the upside, as 2nd cut history vis a vis 01/31/01 could repeat itself."
Friday: "PG penetration of 67 could mean the mustard is officially off the hot dog. Watch it closely." Flight to safety continues, rising to 70.5 today.
Friday: "Substantial penetration of 1495 to the downside potential looms large with options unwind, GM & Ford reporting mid week. Favorable reports could kick start us back up to new heights."
NDX made a new low (since 10/31 high) at 2179, nearing 25 DMA support. Broader market caught support at SP500 75 DMA 1489.
Will we get a rebound to 1540 zone? Where will the upbeat reports come from? AIG, GM, Ford? A substantial breech of the 1480 zone on a closing basis means 1445 awaits.
Today's landmine, Citibank. Tomorrow, IndyMac? Sitting on a evergrowing pile of REO's and non performing loans, you bet.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down 10 yr yield +1 bps 4.33, $ up vs 1.4464E & down vs 114.48y, WTI crude -2% $93.98, gold up $810.8
NDX gap down 2214 to 2193, rise to 2212, fall to 2179, rise to close 2200. SP500 gap down 1509 to 1505, fall to 1489, rise to close 1502.
Thursday: "Long term, we sense the downside potential outweighs the upside, as 2nd cut history vis a vis 01/31/01 could repeat itself."
Friday: "PG penetration of 67 could mean the mustard is officially off the hot dog. Watch it closely." Flight to safety continues, rising to 70.5 today.
Friday: "Substantial penetration of 1495 to the downside potential looms large with options unwind, GM & Ford reporting mid week. Favorable reports could kick start us back up to new heights."
NDX made a new low (since 10/31 high) at 2179, nearing 25 DMA support. Broader market caught support at SP500 75 DMA 1489.
Will we get a rebound to 1540 zone? Where will the upbeat reports come from? AIG, GM, Ford? A substantial breech of the 1480 zone on a closing basis means 1445 awaits.
Today's landmine, Citibank. Tomorrow, IndyMac? Sitting on a evergrowing pile of REO's and non performing loans, you bet.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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