Market Soapbox 11/07/07
WEN, triple triple slam, DJIA -361 on higher volume with devastating internals. All DOWN BIG.
Bonds up BIG 10 yr yield -15bps 4.31, $ CRUSHED vs 1.4629E & vs 112.43y, WTI crude down $96.37, gold up 1% $833.5
NDX gap down 2224 to 2205, rise to 2219, then plunge to close 2169. SP500 gap down 1520 to 1515, then slammed down 40 more points to close at 1475.
VIX jumped to 26.5, PG porked for 1.5% to 69.42. Yesterday: "Indymac news was ignored, tomorrow AIG, Cisco, GM, Societe Generale."
Today's news was not ignored as options unwind, $98 oil, a plunging dollar, the debt market debacle and the Yen carry trade unwind, pulled the market down.
Monday: "A substantial breech of the 1480 zone on a closing basis means 1445 awaits." This critical support barrier was broken in a late day landslide.
Can it rebound from here? It better and fast cuz tomorrow: BNP Paribas, Ford, Qualcomm, Toll Brothers. More bad news bears?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up BIG 10 yr yield -15bps 4.31, $ CRUSHED vs 1.4629E & vs 112.43y, WTI crude down $96.37, gold up 1% $833.5
NDX gap down 2224 to 2205, rise to 2219, then plunge to close 2169. SP500 gap down 1520 to 1515, then slammed down 40 more points to close at 1475.
VIX jumped to 26.5, PG porked for 1.5% to 69.42. Yesterday: "Indymac news was ignored, tomorrow AIG, Cisco, GM, Societe Generale."
Today's news was not ignored as options unwind, $98 oil, a plunging dollar, the debt market debacle and the Yen carry trade unwind, pulled the market down.
Monday: "A substantial breech of the 1480 zone on a closing basis means 1445 awaits." This critical support barrier was broken in a late day landslide.
Can it rebound from here? It better and fast cuz tomorrow: BNP Paribas, Ford, Qualcomm, Toll Brothers. More bad news bears?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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