Market Soapbox 11/12/07
MON, followthrough, DJIA -56 on average volume with lousy internals. All DOWN.
Bond market closed 10 yr yield 4.22, $ up vs 1.4545E & down vs 109.992y, WTI crude -2% $94.62, gold -3% $807.7
As the carry trade unwind continues, the dollar fell vs Yen but gained vs Euro. Commodities blowing off, gold -7.5% & oil based stocks -3.5% crushed.
Repeated many times: "Transports always lead the way down first." Transports plunging since July.
A while back: "Watch Tech, when it collapses, it will take the broader markets down" Fast & Furious, 4 days running to the tune of over 10%.
NDX gap down 2035 to 2028, plunge below 100 DMA 2030 zone support to cut July top 150 DMA at 1995, plunge to close 1982.
SP500 opened sitting on 300DMA and March top 1453, rise to 1463, then plunge to 1438 shattering 1450 zone support.
Tech, Finance and Utilities are collapsing. This two week decline is the worst since 2002. PG rising to $71.37, if it falls below $67, watch out.
Its a bloodbath and getting uglier by the moment, DJIA below 13K headed for 12.5K; NDX 1950 and SP500 1400 await.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bond market closed 10 yr yield 4.22, $ up vs 1.4545E & down vs 109.992y, WTI crude -2% $94.62, gold -3% $807.7
As the carry trade unwind continues, the dollar fell vs Yen but gained vs Euro. Commodities blowing off, gold -7.5% & oil based stocks -3.5% crushed.
Repeated many times: "Transports always lead the way down first." Transports plunging since July.
A while back: "Watch Tech, when it collapses, it will take the broader markets down" Fast & Furious, 4 days running to the tune of over 10%.
NDX gap down 2035 to 2028, plunge below 100 DMA 2030 zone support to cut July top 150 DMA at 1995, plunge to close 1982.
SP500 opened sitting on 300DMA and March top 1453, rise to 1463, then plunge to 1438 shattering 1450 zone support.
Tech, Finance and Utilities are collapsing. This two week decline is the worst since 2002. PG rising to $71.37, if it falls below $67, watch out.
Its a bloodbath and getting uglier by the moment, DJIA below 13K headed for 12.5K; NDX 1950 and SP500 1400 await.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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