Market Soapbox 11/13/07
TUE, triple triple bounce, DJIA +320 on average volume with ebullient internals.
All UP. Bonds down 10 yr yield +4bps 4.26, $ down vs 1.46E & up vs 110.895y, WTI crude down 3.7% $91.17, gold down 1% $799
NDX gap up 1982 to 2009, rocket ride to close above 100 DMA (2030) at 2066. SP500 gap up 1438 to 1441, soaring to close at 200 DMA 1481.
PG rising 1% to $71.48, if it falls below $67, watch out.
Yesterday: "DJIA below 13K, NDX 1950 and SP500 1400 await."
B of A $3 Billion write down: Countrywide $1.2 Billion loss; WalMart beat, but same store sales trailing last year and at a 27 year low.
Ebullient investors didn't care. Is this a dead cat bounce? 52 week low to high ratio NYSE 2 to 1; NAZ 3.5 to 1.
Next major resistance, NDX 2080 & SP500 1490, watch it closely.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
All UP. Bonds down 10 yr yield +4bps 4.26, $ down vs 1.46E & up vs 110.895y, WTI crude down 3.7% $91.17, gold down 1% $799
NDX gap up 1982 to 2009, rocket ride to close above 100 DMA (2030) at 2066. SP500 gap up 1438 to 1441, soaring to close at 200 DMA 1481.
PG rising 1% to $71.48, if it falls below $67, watch out.
Yesterday: "DJIA below 13K, NDX 1950 and SP500 1400 await."
B of A $3 Billion write down: Countrywide $1.2 Billion loss; WalMart beat, but same store sales trailing last year and at a 27 year low.
Ebullient investors didn't care. Is this a dead cat bounce? 52 week low to high ratio NYSE 2 to 1; NAZ 3.5 to 1.
Next major resistance, NDX 2080 & SP500 1490, watch it closely.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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