Market Soapbox 11/21/07
WEN, triple double redux, DJIA -211 on average volume with ugly internals.
All DOWN BIG. Bonds up 10 yr yield -4bps 4.01, $ down vs 1.4864E & 109.955y, WTI down $97.43, gold down $803.6
Fri: "SP500 1450 is magnetic at the moment, testing 1440 support. NDX 2030 magnetic, testing 2005 support. A fall from grace goes to SP500 1410 & NDX 1940".
Tue: “Late day computer trading bounce had a PPT fingerprint on it. Is that you Santa? Nah! SP500 32 pt fall, then 20 pt rise, is it a dead cat?” THUD, MEOW!!!
NDX gap down 2029 to 2008, drop to 1986 (below 150DMA), rise to 2039, drop to close 2006 near 2000 support.
SP500 open 1434, fall to 1415 near 1410 support, rise to 1436, plunge to close 1416 (below 400DMA).
Today’s DJIA close below Aug levels triggers the Dow Theory sell signal. NDX has not broken 1980 low, SP500 close to 1410 prediction. Is it time to liquidate?
If this market sinks below 1410 and does not bounce into a sustained rally, its going to be a long, cold and hard winter. Happy Thanksgiving!
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
All DOWN BIG. Bonds up 10 yr yield -4bps 4.01, $ down vs 1.4864E & 109.955y, WTI down $97.43, gold down $803.6
Fri: "SP500 1450 is magnetic at the moment, testing 1440 support. NDX 2030 magnetic, testing 2005 support. A fall from grace goes to SP500 1410 & NDX 1940".
Tue: “Late day computer trading bounce had a PPT fingerprint on it. Is that you Santa? Nah! SP500 32 pt fall, then 20 pt rise, is it a dead cat?” THUD, MEOW!!!
NDX gap down 2029 to 2008, drop to 1986 (below 150DMA), rise to 2039, drop to close 2006 near 2000 support.
SP500 open 1434, fall to 1415 near 1410 support, rise to 1436, plunge to close 1416 (below 400DMA).
Today’s DJIA close below Aug levels triggers the Dow Theory sell signal. NDX has not broken 1980 low, SP500 close to 1410 prediction. Is it time to liquidate?
If this market sinks below 1410 and does not bounce into a sustained rally, its going to be a long, cold and hard winter. Happy Thanksgiving!
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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