Market Soapbox 11/27/07
TUE, bounce, DJIA +215 on average volume with nice internals. All UP cept XAU, XOI.
Bonds down BIG 10 yr yield +12bps 3.95, $ up vs 1.4824E & 109.06y, WTI crude down 3.4% $94.42, gold down 1.5% $821.2
Last week: "NDX bouncing 4 times at 2000 support; SP500 3 times at 1415-20.
If this market sinks below 1410 and does not bounce into a rally, its going to be a long, cold and hard winter."
NDX gap up 1988 to 2007, fall to 1997 finding 2000 support, rise to close 2034. SP500 gap up 1406 to 1409, fall to 1407 finding 1410 support, rise to close 1429.
Yesterday, both violated their long term support. Today bouncing to average NDX 2030 & SP500 1430, DJIA trying to leap 13K.
Today's record housing index decline & other bad news ignored by a deat cat bounce? PG flight to higher ground steady, near record close 73.13
Existing & new home sales and construction spending await. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down BIG 10 yr yield +12bps 3.95, $ up vs 1.4824E & 109.06y, WTI crude down 3.4% $94.42, gold down 1.5% $821.2
Last week: "NDX bouncing 4 times at 2000 support; SP500 3 times at 1415-20.
If this market sinks below 1410 and does not bounce into a rally, its going to be a long, cold and hard winter."
NDX gap up 1988 to 2007, fall to 1997 finding 2000 support, rise to close 2034. SP500 gap up 1406 to 1409, fall to 1407 finding 1410 support, rise to close 1429.
Yesterday, both violated their long term support. Today bouncing to average NDX 2030 & SP500 1430, DJIA trying to leap 13K.
Today's record housing index decline & other bad news ignored by a deat cat bounce? PG flight to higher ground steady, near record close 73.13
Existing & new home sales and construction spending await. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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