Market Soapbox 11/29/07
THU, wavy gravy, DJIA +22 on lower volume with midlin internals. All UP cept DJTA, DJUA, NYA, MID, SOXX, XAU, RUT.
Bonds up 10 yr yield -9bps 3.94, $ up vs 1.4744E & down vs 109.95y, WTI up $91.01, gold down $802.3
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."
Yesterday: "Bounce off of 1988 NDX (150DMA) & 1406 SP500 (400DMA), the biggest 2 day rally in 5 years. Resistance awaits NDX 2120, SP500 1480. Gauge the reaction at this level."
NDX gap down 2095 to 2084, fall to 2082, rise to 2108, close 2102. SP500 open 1467, fall to 1458, rise to 1473, close 1470. Read above comment.
New home sales, prices and foreclosures a disaster, who cares? Q3 GDP was revised up to 4.9%, thats good news, NOT! Read todays economic reports.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up 10 yr yield -9bps 3.94, $ up vs 1.4744E & down vs 109.95y, WTI up $91.01, gold down $802.3
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."
Yesterday: "Bounce off of 1988 NDX (150DMA) & 1406 SP500 (400DMA), the biggest 2 day rally in 5 years. Resistance awaits NDX 2120, SP500 1480. Gauge the reaction at this level."
NDX gap down 2095 to 2084, fall to 2082, rise to 2108, close 2102. SP500 open 1467, fall to 1458, rise to 1473, close 1470. Read above comment.
New home sales, prices and foreclosures a disaster, who cares? Q3 GDP was revised up to 4.9%, thats good news, NOT! Read todays economic reports.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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