Market Observations 12/28/07
Resistance: DJIA 13550 (75DMA); SP500 1500 (150DMA); NAZ 2700 (50DMA); NDX 2105 (50DMA)
Support: DJIA 13175 (250DMA); SP500 1465 (300DMA); NAZ 2600 (200DMA); NDX 2025 (150DMA)
NDX gap up 2106 to 2121. fall to 2092, close 2107. SP500 gap up 1476 to 1479, rise to 1488, fall to 1471, close 1478.
This week NDX & SP500 bumped into resistance and fell.
Legg Mason pumped $1.12 billion into two non U.S. cash funds to prevent losses...
the biggest bailout by a money manager tied to ABCP asset-backed debt sold by SIV structured investment vehicles.
LM has provided $1.47 billion to support money funds and other cash management portfolios since November.
Drake Management suspended most redemptions from its $3 billion Global Opportunities Fund after losing 23.7% through November.
Macy's annouced it is closing nine underperforming stores and laying off 900.
Today, home builders -3.2%; thrifts & mortgages -3%. Mon: Existing home sales, Wen: Construction Spending.
We sense Jan 2nd or 3rd, to be a major inflection point as vacations end and New Year portfolio instructions get executed.
The TED spread (3 mo Libor - 3 mo Tbill) shot up to 225 in Aug, down to 75 early Nov, back up to 200, down to 160.
The pattern indicates another up surge coming. Q4 reporting and write down disappointments mid Jan could be the trigger.
NDX 300 DMA 1910 & SP500 1360 could be in sight. If TED goes to 350 get out of the way.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Support: DJIA 13175 (250DMA); SP500 1465 (300DMA); NAZ 2600 (200DMA); NDX 2025 (150DMA)
NDX gap up 2106 to 2121. fall to 2092, close 2107. SP500 gap up 1476 to 1479, rise to 1488, fall to 1471, close 1478.
This week NDX & SP500 bumped into resistance and fell.
Legg Mason pumped $1.12 billion into two non U.S. cash funds to prevent losses...
the biggest bailout by a money manager tied to ABCP asset-backed debt sold by SIV structured investment vehicles.
LM has provided $1.47 billion to support money funds and other cash management portfolios since November.
Drake Management suspended most redemptions from its $3 billion Global Opportunities Fund after losing 23.7% through November.
Macy's annouced it is closing nine underperforming stores and laying off 900.
Today, home builders -3.2%; thrifts & mortgages -3%. Mon: Existing home sales, Wen: Construction Spending.
We sense Jan 2nd or 3rd, to be a major inflection point as vacations end and New Year portfolio instructions get executed.
The TED spread (3 mo Libor - 3 mo Tbill) shot up to 225 in Aug, down to 75 early Nov, back up to 200, down to 160.
The pattern indicates another up surge coming. Q4 reporting and write down disappointments mid Jan could be the trigger.
NDX 300 DMA 1910 & SP500 1360 could be in sight. If TED goes to 350 get out of the way.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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