Market Soapbox 12/04/07
TUE, followthrough, DJIA -66 on lower volume with ugly internals. All DOWN cept DJTA, DJUA.
Bonds down 10 yr yield +1bps 3.86, $ down vs 1.4763E & 109.778y, WTI crude down 1% $88.32, gold up 1.5% $807.6
Last Wen: "Resistance awaits NDX 2120, SP500 1480. Gauge the reaction at this level."
Still falling from this level. NDX gap down 2067 to 2053, rise to 2070, fall to close 2059. SP500 open 1471, fall to 1460, rise to close 1463.
Financials downgraded, 2008 profit outlook for the sector cut, dividends may get cut. Wall Street junkies salivating for a Fed fix, odds on 50 bps rising to 50%.
Sagging Fannie... FNMA cut its dividend by 30% and is issuing $7 Billion in non convertible stock to raise capital. Glub, Glub...
We sense further decline, then a head fake back to MAX PAIN SP500 1480 and NDX 2100 coming at some point.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down 10 yr yield +1bps 3.86, $ down vs 1.4763E & 109.778y, WTI crude down 1% $88.32, gold up 1.5% $807.6
Last Wen: "Resistance awaits NDX 2120, SP500 1480. Gauge the reaction at this level."
Still falling from this level. NDX gap down 2067 to 2053, rise to 2070, fall to close 2059. SP500 open 1471, fall to 1460, rise to close 1463.
Financials downgraded, 2008 profit outlook for the sector cut, dividends may get cut. Wall Street junkies salivating for a Fed fix, odds on 50 bps rising to 50%.
Sagging Fannie... FNMA cut its dividend by 30% and is issuing $7 Billion in non convertible stock to raise capital. Glub, Glub...
We sense further decline, then a head fake back to MAX PAIN SP500 1480 and NDX 2100 coming at some point.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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