Market Soapbox 01/28/08
MON, triple digit bounce, DJIA +177 on average volume with nice internals. All UP.
Bonds down 10 yr yield +3bps 3.59. $ down vs 1.4788E & up vs 106.91y, WTI up $91.06, gold +2% $934.6. TED spread down -7bps 0.99%
TUES: "support NDX 1800" there again. THU: "NDX 1850 & SP500 1375 will provide a stearn test." another test?
SP500 gap up 1327 to 1330, dip to 1322, rise to close 1353. NDX open 1788, dip to 1773, rise to close 1805 (08/16 low)
Disasterous housing sales ignored, gold hits all time high, even the wealthy are impacted...
American Express #3 U.S. credit card network, said Q4 profit fell 9.9% as it set aside more for customer defaults amid a slowing economy.
If the Fed does anything less than 50bps cut on WEN, we see NDX 1620 comin fast. If Fed cuts 50 bps NDX may bounce to 1970, then?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr yield +3bps 3.59. $ down vs 1.4788E & up vs 106.91y, WTI up $91.06, gold +2% $934.6. TED spread down -7bps 0.99%
TUES: "support NDX 1800" there again. THU: "NDX 1850 & SP500 1375 will provide a stearn test." another test?
SP500 gap up 1327 to 1330, dip to 1322, rise to close 1353. NDX open 1788, dip to 1773, rise to close 1805 (08/16 low)
Disasterous housing sales ignored, gold hits all time high, even the wealthy are impacted...
American Express #3 U.S. credit card network, said Q4 profit fell 9.9% as it set aside more for customer defaults amid a slowing economy.
If the Fed does anything less than 50bps cut on WEN, we see NDX 1620 comin fast. If Fed cuts 50 bps NDX may bounce to 1970, then?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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