Market Soapbox 01/29/08
TUE, followthrough, DJIA +96 on lower volume with nice internals. All UP cept SOXX, XAU.
Bonds down 10 yr yield +7bps 3.66, $ up vs 1.4762E & down vs 106.86y, WTI up 1% $92.32, gold down $927.2. TED spread flat 0.99%.
Last TUES: "support NDX 1800" hanging there. THU: "NDX 1850 & SP500 1375 will provide a stearn test." coming up again?
SP500 open 1355, drop to 1350, rise to close 1362. NDX gap up 1805 to 1812, pop to 1816, plunge to 1792, close 1807 (near 08/16 low).
If the Fed does anything less than 50bps cut, we see NDX 1620 comin fast. If Fed cuts 50 bps NDX may bounce to 1970, then?
DJIA, MID, RUT all went over 01/25 high, we see SP500 1368 prior to announcement.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr yield +7bps 3.66, $ up vs 1.4762E & down vs 106.86y, WTI up 1% $92.32, gold down $927.2. TED spread flat 0.99%.
Last TUES: "support NDX 1800" hanging there. THU: "NDX 1850 & SP500 1375 will provide a stearn test." coming up again?
SP500 open 1355, drop to 1350, rise to close 1362. NDX gap up 1805 to 1812, pop to 1816, plunge to 1792, close 1807 (near 08/16 low).
If the Fed does anything less than 50bps cut, we see NDX 1620 comin fast. If Fed cuts 50 bps NDX may bounce to 1970, then?
DJIA, MID, RUT all went over 01/25 high, we see SP500 1368 prior to announcement.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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