Market Soapbox 01/31/08
THU, upside surge, DJIA +208 on average volume with pretty internals. All UP BIG cept XAU.
Bonds up 10 yr yield -6bps 3.62, $ up vs 1.4858E & vs 106.45y, WTI down $91.35, gold down $930 TED spread up +8bps 1.17%.
Last THU: "NDX 1850 & SP500 1375 will provide a stearn test." On the money again with NAZ & NDX still below 01/25 high.
SP500 gap down 1355 to 1351, drop to 1334, climb to 1385, drop to close 1378. NDX gap down 1808 to 1782, climb to 1853, drop to close 1841.
WEN: "Get ready as the bow breaks to the downside and this market explores new depths."
A break through SP500 1375 could carry to SP500 1411, then? Another failure will put a crimp in the artificial "CON" fidence of the rate cuts.
Once again, the market is intoxicated & ignoring forward guidance warnings & dismal macro economic news.
How long will the cheap buzz off "rate cut punch" last and what will the hangover be like?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -6bps 3.62, $ up vs 1.4858E & vs 106.45y, WTI down $91.35, gold down $930 TED spread up +8bps 1.17%.
Last THU: "NDX 1850 & SP500 1375 will provide a stearn test." On the money again with NAZ & NDX still below 01/25 high.
SP500 gap down 1355 to 1351, drop to 1334, climb to 1385, drop to close 1378. NDX gap down 1808 to 1782, climb to 1853, drop to close 1841.
WEN: "Get ready as the bow breaks to the downside and this market explores new depths."
A break through SP500 1375 could carry to SP500 1411, then? Another failure will put a crimp in the artificial "CON" fidence of the rate cuts.
Once again, the market is intoxicated & ignoring forward guidance warnings & dismal macro economic news.
How long will the cheap buzz off "rate cut punch" last and what will the hangover be like?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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