Market Soapbox Week Ending 02/08/08

MON, downdraft, DJIA -108 on lower volume with lousy internals. All DOWN cept DJUA. Bonds down 10 yr yield +6bps 3.65. $ down vs 1.4833E & up vs 106.75y, WTI +2% $90.47, gold down $907. TED spread down -10bps 0.91%

TUE, massive followthrough, DJIA -370 on average volume with horrible internals. All DOWN BIG. Bonds up 10 yr yield -8bps 3.57, $ up BIG vs 1.4638E & vs 106.83y, WTI -2% 88.17, gold -2% $892.1. TED spread up +7bps 0.98%.

WEN, up 126 then pfffftt, DJIA -65 on average volume with lousy internals. All DOWN cept DJTA, XAU. Bonds down 10 yr yield +3bps 3.60, $ up vs 1.4637E & down vs 106.445y, WTI -1.5% $87.13, gold +1.5% $904.2 TED spread up +7bps 1.05%.

THU, wavy gravy, DJIA +47 on higher volume with OK internals. All UP cept DJUA, XAU. Bonds down BIG 10 yr yield +18bps 3.78, $ up BIG vs 1.4482E & vs 107.5y, WTI +1% $88.05, gold up $911.9 TED spread down -13bps 0.92%.

FRI, split tape, DJIA -65 on average volume with ugly internals. All DOWN cept NAZ, NDX, MID, SOXX, XAU, XOI. Bonds up BIG 10 yr yield -14bps 3.64. $ down vs 1.4507E & vs 107.34y, WTI +4% $91.77, gold +1.5% $922.3 TED spread down -4bps 0.88%

This week, DJIA -561, since 09/19/05 DJIA +1572. CRB commodities up 364.34 to 375.67

XAU down 185.54 to 184.61 & gold up 908.8 to 922.3 XOI up 1331.28 to 1384.36 & WTI up 88.73 to 91.77 Volatility VIX up 24.02 to 28.01.

TED Spread down -13bps 1.01 to 0.88%%; Dollar index up 75.484 to 76.654. $ up BIG vs Yen 106.505 to 107.34 & vs Euro 1.4802 to 1.4507

This week bonds down, 2 yr up BIG. 30yr +11bps; 10yr +5bps, 5yr -5bps, 2yr -14bps, 6mo -4bps. 30 yr @ 4.42%; 10 yr @ 3.64; 5 yr @ 2.69; 2yr @ 1.93; 6 mo @ 2.10.

Resistance: DJIA 12700 (400DMA); SP500 1400 (500DMA); NAZ 2415 (550DMA); NDX 1850 (400DMA)

Support: DJIA 12100 (600DMA); SP500 1320 (850DMA); NAZ 2270 (900DMA); NDX 1710 (850DMA)

SP500 open 1336, rise to 1341, drop to 1321 (800DMA), rise to close 1331. NDX open 1754, rise to 1779, drop to 1746, rise to close 1773.

WEN: "Violation of SP500 1325 on a closing basis means redux of 1270 low." SP500 support holding at 1325, NDX at 1750 to 1775.

Last week the biggest gain in 5 years, this week the market gave it all back.

Often wrong, but never in doubt, this is the Nattering Naybob and you're not.

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