Market Soapbox 03/03/08
MON, wavy gravy, DJIA -7 on average volume with poor internals. All DOWN cept XAU, XOI, DJTA, DJUA, MID.
Bonds down 10 yr yield +4bps 3.55. $ down vs 1.5205E & vs 103.45y, WTI up $102.42, gold up $984.2 TED spread up BIG +16bps 1.38%
Overnight: Nikkei 225 -4.5%; Hang Seng -3.1%; CAC, DAX & FTSE all -1%. Oil breaks 28 year record, tops 104, dollar new low, gold heading for $1000.
SP500 open 1330, wave down 1320, rise to close 1331. NDX 1745 gap down 1743, wave down 1716, rise to close 1733.
FRI: Remember the last three weeks, SP500 1325-50 & NDX 1750-1775, like a magnet.
Today, SP flirting with 1325 line again. A drop below spells BIG trouble. Where are we going?
Hint: I hear moans and groans, as trades get squeezed and margin calls fail to be met.
The TED Spread has jumped 50bps in the last week and the Yen is at 103.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr yield +4bps 3.55. $ down vs 1.5205E & vs 103.45y, WTI up $102.42, gold up $984.2 TED spread up BIG +16bps 1.38%
Overnight: Nikkei 225 -4.5%; Hang Seng -3.1%; CAC, DAX & FTSE all -1%. Oil breaks 28 year record, tops 104, dollar new low, gold heading for $1000.
SP500 open 1330, wave down 1320, rise to close 1331. NDX 1745 gap down 1743, wave down 1716, rise to close 1733.
FRI: Remember the last three weeks, SP500 1325-50 & NDX 1750-1775, like a magnet.
Today, SP flirting with 1325 line again. A drop below spells BIG trouble. Where are we going?
Hint: I hear moans and groans, as trades get squeezed and margin calls fail to be met.
The TED Spread has jumped 50bps in the last week and the Yen is at 103.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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