Market Soapbox 03/04/08
TUE, bounce off Jan low, DJIA -45 on higher volume with horrible internals. All DOWN cept SOXX, NDX, DJTA, DJUA.
Bonds down 10 yr yield +5bps 3.60. $ down vs 1.5212E & vs 103.31y, WTI -2.3% $100.08, gold -1.8% $966.3 TED spread down -1bps 1.37%
Lower demand... Intel revised its Q1 gross margin rate guidance downward due to lower than expected NAND flash memory pricing.
Slowing down... oil, gold and commodities got punked +2% off all time highs on profit taking and lowered demand expectations.
Down 170+ another late day Ambac bailout fairy tale gets a bounce at Jan low.
SP500 open 1329, fall to 1307, late rally to 1331, close 1326. NDX 1733 gap down 1724 open, fall to 1707, bounce to 1748 close 1743.
FRI: Remember the last three weeks, SP500 1325-50 & NDX 1750-1775, like a magnet.
MON: SP flirting with 1325 line again. A drop below spells BIG trouble.
We sense 2nd poor ISM services and non farm payrolls could kick this dead man walkin down another BIG flight of stairs.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr yield +5bps 3.60. $ down vs 1.5212E & vs 103.31y, WTI -2.3% $100.08, gold -1.8% $966.3 TED spread down -1bps 1.37%
Lower demand... Intel revised its Q1 gross margin rate guidance downward due to lower than expected NAND flash memory pricing.
Slowing down... oil, gold and commodities got punked +2% off all time highs on profit taking and lowered demand expectations.
Down 170+ another late day Ambac bailout fairy tale gets a bounce at Jan low.
SP500 open 1329, fall to 1307, late rally to 1331, close 1326. NDX 1733 gap down 1724 open, fall to 1707, bounce to 1748 close 1743.
FRI: Remember the last three weeks, SP500 1325-50 & NDX 1750-1775, like a magnet.
MON: SP flirting with 1325 line again. A drop below spells BIG trouble.
We sense 2nd poor ISM services and non farm payrolls could kick this dead man walkin down another BIG flight of stairs.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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