Market Soapbox 03/11/08
TUE, bounce off Jan low, DJIA +417 on average volume with pristine internals. All UP BIG. Bonds down BIG 10 yr yield +16bps 3.61.
$ up vs 1.5328E & vs 103.475y, WTI up $108,75, gold up $976 TED spread down BIG -18bps 1.39%
FRI: The market needs a bounce off 1270 next week. We are one straw away from breaking the camels back.
The largest single day gain in 5 years. We are back at magnet support levels SP500 1320 & NDX 1750
SP500 open 1274, leap to close 1320. NDX gap up 1672, open 1704, drop to 1686, bounce to close 1740.
Program trading headfake? With oil touching $109, DJTA +4.5%? Only precious metals XAU gained more at 5%. Sniff, sniff.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
$ up vs 1.5328E & vs 103.475y, WTI up $108,75, gold up $976 TED spread down BIG -18bps 1.39%
FRI: The market needs a bounce off 1270 next week. We are one straw away from breaking the camels back.
The largest single day gain in 5 years. We are back at magnet support levels SP500 1320 & NDX 1750
SP500 open 1274, leap to close 1320. NDX gap up 1672, open 1704, drop to 1686, bounce to close 1740.
Program trading headfake? With oil touching $109, DJTA +4.5%? Only precious metals XAU gained more at 5%. Sniff, sniff.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Comments