Market Soapbox 03/31/08
MON, bounce, DJIA +47 on lower volume with OK internals. ALL UP cept XAU
Bonds up 10 yr yield -3bps 3.41. $ up vs 1.5756€ & vs 99.924y, WTI -4% $101.58, gold -2% $921.5, TED Spread flat 1.33%
SP500 open 1315, drop to 1312, rise to 1328, close 1322. NDX 1767 gap up to open 1772, drop to 1767, rist to 1789, fade to close 1781.
Q108: tech -15.4%; financials -14.8%; industrials -4.5%; consumer staples -2.7%. NAZ -14.1%; RUT -10.2%; MID -9.2%; DJIA -7.6%.
SP500 -9.9%, the most since 2002, 5th straight montly decline, the most since 1990.
THU: The 2 month rally in retail (RTH); transports (DJTA) and builders (HGX) could be over and we are primed for a BIG slide.
However, there may be one more pop to the upside in the tank. Watch em closely for clues.
MON: Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400.
We expect month & quarter fund inflow and sector rotation to generate a bounce to SP500 1380 & NDX 1885.
Then keep your eyes peeled to the sky, an overhead hoist could snap and it might be a "name brand" that pancakes this dead man walkin.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -3bps 3.41. $ up vs 1.5756€ & vs 99.924y, WTI -4% $101.58, gold -2% $921.5, TED Spread flat 1.33%
SP500 open 1315, drop to 1312, rise to 1328, close 1322. NDX 1767 gap up to open 1772, drop to 1767, rist to 1789, fade to close 1781.
Q108: tech -15.4%; financials -14.8%; industrials -4.5%; consumer staples -2.7%. NAZ -14.1%; RUT -10.2%; MID -9.2%; DJIA -7.6%.
SP500 -9.9%, the most since 2002, 5th straight montly decline, the most since 1990.
THU: The 2 month rally in retail (RTH); transports (DJTA) and builders (HGX) could be over and we are primed for a BIG slide.
However, there may be one more pop to the upside in the tank. Watch em closely for clues.
MON: Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400.
We expect month & quarter fund inflow and sector rotation to generate a bounce to SP500 1380 & NDX 1885.
Then keep your eyes peeled to the sky, an overhead hoist could snap and it might be a "name brand" that pancakes this dead man walkin.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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