Market Soapbox 04/29/08
TUE, split tape, DJIA -40 on light volume with ugly internals. All DOWN cept DJTA, NDX, NAZ, SOXX, XOI.
Bonds up 10 yr yield -3bps 3.80; $ up vs 1.5564€ & down vs 104.05y; WTI -3% $115.35; gold -2% $876.8 TED Spread down -11bps 1.41%
SP500 open 1395, pop to 1397, fall to 1386, rise to close 1391. NDX 1923, gap down to open 1917, drop to 1914, rise to 1941, fade to close 1933.
THU & MON: Today back knocking at the 1400 door. Repelled again.
MON: Range bound: magic line support at SP500 1380, NDX 1895; resistance at SP500 1400; NDX 1950
FRI: I smell consolidation on a Fed pause or 25 bps cut. 3 days of split tape something has to give.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -3bps 3.80; $ up vs 1.5564€ & down vs 104.05y; WTI -3% $115.35; gold -2% $876.8 TED Spread down -11bps 1.41%
SP500 open 1395, pop to 1397, fall to 1386, rise to close 1391. NDX 1923, gap down to open 1917, drop to 1914, rise to 1941, fade to close 1933.
THU & MON: Today back knocking at the 1400 door. Repelled again.
MON: Range bound: magic line support at SP500 1380, NDX 1895; resistance at SP500 1400; NDX 1950
FRI: I smell consolidation on a Fed pause or 25 bps cut. 3 days of split tape something has to give.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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