Market Soapbox 04/30/08
WEN, a deflating cut, DJIA -12 on light volume with ugly internals. All DOWN cept XAU, XOI.
Bonds up 10 yr yield -5bps 3.75, $ down vs 1.5614€ & vs 104.009y, WTI -1% $114.51, gold -1.3% $865.1, TED spread up +5bps 1.46%
SP500 open 1391, rise to 1404, collapse to close 1385. NDX 1933, gap up to open 1939, rise to 1953, collapse to 1912, close 1917.
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.
Both hit resistance and fell hard. The SP500 swung down 20 points on the cut.
Tomorrow start of month flows stem the tide? Maybe, maybe not.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -5bps 3.75, $ down vs 1.5614€ & vs 104.009y, WTI -1% $114.51, gold -1.3% $865.1, TED spread up +5bps 1.46%
SP500 open 1391, rise to 1404, collapse to close 1385. NDX 1933, gap up to open 1939, rise to 1953, collapse to 1912, close 1917.
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.
Both hit resistance and fell hard. The SP500 swung down 20 points on the cut.
Tomorrow start of month flows stem the tide? Maybe, maybe not.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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