Market Soapbox 05/28/08
WEN, wavy gravy, DJIA +46 on average volume with OK internals. All UP.
Bonds down BIG 10 yr yield +11bps 4.03; $ up vs 1.5646€ & vs 104.715y; WTI +1.5% $130.76; gold down $905; TED Spread up +1bps 0.76%
SP500 open 1385, fall to 1378, rise to close 1391. NDX 1995 gap up to open 2002, fall to 1981, rise to close 2000.
THU: We sense further downside to NDX 1910 & SP500 1360 range... then we expect another irrational bounce up to follow.
TUE: Did the bounce up start today off SP500 1373? Lets see.
10 yr yield highest since Jan 2nd, stagflated prices seen as growth? TED spread narrowest since Aug crisis, confidence or just cushion?
Flight to safety? Not... PG broke $65 to the downside, patterns since 12/12 & 04/01 still in effect.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down BIG 10 yr yield +11bps 4.03; $ up vs 1.5646€ & vs 104.715y; WTI +1.5% $130.76; gold down $905; TED Spread up +1bps 0.76%
SP500 open 1385, fall to 1378, rise to close 1391. NDX 1995 gap up to open 2002, fall to 1981, rise to close 2000.
THU: We sense further downside to NDX 1910 & SP500 1360 range... then we expect another irrational bounce up to follow.
TUE: Did the bounce up start today off SP500 1373? Lets see.
10 yr yield highest since Jan 2nd, stagflated prices seen as growth? TED spread narrowest since Aug crisis, confidence or just cushion?
Flight to safety? Not... PG broke $65 to the downside, patterns since 12/12 & 04/01 still in effect.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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