Market Soapbox 06/11/08
WEN, double triple slam, DJIA -206 on average volume with horrid internals. All DOWN BIG cept XOI, XAU.
Bonds up 10 yr yield -3bps 4.07; $ down vs 1.5554€ & vs 106.924y; WTI +4% $136.64; gold +1% $882.9; TED Spread up +4bps 0.84%
SP500 open 1357, plunge to close 1335. NDX 1973 gap down to open 1968, plunge to close 1924.
Two weeks ago we speculated on SP500 1350-60 & NDX 1910 range... Well, here it is.
What next? Another irrational bounce before we retest this years low NDX 1670 & SP500 1255?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -3bps 4.07; $ down vs 1.5554€ & vs 106.924y; WTI +4% $136.64; gold +1% $882.9; TED Spread up +4bps 0.84%
SP500 open 1357, plunge to close 1335. NDX 1973 gap down to open 1968, plunge to close 1924.
Two weeks ago we speculated on SP500 1350-60 & NDX 1910 range... Well, here it is.
What next? Another irrational bounce before we retest this years low NDX 1670 & SP500 1255?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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