Market Soapbox 06/12/08
THU, bounce & flop, DJIA +58 on lower volume with midlin internals. All UP cept XAU, XOI.
Bonds down BIG 10 yr +14bps 4.21, $ up BIG vs 1.5424€ & up vs 107.897y, WTI up $137.04, gold -1.25% $872, TED spread down -6bps 0.78%.
SP500 open 1335, rise to 1353, flop to 1331, close 1339. NDX 1924 gap up to open 1941, bounce to 1954, flop to 1909, close 1924.
WEN: Two weeks ago we speculated on SP500 1350-60 & NDX 1910 range... Well, here it is.
WEN: What next? Another irrational bounce before we retest this years low NDX 1670 & SP500 1255?
Today's DJIA bounce 180, before deflating while SP500 & NDX put in new lows.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down BIG 10 yr +14bps 4.21, $ up BIG vs 1.5424€ & up vs 107.897y, WTI up $137.04, gold -1.25% $872, TED spread down -6bps 0.78%.
SP500 open 1335, rise to 1353, flop to 1331, close 1339. NDX 1924 gap up to open 1941, bounce to 1954, flop to 1909, close 1924.
WEN: Two weeks ago we speculated on SP500 1350-60 & NDX 1910 range... Well, here it is.
WEN: What next? Another irrational bounce before we retest this years low NDX 1670 & SP500 1255?
Today's DJIA bounce 180, before deflating while SP500 & NDX put in new lows.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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