Market Soapbox 07/23/08
WEN, wavy gravy, DJIA +30 on much higher volume with nice internals. All UP cept DJUA, DJTA, XAU, XOI.
Bonds flat 10 yr 4.11. $ up vs 1.5696€ & vs 107.874y, WTI -3% $124.18, gold -3% $919; TED Spread flat 1.25%
SP500 1279, drop to 1276, rise to 1291, fade to close 1282. NDX 1823, drop to 1819, rise to close 1865, fade to close 1845.
Fed Beige book & Costco warn, commodities pull back oil under $125, better than expected earnings trump as the market cheers.
Last THU: We repeat, this is a "chump jump". Cavaet emptor.
We now believe this summer headfake could last until Aug 18th. View it as an opportunity.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds flat 10 yr 4.11. $ up vs 1.5696€ & vs 107.874y, WTI -3% $124.18, gold -3% $919; TED Spread flat 1.25%
SP500 1279, drop to 1276, rise to 1291, fade to close 1282. NDX 1823, drop to 1819, rise to close 1865, fade to close 1845.
Fed Beige book & Costco warn, commodities pull back oil under $125, better than expected earnings trump as the market cheers.
Last THU: We repeat, this is a "chump jump". Cavaet emptor.
We now believe this summer headfake could last until Aug 18th. View it as an opportunity.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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