Market Soapbox 07/29/08
TUE, chump pump, DJIA +266 on higher volume with sterling internals. All UP cept XAU, XOI.
Bonds down 10 yr +2bps 4.04, $ up vs 1.5779€ & vs 107.285y, WTI -2% $122.19, gold -1.5% $926.4, TED spread flat 1.09%.
SP500 1236, rise to close 1263. NDX 1802, gap up 1813, rise to 1851, fade to close 1846.
07/17: We repeat, this is a "chump jump". Cavaet emptor.
MON: Repeling from resistance NDX 1850; SP500 1260. Another dead cat bounce? Maybe.
And bounce it did, on a consumer confidence reading half that of a year ago... and oil prices almost double that of a year ago.
So much for all the "good" news and proving Barnum correct, there is a sucker born every minute.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +2bps 4.04, $ up vs 1.5779€ & vs 107.285y, WTI -2% $122.19, gold -1.5% $926.4, TED spread flat 1.09%.
SP500 1236, rise to close 1263. NDX 1802, gap up 1813, rise to 1851, fade to close 1846.
07/17: We repeat, this is a "chump jump". Cavaet emptor.
MON: Repeling from resistance NDX 1850; SP500 1260. Another dead cat bounce? Maybe.
And bounce it did, on a consumer confidence reading half that of a year ago... and oil prices almost double that of a year ago.
So much for all the "good" news and proving Barnum correct, there is a sucker born every minute.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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