Market Soapbox 07/31/08
THU, double triple dip, DJIA -206 on higher volume with ugly internals. All DOWN.
Bonds up BIG -10bps 10 yr 3.95%. $ down vs 1.5597€ & vs 107.88y, WTI -2% $124.13, gold +1% $922.2; TED Spread up +3bps 1.14%
SP500 1284, gap down 1281, touch 1284, late collapse to close 1267. NDX 1852, gap down 1835, touch 1832, rise 1874, fade to close 1849.
07/17: We repeat, this is a "chump jump". Cavaet emptor.
MON: Repeling from resistance NDX 1850; SP500 1260. Oscillating around magnetic levels.
WEN: Back at low level resistance, does it have legs? Not.
NDX made a new high today. Tomorrow start of month inflow spike? Or withdrawl fall?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG -10bps 10 yr 3.95%. $ down vs 1.5597€ & vs 107.88y, WTI -2% $124.13, gold +1% $922.2; TED Spread up +3bps 1.14%
SP500 1284, gap down 1281, touch 1284, late collapse to close 1267. NDX 1852, gap down 1835, touch 1832, rise 1874, fade to close 1849.
07/17: We repeat, this is a "chump jump". Cavaet emptor.
MON: Repeling from resistance NDX 1850; SP500 1260. Oscillating around magnetic levels.
WEN: Back at low level resistance, does it have legs? Not.
NDX made a new high today. Tomorrow start of month inflow spike? Or withdrawl fall?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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