Market Soapbox & Observations Week Ending 07/25/08
MON, hesitation, DJIA -29 on tepid volume with midlin internals. All DOWN cept DJUA, MID, RUT, XAU, XOI. Bonds up 10 yr -2bps 4.06, $ down vs 1.5898€ & vs 106.705y, WTI +1% $130.28, gold up $963.7, TED spread up +6bps 1.38%.
TUE, late rally, DJIA +135 on average volume with nice internals. All UP cept DJUA, SOXX, XAU, XOI. Bonds down 10 yr +5bps 4.11, $ up vs 1.5779€ & vs 107.285y, WTI -2.5% $128.3, gold -1.5% $948.5, TED spread down BIG -13bps 1.25%.
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%
THU, double triple dip, DJIA -283 on higher volume with ugly internals. All DOWN BIG. Bonds up BIG -11bps 10 yr 4%. $ up vs 1.567€ & down vs 107.11y, WTI up $125.58, gold up $928.3; TED Spread down -9bps 1.16%
FRI, chop, DJIA +21 on average volume with ok internals. All UP cept DJUA. Bonds down BIG 10 yr +10bps 4.10, $ down vs 1.5708€ & up vs 107.85y, WTI -1.5% $123.26, gold up $936.9, TED spread down BIG -10bps 1.06%.
This week, DJIA -126, since 09/19/05 DJIA +812. CRB commodities down 427.17 to 412.22
XAU down 187.92 to 173.52 & gold down 958 to 936.9; XAU down 1326.91 to 1293.31 & WTI down 128.88 to 123.26. Volatility VIX down 24.05 to 22.91
TED Spread down BIG 1.32% to 1.06; Dollar index up 72.197 to 72.807; $ up vs Yen 106.965 to 107.85 & vs €1.5848 to 1.5708
This week bonds down.
30yr +4bps; 10yr +2bps, 5yr +3bps, 2yr +6bps, 6mo +4bps; 3mo +26bps.
30 yr @ 4.69%; 10 yr @ 4.10; 5 yr @ 3.44; 2yr @ 2.70; 6 mo @ 1.95; 3 mo @ 1.73
Resistance: DJIA 11725 (950DMA); SP500 1295 (1100DMA); NAZ 2360 (800DMA); NDX 1865 (500DMA)
Support: DJIA 10850 (1500DMA); SP500 1200 (1500DMA); NAZ 2250 (1100DMA); NDX 1770 (800DMA)
SP500 1252, rise 1263, drop 1251, close 1258. NDX 1816 gap up open 1830, drop 1820, rise to close 1846.
Last THU: We repeat, this is a "chump jump". Cavaet emptor.
This THU's action proved this market has no conviction.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
TUE, late rally, DJIA +135 on average volume with nice internals. All UP cept DJUA, SOXX, XAU, XOI. Bonds down 10 yr +5bps 4.11, $ up vs 1.5779€ & vs 107.285y, WTI -2.5% $128.3, gold -1.5% $948.5, TED spread down BIG -13bps 1.25%.
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%
THU, double triple dip, DJIA -283 on higher volume with ugly internals. All DOWN BIG. Bonds up BIG -11bps 10 yr 4%. $ up vs 1.567€ & down vs 107.11y, WTI up $125.58, gold up $928.3; TED Spread down -9bps 1.16%
FRI, chop, DJIA +21 on average volume with ok internals. All UP cept DJUA. Bonds down BIG 10 yr +10bps 4.10, $ down vs 1.5708€ & up vs 107.85y, WTI -1.5% $123.26, gold up $936.9, TED spread down BIG -10bps 1.06%.
This week, DJIA -126, since 09/19/05 DJIA +812. CRB commodities down 427.17 to 412.22
XAU down 187.92 to 173.52 & gold down 958 to 936.9; XAU down 1326.91 to 1293.31 & WTI down 128.88 to 123.26. Volatility VIX down 24.05 to 22.91
TED Spread down BIG 1.32% to 1.06; Dollar index up 72.197 to 72.807; $ up vs Yen 106.965 to 107.85 & vs €1.5848 to 1.5708
This week bonds down.
30yr +4bps; 10yr +2bps, 5yr +3bps, 2yr +6bps, 6mo +4bps; 3mo +26bps.
30 yr @ 4.69%; 10 yr @ 4.10; 5 yr @ 3.44; 2yr @ 2.70; 6 mo @ 1.95; 3 mo @ 1.73
Resistance: DJIA 11725 (950DMA); SP500 1295 (1100DMA); NAZ 2360 (800DMA); NDX 1865 (500DMA)
Support: DJIA 10850 (1500DMA); SP500 1200 (1500DMA); NAZ 2250 (1100DMA); NDX 1770 (800DMA)
SP500 1252, rise 1263, drop 1251, close 1258. NDX 1816 gap up open 1830, drop 1820, rise to close 1846.
Last THU: We repeat, this is a "chump jump". Cavaet emptor.
This THU's action proved this market has no conviction.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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