Market Soapbox 08/04/08
MON, followthrough, DJIA -42 on lower volume with ugly internals. All DOWN cept SOXX.
Bonds down 10 yr +2bps 3.96, $ down vs 1.5579€ & up vs 108.255y, WTI -3.5% $121.13 gold -1.5% $902.5, TED spread down -4bps 1.10%
SP500 1260, wave to close 1249. NDX 1826, wave to close 1804.
07/17: We repeat, this is a "chump jump". Cavaet emptor.
07/28: Repeling from resistance NDX 1850; SP500 1260.
THU: Oscillating around these magnetic levels.
Crude closed at a 3 month low near $120, no help as NDX hit 1800.
Lowered guidance from PnG, Euro bank write downs & insurer Ambac/PMI bad news could kick this dog down further.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +2bps 3.96, $ down vs 1.5579€ & up vs 108.255y, WTI -3.5% $121.13 gold -1.5% $902.5, TED spread down -4bps 1.10%
SP500 1260, wave to close 1249. NDX 1826, wave to close 1804.
07/17: We repeat, this is a "chump jump". Cavaet emptor.
07/28: Repeling from resistance NDX 1850; SP500 1260.
THU: Oscillating around these magnetic levels.
Crude closed at a 3 month low near $120, no help as NDX hit 1800.
Lowered guidance from PnG, Euro bank write downs & insurer Ambac/PMI bad news could kick this dog down further.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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