Market Soapbox 08/06/08
WEN, followthrough, DJIA +40 on average volume with decent internals. All UP cept DJTA, DJUA.
Bonds down 10 yr +2bps 4.04. $ up vs 1.5408€ & vs 109.785y, WTI down $118.32, gold up $887.6; TED Spread up +5bps 1.16%
SP500 1284, dip 1276, rise to close 1289. NDX 1870 gap down 1866, slip to 1853, rise to 1902, fade to close 1895.
07/17: We repeat, this is a "chump jump". Cavaet emptor.
TUES: Could Ambac/PMI bad news kick this dog back down the stairs?
Not yet, both SP500 & NDX put in new short term highs and are about to run into secondary resistance.
Driving force: Europe & Japan confirm grim global stagflation = Dollar continues to firm vs Yen & Euro =
Commodities continue pullback = positions are liquidated and shifted to equities.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +2bps 4.04. $ up vs 1.5408€ & vs 109.785y, WTI down $118.32, gold up $887.6; TED Spread up +5bps 1.16%
SP500 1284, dip 1276, rise to close 1289. NDX 1870 gap down 1866, slip to 1853, rise to 1902, fade to close 1895.
07/17: We repeat, this is a "chump jump". Cavaet emptor.
TUES: Could Ambac/PMI bad news kick this dog back down the stairs?
Not yet, both SP500 & NDX put in new short term highs and are about to run into secondary resistance.
Driving force: Europe & Japan confirm grim global stagflation = Dollar continues to firm vs Yen & Euro =
Commodities continue pullback = positions are liquidated and shifted to equities.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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