Market Soapbox 08/10/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 5.06%; 10 yr @ 4.92; 5 yr @ 4.85; 2yr @ 4.92; 6 mo @ 5.13.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07; 03/20 - 3/29; 06/08 - 07/26. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29; 6mo & 2yr above 30yr 06/13 - 07/20. 2 yr below 10 yr 2nd day 08/09.
2yr above 10yr 08/03 - ?; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ?
MON, DJIA -21 on lower volume with ugly internals.
TUE, wavy gravy awaiting FOMC decision, DJIA -46 on higher but average volume with ugly internals.
WEN, an upside pop, then sliding further down the stairs triple digits at one point, DJIA -97 on average volume with ugly internals.
THU, 4 down day streak broken, surging into the close. DJIA +48 on lower volume with decent internals. This week DJIA -116, since 09/19/05 DJIA +482.
Indexes UP: SOXX, NDX, RUT, DJTA DOWN: AMEX, XAU, XOI
Sectors UP: Tech, Semis, Transports, Consumer, Broker, Healthcare DOWN: Commodity, Energy, Biotech, Gold Bugs.
Overseas: FTSE, CAC, DAX, Hang Seng & Nikkei ALL DOWN.
Dollar DOWN vs. Euro 1.2925 & UP vs. Yen 114.64, XAU -1.7% & gold DOWN 2.4% @ 634.9, XOI -1.4% & crude DOWN -2.9% @ $74.10, CRB commodities index DOWN -1.5% @ 348.25. Unleaded -8%
XAL Airline index hit a low not seen since 10/28/05; RUT bounced off 675, we still smell 665. More market observations and economic reports in todays other post.
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 5.06%; 10 yr @ 4.92; 5 yr @ 4.85; 2yr @ 4.92; 6 mo @ 5.13.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07; 03/20 - 3/29; 06/08 - 07/26. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29; 6mo & 2yr above 30yr 06/13 - 07/20. 2 yr below 10 yr 2nd day 08/09.
2yr above 10yr 08/03 - ?; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ?
MON, DJIA -21 on lower volume with ugly internals.
TUE, wavy gravy awaiting FOMC decision, DJIA -46 on higher but average volume with ugly internals.
WEN, an upside pop, then sliding further down the stairs triple digits at one point, DJIA -97 on average volume with ugly internals.
THU, 4 down day streak broken, surging into the close. DJIA +48 on lower volume with decent internals. This week DJIA -116, since 09/19/05 DJIA +482.
Indexes UP: SOXX, NDX, RUT, DJTA DOWN: AMEX, XAU, XOI
Sectors UP: Tech, Semis, Transports, Consumer, Broker, Healthcare DOWN: Commodity, Energy, Biotech, Gold Bugs.
Overseas: FTSE, CAC, DAX, Hang Seng & Nikkei ALL DOWN.
Dollar DOWN vs. Euro 1.2925 & UP vs. Yen 114.64, XAU -1.7% & gold DOWN 2.4% @ 634.9, XOI -1.4% & crude DOWN -2.9% @ $74.10, CRB commodities index DOWN -1.5% @ 348.25. Unleaded -8%
XAL Airline index hit a low not seen since 10/28/05; RUT bounced off 675, we still smell 665. More market observations and economic reports in todays other post.
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