Market Soapbox 08/15/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 5.05%; 10 yr @ 4.93; 5 yr @ 4.87; 2yr @ 4.94; 6 mo @ 5.19.
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.
2yr above 10yr 08/03 - ?; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ?
MON, early triple digit bounce, then a slip, bleeding into the close. DJIA +10 on low volume with deceiving internals.
TUE, a broadbased triple digit bounce, DJIA +132 on low volume with "seemingly pretty" internals. This week DJIA +142, since 09/19/05 DJIA +568.
Indexes UP: SOXX +3.7%, NDX +2.7%, RUT +2.3%, DJTA +2.9% DOWN: NONE.
Sectors UP: Everything leaving contrails. DOWN: NONE
Overseas: FTSE, DAX, CAC all UP; Hang Seng DOWN, Nikkei UP.
Dollar DOWN vs. Euro 1.2754 & UP vs. Yen 116.09, XAU +1% & gold -1% @ 632.9, XOI UP & crude -1% @ $74.20, CRB commodities index DOWN @ 338.76.
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 5.05%; 10 yr @ 4.93; 5 yr @ 4.87; 2yr @ 4.94; 6 mo @ 5.19.
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.
2yr above 10yr 08/03 - ?; 6mo above 10yr 06/02 -?; 6mo above 30yr 06/13 - ?
MON, early triple digit bounce, then a slip, bleeding into the close. DJIA +10 on low volume with deceiving internals.
TUE, a broadbased triple digit bounce, DJIA +132 on low volume with "seemingly pretty" internals. This week DJIA +142, since 09/19/05 DJIA +568.
Indexes UP: SOXX +3.7%, NDX +2.7%, RUT +2.3%, DJTA +2.9% DOWN: NONE.
Sectors UP: Everything leaving contrails. DOWN: NONE
Overseas: FTSE, DAX, CAC all UP; Hang Seng DOWN, Nikkei UP.
Dollar DOWN vs. Euro 1.2754 & UP vs. Yen 116.09, XAU +1% & gold -1% @ 632.9, XOI UP & crude -1% @ $74.20, CRB commodities index DOWN @ 338.76.
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