Market Soapbox 08/31/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 4.88%; 10 yr @ 4.73; 5 yr @ 4.69; 2yr @ 4.78; 6 mo @ 5.11.
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, broadbased bounce DJIA +68 on low volume with nice internals.
TUE, down & up, chop city DJIA +18 on low volume with OK internals.
WEN, more chop, DJIA +13 on low volume with nice internals.
THU, more wavy gravy DJIA -2 in another thinly traded session with midlin internals. This week DJIA +97, since 09/19/05 DJIA +721.
Indexes UP: DJUA, MID, XAU DOWN: XOI, SOXX.
Sectors UP: Gold Bugs, Brokers, Utilities, Cyclicals DOWN: Biotech, Networking, Telecom, Oil, Healthcare.
Overseas: DAX, FTSE, CAC DOWN, Hang Seng & Nikkei UP.
Dollar UP vs. Euro 1.2822 & vs. Yen 117.08, XAU +1.3% & gold UP 1.3% @ 634.2, XOI -1.1% & crude UP @ $70.26, CRB commodities index UP @ 329.02.
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 4.88%; 10 yr @ 4.73; 5 yr @ 4.69; 2yr @ 4.78; 6 mo @ 5.11.
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, broadbased bounce DJIA +68 on low volume with nice internals.
TUE, down & up, chop city DJIA +18 on low volume with OK internals.
WEN, more chop, DJIA +13 on low volume with nice internals.
THU, more wavy gravy DJIA -2 in another thinly traded session with midlin internals. This week DJIA +97, since 09/19/05 DJIA +721.
Indexes UP: DJUA, MID, XAU DOWN: XOI, SOXX.
Sectors UP: Gold Bugs, Brokers, Utilities, Cyclicals DOWN: Biotech, Networking, Telecom, Oil, Healthcare.
Overseas: DAX, FTSE, CAC DOWN, Hang Seng & Nikkei UP.
Dollar UP vs. Euro 1.2822 & vs. Yen 117.08, XAU +1.3% & gold UP 1.3% @ 634.2, XOI -1.1% & crude UP @ $70.26, CRB commodities index UP @ 329.02.
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