Market Soapbox 09/01/06
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 @ 4.87%; 10 yr @ 4.72; 5 yr @ 4.69; 2yr @ 4.76; 6 mo @ 5.10.
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.
FRI, a nice bounce DJIA +83 on low volume with decent internals. This week DJIA +180, since 09/19/05 DJIA +804.
Indexes UP: MID, RUT, XOI, XAU, NDX, DJTA DOWN: DJUA, SOXX.
Sectors UP: Cyclicals, Commodity, Energy, Gold Bugs, Biotech, Telecom, Transports DOWN: Airlines, Utilties.
Overseas: DAX, FTSE, CAC, Hang Seng UP & Nikkei DOWN.
Dollar DOWN vs. Euro 1.2838 & UP vs. Yen 117.14, XAU UP & gold DOWN @ 632.6, XOI UP & crude DOWN -1.5% @ $69.19, CRB commodities index DOWN 1% @ 325.42.
The SP500, DJIA & NAZ closed at 3 month highs. Next week a shortened week and we are on vacation until 9/11. Have a nice labor day weekend.
Support: DJIA 10650, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds UP with the 30 yr yield falling @ 4.87%; 10 yr @ 4.72; 5 yr @ 4.69; 2yr @ 4.76; 6 mo @ 5.10.
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.
FRI, a nice bounce DJIA +83 on low volume with decent internals. This week DJIA +180, since 09/19/05 DJIA +804.
Indexes UP: MID, RUT, XOI, XAU, NDX, DJTA DOWN: DJUA, SOXX.
Sectors UP: Cyclicals, Commodity, Energy, Gold Bugs, Biotech, Telecom, Transports DOWN: Airlines, Utilties.
Overseas: DAX, FTSE, CAC, Hang Seng UP & Nikkei DOWN.
Dollar DOWN vs. Euro 1.2838 & UP vs. Yen 117.14, XAU UP & gold DOWN @ 632.6, XOI UP & crude DOWN -1.5% @ $69.19, CRB commodities index DOWN 1% @ 325.42.
The SP500, DJIA & NAZ closed at 3 month highs. Next week a shortened week and we are on vacation until 9/11. Have a nice labor day weekend.
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