Market Soapbox & Observations 10/13/06
Resistance: DJIA 12000; SP500 1381; Nasdaq 2400; NDX 1794
Support: DJIA 10250, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 4.93%; 10 yr @ 4.80; 5 yr @ 4.76; 2yr @ 4.86; 6 mo @ 5.16.
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, DJIA +7 on low volume with midlin internals.
TUE, DJIA +9 on low volume with midline internals.
WEN, DJIA -15 on average volume with midlin internals.
THU, a broadbased jump, DJIA +96 on average volume with pretty internals.
FRI, DJIA +13 on lower volume with decent internals. This week DJIA +110, since 09/19/05 DJIA +1300.
Dollar UP vs. Euro 1.25141 & vs. Yen 119.64, XAU 129.03 & gold UP @ 592.7, XOI UP 1104.62 & crude DOWN @ $58.69, CRB commodities index UP @ 303.39.
The DJIA has set a new all time high and is headed for 12K. SP500 hit 1361 & headed for 1381? and NDX ran over 1704 heading for 1794?
Perhaps some profit taking during options expiration week? Then onward and upward until Nov 7th, election day? Let's see.
Support: DJIA 10250, SP500 1220, Nasdaq 2000; NDX 1450
YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 4.93%; 10 yr @ 4.80; 5 yr @ 4.76; 2yr @ 4.86; 6 mo @ 5.16.
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, DJIA +7 on low volume with midlin internals.
TUE, DJIA +9 on low volume with midline internals.
WEN, DJIA -15 on average volume with midlin internals.
THU, a broadbased jump, DJIA +96 on average volume with pretty internals.
FRI, DJIA +13 on lower volume with decent internals. This week DJIA +110, since 09/19/05 DJIA +1300.
Dollar UP vs. Euro 1.25141 & vs. Yen 119.64, XAU 129.03 & gold UP @ 592.7, XOI UP 1104.62 & crude DOWN @ $58.69, CRB commodities index UP @ 303.39.
The DJIA has set a new all time high and is headed for 12K. SP500 hit 1361 & headed for 1381? and NDX ran over 1704 heading for 1794?
Perhaps some profit taking during options expiration week? Then onward and upward until Nov 7th, election day? Let's see.
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