Market Soapbox Week Ending 11/10/06
Resistance: DJIA 12240; SP500 1390; Nasdaq 2400; NDX 1760
Support: DJIA 11675, SP500 1335, Nasdaq 2250; NDX 1645
MAJOR YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 4.69%; 10 yr @ 4.59; 5 yr @ 4.56; 2yr @ 4.73; 6 mo @ 5.14.
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 - ? 2 yr above 30yr 11/03 - ?
MON, a broadbased upswing, DJIA +120 on average volume with brillant internals. All UP cept DJUA & XAU. Bonds down 3rd straight day. Crude futures back over $60. SP500 breeched 1377 & hit 1381 near close
TUE, followthrough to new intraday high 12196. DJIA +51 on average volume with nice internals. All UP cept XMI, XOI, DJUA. SP500 hit 1388, then faded into close at 1382. 10 yr up 4.66, crude under $59, gold at $630.
WEN, more followthrough to new closing high 12176. DJIA +20 on average volume with nice internals. All UP cept weak OEX, DJTA. SOXX & XAU down with gold $615, crude back up over $60, 10 yr up 4.64%.
THU, morning gap up, then a pullback, DJIA -73 on higher volume with ugly internals. All DOWN cept XAU +4%, XOI, DJUA. New multi year highs OEX, NDX & NAZ. SP500 hit 1388, then faded to 1377 again, gold up over $638.
FRI, DJIA +5 on thinly traded volume with midlin internals. RUT, SOXX & DJTA UP nice, all UP cept XMI, XOI, XAU. Gold DOWN $629, crude -2.5%, 10 yr UP 4.59. This week DJIA +123, since 09/19/05 DJIA +1449.
Dollar DOWN vs. Euro 1.28502 & vs. Yen 117.5699, XAU 138.48 & gold DOWN @ 629, XOI UP 1170.8 & crude DOWN @ $59.61, CRB commodities index UP @ 310.74.
Support: DJIA 11675, SP500 1335, Nasdaq 2250; NDX 1645
MAJOR YIELD CURVE INVERSION: Bonds UP BIG with the 30 yr yield falling @ 4.69%; 10 yr @ 4.59; 5 yr @ 4.56; 2yr @ 4.73; 6 mo @ 5.14.
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 - ? 2 yr above 30yr 11/03 - ?
MON, a broadbased upswing, DJIA +120 on average volume with brillant internals. All UP cept DJUA & XAU. Bonds down 3rd straight day. Crude futures back over $60. SP500 breeched 1377 & hit 1381 near close
TUE, followthrough to new intraday high 12196. DJIA +51 on average volume with nice internals. All UP cept XMI, XOI, DJUA. SP500 hit 1388, then faded into close at 1382. 10 yr up 4.66, crude under $59, gold at $630.
WEN, more followthrough to new closing high 12176. DJIA +20 on average volume with nice internals. All UP cept weak OEX, DJTA. SOXX & XAU down with gold $615, crude back up over $60, 10 yr up 4.64%.
THU, morning gap up, then a pullback, DJIA -73 on higher volume with ugly internals. All DOWN cept XAU +4%, XOI, DJUA. New multi year highs OEX, NDX & NAZ. SP500 hit 1388, then faded to 1377 again, gold up over $638.
FRI, DJIA +5 on thinly traded volume with midlin internals. RUT, SOXX & DJTA UP nice, all UP cept XMI, XOI, XAU. Gold DOWN $629, crude -2.5%, 10 yr UP 4.59. This week DJIA +123, since 09/19/05 DJIA +1449.
Dollar DOWN vs. Euro 1.28502 & vs. Yen 117.5699, XAU 138.48 & gold DOWN @ 629, XOI UP 1170.8 & crude DOWN @ $59.61, CRB commodities index UP @ 310.74.
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