Market Soapbox Week Ending 12/22/06
Resistance: DJIA 12500; SP500 1440; Nasdaq 2470; NDX 1810
Support: DJIA 12320, SP500 1405, Nasdaq 2390; NDX 1760
MAJOR YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 4.76%; 10 yr @ 4.62; 5 yr @ 4.59; 2yr @ 4.72; 6 mo @ 5.07.
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 - 12/22
MON, broadbased pullback, DJIA -4 on lower volume with ugly internals. All DOWN BIG cept SOXX. Bonds flat, $, gold, crude down -1.9%.
TUE, gap down, then bounce DJIA +30 on below average volume with midlin internals. All UP cept DJTA, NDX, NAZ, SOXX, Bonds down, $, gold, crude up 1.5%.
WEN, a sideways day, DJIA -7 on lower volume with ugly internals. All DOWN cept RUT, MID, SOXX. Bonds flat, $ down, gold & crude up.
THU, broad downturn , DJIA -43 on lower volume with horrible internals. All DOWN, bonds & $ up, crude & gold down.
FRI, broad followthrough, DJIA -78 on lower volume with horrible internals. All DOWN cept XAU. SP500 fell to 1410, NDX 1748, bonds, gold & $ up, crude down. This week DJIA -102, since 09/19/05 DJIA +1710.
Dollar DOWN vs. Euro 1.3141 & UP vs. Yen 118.82, XAU DOWN 138.39 & gold UP @ 623.60, XOI 1176.83 DOWN & crude DOWN @ $62.33, CRB commodities index DOWN @ 308.86.
Support: DJIA 12320, SP500 1405, Nasdaq 2390; NDX 1760
MAJOR YIELD CURVE INVERSION: Bonds DOWN with the 30 yr yield rising @ 4.76%; 10 yr @ 4.62; 5 yr @ 4.59; 2yr @ 4.72; 6 mo @ 5.07.
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 - 12/22
MON, broadbased pullback, DJIA -4 on lower volume with ugly internals. All DOWN BIG cept SOXX. Bonds flat, $, gold, crude down -1.9%.
TUE, gap down, then bounce DJIA +30 on below average volume with midlin internals. All UP cept DJTA, NDX, NAZ, SOXX, Bonds down, $, gold, crude up 1.5%.
WEN, a sideways day, DJIA -7 on lower volume with ugly internals. All DOWN cept RUT, MID, SOXX. Bonds flat, $ down, gold & crude up.
THU, broad downturn , DJIA -43 on lower volume with horrible internals. All DOWN, bonds & $ up, crude & gold down.
FRI, broad followthrough, DJIA -78 on lower volume with horrible internals. All DOWN cept XAU. SP500 fell to 1410, NDX 1748, bonds, gold & $ up, crude down. This week DJIA -102, since 09/19/05 DJIA +1710.
Dollar DOWN vs. Euro 1.3141 & UP vs. Yen 118.82, XAU DOWN 138.39 & gold UP @ 623.60, XOI 1176.83 DOWN & crude DOWN @ $62.33, CRB commodities index DOWN @ 308.86.
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