Market Soapbox Week Ending 02/23/07

MON, market closed President's Day.

TUE, a 50 pt dip then rise, DJIA +19 on lower volume with nice internals. All UP cept AMEX, XOI, XAU. Bonds up 10 yr 4.68, $ up vs 119.993y & vs 1.3138E, WTI crude down 2.2% $58.07, gold down 1.5% $662.40.

WEN, down, drifting, split tape, DJIA -48 on lower volume with midlin internals. All DOWN cept RUT, MID, NDX, DJTA, XOI, XAU. Bonds down 10yr 4.69, $ down vs 120.895y & up vs 1.3136E, WTI crude up 2% $60.08, gold up 3.25% $682.50

THU, followthrough down, DJIA -52 on lower volume and midlin internals. All DOWN cept DJUA, SOXX, XOI, XAU. Bonds down 10 yr 4.73, $ up vs 121.10y & down vs 1.3140E, gold up $683, WTI crude up 1.5% $60.95.

FRI, more downside, DJIA -39 on lower volume with poor internals. All DOWN cept DJUA, SOXX, XOI. Bonds up 10 yr 4.67, $ down vs 121.08y & vs 1.3167E, gold up $685.70, WTI crude up $61.14

This week, DJIA -120, since 09/19/05 DJIA +2019. Dollar down vs. Euro 1.3167 & up vs. Yen 121.08, XAU up 145.82 & gold up 685.70, XOI up 1179.52 & WTI crude up $61.14, CRB commodities index up 314.63

MAJOR YIELD CURVE INVERSION: This week bonds up with the 10 yr yield falling 2bps. 30 yr @ 4.78%; 10 yr @ 4.67; 5 yr @ 4.66; 2yr @ 4.80; 6 mo @ 5.15.

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 - ?

Resistance: DJIA 12800; SP500 1460; NAZ 2530; NDX 1850
Support: DJIA 12625; SP500 1440; NAZ 2470; NDX 1805

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