Market Soapbox 05/22/07
TUE, split tape, DJIA -3 on average volume with midlin internals. All DOWN cept NDX, NAZ, MID, RUT, SOXX.
Bonds down BIG 10 yr yield -5 bps 4.83, $ up vs 121.682Y & vs 1.3451E, WTI crude down $65.66, gold down $659.6.
Treasury Secretary Hank Paulson says housing slump is "largely contained" and market's correction mostly "behind us;"
Dissenting Richmond Fed President Lacker says not clear housing demand "has hit bottom;" "inventory overhang" will be "drag"
Back to back: $ advancing, DJIA down, DJIA up 30 for 38; 45 record closes since Oct.; 23 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 37 for 50.
Over the last 3 weeks, some magic numbers with strong resistance... SOXX 500-505. it still stands... SP500 stayed at 1529 to close above all time record.
Yesterday: "This market is looking "thin", we suspect over 1527 closing basis & possibly 1533, but then? Fee-Fi-Fo-Fum we smell Tues or Wen con-sol-id-ation..."
Is it a rotation away from large cap into growth stocks? $ gaining while bonds get punked? Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down BIG 10 yr yield -5 bps 4.83, $ up vs 121.682Y & vs 1.3451E, WTI crude down $65.66, gold down $659.6.
Treasury Secretary Hank Paulson says housing slump is "largely contained" and market's correction mostly "behind us;"
Dissenting Richmond Fed President Lacker says not clear housing demand "has hit bottom;" "inventory overhang" will be "drag"
Back to back: $ advancing, DJIA down, DJIA up 30 for 38; 45 record closes since Oct.; 23 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 37 for 50.
Over the last 3 weeks, some magic numbers with strong resistance... SOXX 500-505. it still stands... SP500 stayed at 1529 to close above all time record.
Yesterday: "This market is looking "thin", we suspect over 1527 closing basis & possibly 1533, but then? Fee-Fi-Fo-Fum we smell Tues or Wen con-sol-id-ation..."
Is it a rotation away from large cap into growth stocks? $ gaining while bonds get punked? Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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