Market Observations 06/01/07
Aftermarket volume last night NAZ 1 Billion, NYSE 1.5 Billion... Toyota auto sales +14%, Nissan +7.4%, GM +9.6% reversing last months -9.5% decline.
Wal Mart April same store sales -3.5% the largest drop since 1979... the average joe is pulling back.
The gap between haves and have nots widens... April Costco same store sales up... Those that can afford to pay a membership have money to spend.
Today, Wal Mart scaled back supercenter openings from 270 to 190 this fiscal year and announced $15B stock buyback powering the DJIA & SP500 to a new record highs.
DJIA up 34 for 46; 47 record closes since Oct.; 25 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 41 for 57.
Over the last 3 weeks, some magic numbers with strong resistance... SOXX 500-505. it still stands...
Yesterday: "next stop SP500 1545-1550, then retest of 1525-1530 before 1570-1575 run up." Today, SP500 hit 1540 intraday closing at 1535.
"10 year yield at 4.90 highest since Aug 06... somethings gonna give if it heads for 5..."
Today, 10 yr got punked hitting 4.97 flirting with 5%, if it breaks 5, look out. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Wal Mart April same store sales -3.5% the largest drop since 1979... the average joe is pulling back.
The gap between haves and have nots widens... April Costco same store sales up... Those that can afford to pay a membership have money to spend.
Today, Wal Mart scaled back supercenter openings from 270 to 190 this fiscal year and announced $15B stock buyback powering the DJIA & SP500 to a new record highs.
DJIA up 34 for 46; 47 record closes since Oct.; 25 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 41 for 57.
Over the last 3 weeks, some magic numbers with strong resistance... SOXX 500-505. it still stands...
Yesterday: "next stop SP500 1545-1550, then retest of 1525-1530 before 1570-1575 run up." Today, SP500 hit 1540 intraday closing at 1535.
"10 year yield at 4.90 highest since Aug 06... somethings gonna give if it heads for 5..."
Today, 10 yr got punked hitting 4.97 flirting with 5%, if it breaks 5, look out. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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