Market Soapbox 06/18/07
MON, wavy gravy DJIA -27 on lower volume with lousy internals. All DOWN cept NDX, SOXX, XOI.
Bonds up, 10 yr yield -2 bps 5.14, $ down vs 1.3418E & up vs 123.72Y, WTI crude up $69.05, gold up $659.6
Euro at all time high vs Yen. DJIA up 40 for 57; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 47 for 68.
Today only $5.25 B in Fed reanimation; the NAHB/Wells Fargo Housing Index down to 28, a 16 year low. How low can it go? The bottom is not yet in sight....
Friday: "Next week, 1545-1550 in sight, then retest of 1535-40. NDX & NAZ at multi year highs, we sense some resistance at NDX 1955."
Today NDX testing 1948, the SP500 bouncing from 1532 to 1535 fading into close at 1531.
Oil testing $70 again, bonds getting the dead cat bounce, with more downside and higher rates to come.
Tomorrow Housing Starts & Permits, more bad news indeed and there is the slightest hint of consolidation in the air.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds up, 10 yr yield -2 bps 5.14, $ down vs 1.3418E & up vs 123.72Y, WTI crude up $69.05, gold up $659.6
Euro at all time high vs Yen. DJIA up 40 for 57; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 47 for 68.
Today only $5.25 B in Fed reanimation; the NAHB/Wells Fargo Housing Index down to 28, a 16 year low. How low can it go? The bottom is not yet in sight....
Friday: "Next week, 1545-1550 in sight, then retest of 1535-40. NDX & NAZ at multi year highs, we sense some resistance at NDX 1955."
Today NDX testing 1948, the SP500 bouncing from 1532 to 1535 fading into close at 1531.
Oil testing $70 again, bonds getting the dead cat bounce, with more downside and higher rates to come.
Tomorrow Housing Starts & Permits, more bad news indeed and there is the slightest hint of consolidation in the air.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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