Market Soapbox 06/21/07
THU, a bounce, DJIA +56 on lower volume with OK internals. All UP.
Bonds down 10 yr yield +2bps 5.16, $ up vs 123.698y & vs 1.339E, gold down $654.2, WTI crude down $68.65
Last night large afterhour volume surges: NAZ 627M; AMEX 215M; NYSE 1.2B.
DJIA up 42 for 60; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 49 for 71.
Today double down $13.75B in Fed reanimation; Several weeks ago: "a complex near term topping process?"
Traders Almanac sez May-Oct over the last 50 years, net zero gain. Semis getting a boost from misguided upgrades. SP500 up from 1512 to 1522.
A choppy sideways pennant waving pattern with large herks & jerks is emerging and looking like Twin Peaks.
SP500 upside resistance 1541 must be breeched for more upside action, downside 1485 is support.
DJTA & DJUA reveals another picture, breech of DJUA 485 on bond selling means more downside.
Fed repo injections, spin & groupthink are keeping it afloat, question is: what will unwind in the CDO-MBS debt market and how will yields react?
If 10 year breaks, closes and stays above 5.25 start bailing water with both hands as fast as you can.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down 10 yr yield +2bps 5.16, $ up vs 123.698y & vs 1.339E, gold down $654.2, WTI crude down $68.65
Last night large afterhour volume surges: NAZ 627M; AMEX 215M; NYSE 1.2B.
DJIA up 42 for 60; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 49 for 71.
Today double down $13.75B in Fed reanimation; Several weeks ago: "a complex near term topping process?"
Traders Almanac sez May-Oct over the last 50 years, net zero gain. Semis getting a boost from misguided upgrades. SP500 up from 1512 to 1522.
A choppy sideways pennant waving pattern with large herks & jerks is emerging and looking like Twin Peaks.
SP500 upside resistance 1541 must be breeched for more upside action, downside 1485 is support.
DJTA & DJUA reveals another picture, breech of DJUA 485 on bond selling means more downside.
Fed repo injections, spin & groupthink are keeping it afloat, question is: what will unwind in the CDO-MBS debt market and how will yields react?
If 10 year breaks, closes and stays above 5.25 start bailing water with both hands as fast as you can.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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