Market Soapbox Week Ending 06/22/07

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

TUE, wavy gravy, DJIA +22 on lower volume with midlin internals. All UP cept DJTA, NDX, SOXX, MID, XOI. Bonds up BIG 10 yr yield -6 bps 5.08, $ down vs 1.3429E & vs 123.357Y, WTI crude up $69.1, gold up $664.7

WEN, triple digit fall, DJIA -146 on average volume with ugly internals. All DOWN BIG. Bonds down 10yr yield +6 bps 5.14, $ up vs 123.595y & vs 1.3403E, WTI crude down $68.86, gold down 1.4% $655.5

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

FRI, another triple whammy, DJIA -186 on average volume with ugly internals. All DOWN BIG. Bonds up 10 yr yield -3bps 5.13, $ up vs 123.875y & down vs 1.3465E, gold up $657, WTI crude up $69.14

This week, DJIA -281, since 09/19/05 DJIA +2734. CRB commodities down from 319.30 to 314.75

XAU down from 140.77 to 139.14 & gold down from $658.7 to $657. XOI down to 1412.11 from 1434.81 & WTI crude up from $68 to $69.14.

Volatility VIX up 13.94 to 16.25. Dollar index down from 82.79 to 82.34. $ up vs Yen 123.445 to 123.875 & down vs Euro 1.3388 to 1.3465.

This week bonds up 30yr -1bps; 10yr -3bps, 5yr -8bps, 2yr -11bps, 6mo +10bps. 30 yr @ 5.25%; 10 yr @ 5.13; 5 yr @ 5.01; 2yr @ 4.91; 6 mo @ 4.95.

Recent Inversions: 2yr above 10 yr 12/27/05 - 3/29/06; 06/08/06 - 02/22/07; 05/02/07 - 06/07/07; 2yr above 30 yr 02/09/06 - 3/29/06; 11/03/06- 03/01/07. 6mo above 10yr 06/02/06 -06/07/07; 6mo above 30yr 06/13/06 - 05/25/07

Resistance: DJIA 13525; SP500 1520; NAZ 2630; NDX 1955
Support: DJIA 13320; SP500 1505; NAZ 2590; NDX 1915

DJIA up 42 for 61; 48 record closes since Oct.; 26 YTD; and on a parallel with 1989 Nikkei 225: the DJIA is now 49 for 72.

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