Market Soapbox 07/12/07
THU, a roman candle, DJIA +284 on average volume with sparkling internals. All UP BIG.
Bonds down 10 yr yield +6bps 5.14, $ up vs 122.45y & down vs 1.3785E, gold up 1% $668.4, WTI crude up $72.58
Today, $12.25B in Fed reanimation. NDX 1984 to 2021; SP500 1518 to 1547, DJUA 503 to 510, SOXX 516 to 530 as all the money went to equities while bonds fell.
This was a breakout of epic proportion to new record highs. 137 of 148 S&P groups up, only the 4th time DJIA +200.
STILL, until SP500 closes above 1550 for 2 days, we reserve judgment on an overall change in market direction.
We suspect NDX 2042 could be a ceiling. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down 10 yr yield +6bps 5.14, $ up vs 122.45y & down vs 1.3785E, gold up 1% $668.4, WTI crude up $72.58
Today, $12.25B in Fed reanimation. NDX 1984 to 2021; SP500 1518 to 1547, DJUA 503 to 510, SOXX 516 to 530 as all the money went to equities while bonds fell.
This was a breakout of epic proportion to new record highs. 137 of 148 S&P groups up, only the 4th time DJIA +200.
STILL, until SP500 closes above 1550 for 2 days, we reserve judgment on an overall change in market direction.
We suspect NDX 2042 could be a ceiling. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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