Market Soapbox 07/16/07
MON, split tape, DJIA +44 on lower volume with poor internals. All DOWN cept DJTA, SOXX, XMI.
Bonds up BIG, 10 yr yield -6 bps 5.04, $ up vs 1.3781E & down vs 121.812Y, WTI crude up $74.15, gold down $664.5
Today, $8.25B in Fed reanimation. Intraday, despite declining issues & volumes leading, DJIA within 11 points of 14K. We have been saying for two weeks:
"Until the SP500 closes above 1550 for 2 consecutive days, we reserve judgement on an overall change in market direction"
Today, SP500 fell from 1555 to 1548, only closing above 1550 on FRI 13th. Although our upside target 1550 has been hit & our other 1575 awaits...
we still reserve judgement on an overall change in market direction. A retest of 1535-1540 support is in order.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds up BIG, 10 yr yield -6 bps 5.04, $ up vs 1.3781E & down vs 121.812Y, WTI crude up $74.15, gold down $664.5
Today, $8.25B in Fed reanimation. Intraday, despite declining issues & volumes leading, DJIA within 11 points of 14K. We have been saying for two weeks:
"Until the SP500 closes above 1550 for 2 consecutive days, we reserve judgement on an overall change in market direction"
Today, SP500 fell from 1555 to 1548, only closing above 1550 on FRI 13th. Although our upside target 1550 has been hit & our other 1575 awaits...
we still reserve judgement on an overall change in market direction. A retest of 1535-1540 support is in order.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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