Market Soapbox 07/17/07
TUE, DJIA +21 on lower volume with midlin internals. All UP cept DJUA, SP500, XOI, XAU.
Bonds down 10 yr yield +3 bps 5.07, $ up vs 1.3781E & vs 122.38Y, WTI crude down $74.06, gold up $665.9
Today, $8B in Fed reanimation. Semis leaving +3% contrails, DJIA hurdled 14K intraday, NDX touched 2046 (2042 resistance? 2082 awaits?) then the market bled into the close.
SP500 bouncing 1548 to 1555, then closing at 1549, still needs to close above 1550 2 days straight. We reserve judgement on an overall change in market direction.
A retest of 1535-1540 support is in order before ascending to 1575 level. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds down 10 yr yield +3 bps 5.07, $ up vs 1.3781E & vs 122.38Y, WTI crude down $74.06, gold up $665.9
Today, $8B in Fed reanimation. Semis leaving +3% contrails, DJIA hurdled 14K intraday, NDX touched 2046 (2042 resistance? 2082 awaits?) then the market bled into the close.
SP500 bouncing 1548 to 1555, then closing at 1549, still needs to close above 1550 2 days straight. We reserve judgement on an overall change in market direction.
A retest of 1535-1540 support is in order before ascending to 1575 level. Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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