Market Soapbox 08/13/07
MON, split tape, DJIA -3 on low volume with poor internals. All DOWN cept MID, DJTA, DJUA, NDX.
Bonds up, 10 yr yield -2 bps 4.78, $ up vs 1.3614E & down vs 118.335Y, WTI crude up $71.62, gold down $680.9
Coventree Inc., a Canadian financial- services company, specializing in structured finance and asset-backed commercial paper...
said it failed to sell new asset-backed commercial paper to replace maturing debt. Stock down 15%.
Look at 1 year chart of XLF, HGX, ACBQ and SRS for some major carnage.
Today, $2B in Fed reanimation; ECB another $65 B. Thursday: "watch current support at SP500 200 DMA 1450 & 250 DMA 1425 very closely."
SP500 open 1453, up to 1466 then down to 1460, bleeding into close at 1452.
Friday: "Is it a dead cat twice bounced on the step of 1425?" We sense major resistance at 1465-70 as the internals are not healthy.
Despite appearances, the NAZ suffered deep broadbased losses, retail, banking, etc.
Tue, Wen & Thur PPI, CPI, housing index, starts & permits could either give a tuck and lift, or knock it back down again.
Often wrong, but never in doubt, this is the Nattering Naybob and YOU'RE not!
Bonds up, 10 yr yield -2 bps 4.78, $ up vs 1.3614E & down vs 118.335Y, WTI crude up $71.62, gold down $680.9
Coventree Inc., a Canadian financial- services company, specializing in structured finance and asset-backed commercial paper...
said it failed to sell new asset-backed commercial paper to replace maturing debt. Stock down 15%.
Look at 1 year chart of XLF, HGX, ACBQ and SRS for some major carnage.
Today, $2B in Fed reanimation; ECB another $65 B. Thursday: "watch current support at SP500 200 DMA 1450 & 250 DMA 1425 very closely."
SP500 open 1453, up to 1466 then down to 1460, bleeding into close at 1452.
Friday: "Is it a dead cat twice bounced on the step of 1425?" We sense major resistance at 1465-70 as the internals are not healthy.
Despite appearances, the NAZ suffered deep broadbased losses, retail, banking, etc.
Tue, Wen & Thur PPI, CPI, housing index, starts & permits could either give a tuck and lift, or knock it back down again.
Often wrong, but never in doubt, this is the Nattering Naybob and YOU'RE not!
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