Market Soapbox 09/04/07
TUE, followthrough, DJIA +91 on below average volume with nice internals. All UP.
Bonds down, 10 yr yield +2 bps 4.55, $ up vs 1.3606E & vs 116.29Y, WTI crude up 1.4% $75.08, gold up 1.5% $692.5
Car & Truck Sales: Toyota -2.8% (Cars -8%, Trucks -2.7%, YTD +4.9%); Chrysler -6% (Cars +18%, Trucks -12%);
Ford -14% (Cars -36%, Trucks -2.4%, YTD -12.5%); GM +6.1% ( Cars -7.8%; Trucks +16.5%, YTD -7.4%).
Total US Sales YOY Cars -33.7%; Trucks -2.4%; YTD Cars 24.8%, Trucks -4.8%.
Last week: "We sense another swing coming Sept 4 or 5th." Short covering and month opening fund flows pushed the market up almost to close.
SP500 open 1473, up 23 to 1496, bleeding 7 at close 1489. Leader of the pack NDX hit 2032 then fell to close at 2020.
With resistance above and the late day downdraft, it that all there is? or does NDX 2082 and twin tops await by late Friday?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down, 10 yr yield +2 bps 4.55, $ up vs 1.3606E & vs 116.29Y, WTI crude up 1.4% $75.08, gold up 1.5% $692.5
Car & Truck Sales: Toyota -2.8% (Cars -8%, Trucks -2.7%, YTD +4.9%); Chrysler -6% (Cars +18%, Trucks -12%);
Ford -14% (Cars -36%, Trucks -2.4%, YTD -12.5%); GM +6.1% ( Cars -7.8%; Trucks +16.5%, YTD -7.4%).
Total US Sales YOY Cars -33.7%; Trucks -2.4%; YTD Cars 24.8%, Trucks -4.8%.
Last week: "We sense another swing coming Sept 4 or 5th." Short covering and month opening fund flows pushed the market up almost to close.
SP500 open 1473, up 23 to 1496, bleeding 7 at close 1489. Leader of the pack NDX hit 2032 then fell to close at 2020.
With resistance above and the late day downdraft, it that all there is? or does NDX 2082 and twin tops await by late Friday?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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