Market Soapbox 09/17/07
MON, down, DJIA -39 on tepid volume with ugly internals. All DOWN cept XAU.
Bonds flat 10 yr yield -0bps 4.46, $ down vs 115.18y & up vs 1.3867E, gold up $723.8 WTI crude up 1.9% $80.57
Two weeks ago: "Crude heading for $80... perhaps $90 on rate cut." All time high today.
Last week: "MAX PAIN NDX 1950-1975; SP500 1480-1485" Both numbers were hit intraday.
SP500, open 1484, drop 1471, rise to close 1476. NDX open 2002, gap down 1993, drop to 1975, rise to close 1983.
Last week: "Watch PG closely, it if hits $68 and falls..." $68.29 intraday, closing 67.95.
Friday: "Stocks & the ABCP debt market have an artificially buoyancy this week on the hopes of a Tues. Fed rate cut. Next week many evils await...
A rate cut & lots of "hope and faith" in the numbers would result in a boom to the upside and perhaps double tops.
No rate cut could make this a very ugly week, in the extreme, as in Snap, Crackle & Pop!. Perhaps a good time for straddles?"
FOMC announcement at 2EST brings one thing for sure, volatility. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds flat 10 yr yield -0bps 4.46, $ down vs 115.18y & up vs 1.3867E, gold up $723.8 WTI crude up 1.9% $80.57
Two weeks ago: "Crude heading for $80... perhaps $90 on rate cut." All time high today.
Last week: "MAX PAIN NDX 1950-1975; SP500 1480-1485" Both numbers were hit intraday.
SP500, open 1484, drop 1471, rise to close 1476. NDX open 2002, gap down 1993, drop to 1975, rise to close 1983.
Last week: "Watch PG closely, it if hits $68 and falls..." $68.29 intraday, closing 67.95.
Friday: "Stocks & the ABCP debt market have an artificially buoyancy this week on the hopes of a Tues. Fed rate cut. Next week many evils await...
A rate cut & lots of "hope and faith" in the numbers would result in a boom to the upside and perhaps double tops.
No rate cut could make this a very ugly week, in the extreme, as in Snap, Crackle & Pop!. Perhaps a good time for straddles?"
FOMC announcement at 2EST brings one thing for sure, volatility. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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