Market Soapbox 09/18/07
TUE, BIG CUT, DJIA +336 on below average volume with pretty internals. All UP BIG.
Bonds down, 10 yr yield +1 bps 4.47, $ down BIG vs 1.3974E & vs 116.181y, WTI crude up 2.25%, $82.38, gold up 1.6% $735.5.
Earlier this month:"Sept 18th +/- 2 days will be a major inflection point for the market." It was.
Last two weeks: "By options expiration, 2030 is possible, 2080 only with a cut." Today's high 2035.
Friday: "A rate cut & lots of "hope and faith" in the numbers would result in a boom to the upside and perhaps double tops." There was and it did.
SP500, open 1476 pre cut rising to 1486, post cut contrail to 1519. NDX open 1983, gap up 1993, post cut contrail to 2035.
Volatility only came in the form of the VIX dropping 23% to 20.31. Some properly executed straddles (index call, VIX put) paid well today.
See today's other postings for commentary. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down, 10 yr yield +1 bps 4.47, $ down BIG vs 1.3974E & vs 116.181y, WTI crude up 2.25%, $82.38, gold up 1.6% $735.5.
Earlier this month:"Sept 18th +/- 2 days will be a major inflection point for the market." It was.
Last two weeks: "By options expiration, 2030 is possible, 2080 only with a cut." Today's high 2035.
Friday: "A rate cut & lots of "hope and faith" in the numbers would result in a boom to the upside and perhaps double tops." There was and it did.
SP500, open 1476 pre cut rising to 1486, post cut contrail to 1519. NDX open 1983, gap up 1993, post cut contrail to 2035.
Volatility only came in the form of the VIX dropping 23% to 20.31. Some properly executed straddles (index call, VIX put) paid well today.
See today's other postings for commentary. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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