Market Soapbox 09/20/07
THU, down, DJIA -49 on low volume with horrible internals. All DOWN cept SOXX, XAU, XOI.
Bonds down BIG 10 yr yield +18bps 4.70, $ PORKED vs 1.4063E & vs 114.58Y, WTI crude down $81.78, gold up 1.4% $739.90
SP500, open 1528, drop to 1516. NDX open 2041, gap down to 2035, rise to 2043, fade to close at 2032.
Yesterday: "If they have not already done so in anticipation, we smell a possible Yen carry trade unwind coming from the 50 bps cut & Fukui's jawboning...
It could hit late Fri or Mon or when the NDX hits 2082 area."
Its here and sooner than we thought, $ porked, commodities going "hog" wild Nickle +10%; Zinc +5%; Copper +4%.
Bonds got CLUBBED down with the US 10 year bond retracing from Sept 10 low 4.32% to 4.70%.
The Fed's desperation twin 50 bps cuts may backfire in a big way. More commentary on the morrow.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down BIG 10 yr yield +18bps 4.70, $ PORKED vs 1.4063E & vs 114.58Y, WTI crude down $81.78, gold up 1.4% $739.90
SP500, open 1528, drop to 1516. NDX open 2041, gap down to 2035, rise to 2043, fade to close at 2032.
Yesterday: "If they have not already done so in anticipation, we smell a possible Yen carry trade unwind coming from the 50 bps cut & Fukui's jawboning...
It could hit late Fri or Mon or when the NDX hits 2082 area."
Its here and sooner than we thought, $ porked, commodities going "hog" wild Nickle +10%; Zinc +5%; Copper +4%.
Bonds got CLUBBED down with the US 10 year bond retracing from Sept 10 low 4.32% to 4.70%.
The Fed's desperation twin 50 bps cuts may backfire in a big way. More commentary on the morrow.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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