Market Soapbox 10/30/07
TUE, split tape, DJIA -78 on lower volume with poor internals. All DOWN cept SOXX, NDX, DJUA.
Bonds flat 10 yr yield 4.38, $ down vs 1.4439E & up vs 114.703y, WTI crude down 3.3% $90.38, gold down $787.8
NDX 2203 gap down 2197, fall to 2192, rise to 2218, fall to close 2207. SP500 opened down 1541 to 1539, fell to 1529, close at 1531.
NDX hit new high since 10/22 low at 2218.88 intraday, it won't make 2250-60 before Fed.
Dollar plunging to all time low vs Euro 1.44, Crude plunging 3.3% from all time high $93. A late day failure, RUT, MID down, XAU & XOI pounded.
We've Nattered before about watching PG Procter & Gamble closely... when PG plunges, EVERYTHING will follow.
Today PG took a HUGE plunge on its forward guidance. Look at the chart, a harbinger of things to come?
Tomorrow, GDP, Construction Spending and the Big Kahuna Fed rate decision. Also, Deutsche Bank could announce larger than expected write downs.
No cut devastates. Cut with tempered statement initially excites, then deflates as the cut is already priced in.
We sense the downside potential outweighs the upside, as 2nd cut history vis a vis 01/31/01 could repeat itself in the longer term.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds flat 10 yr yield 4.38, $ down vs 1.4439E & up vs 114.703y, WTI crude down 3.3% $90.38, gold down $787.8
NDX 2203 gap down 2197, fall to 2192, rise to 2218, fall to close 2207. SP500 opened down 1541 to 1539, fell to 1529, close at 1531.
NDX hit new high since 10/22 low at 2218.88 intraday, it won't make 2250-60 before Fed.
Dollar plunging to all time low vs Euro 1.44, Crude plunging 3.3% from all time high $93. A late day failure, RUT, MID down, XAU & XOI pounded.
We've Nattered before about watching PG Procter & Gamble closely... when PG plunges, EVERYTHING will follow.
Today PG took a HUGE plunge on its forward guidance. Look at the chart, a harbinger of things to come?
Tomorrow, GDP, Construction Spending and the Big Kahuna Fed rate decision. Also, Deutsche Bank could announce larger than expected write downs.
No cut devastates. Cut with tempered statement initially excites, then deflates as the cut is already priced in.
We sense the downside potential outweighs the upside, as 2nd cut history vis a vis 01/31/01 could repeat itself in the longer term.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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