Market Soapbox 10/31/07
WEN, whipsaw, DJIA +137 on lower volume with pretty internals. All UP.
Bonds down BIG 10 yr yield +8bps 4.46, $ down vs 1.4474E & up vs 115.335y, WTI crude up 4.6% $94.53, gold up 1$ $795.3
Yesterday: "Cut with tempered statement initially excites, then deflates as the cut is already priced in." The market plunged post cut, then spiked up.
NDX gap up 2207 to 2214,rise to 2223, post cut drop to 2203, rise to close 2239. SP500 opened 1532, rise to 1543. post cut drop to 1529, rise to 1549.
NDX hit new high since 10/22 low at 2239 intraday, did not make 2250-60 before Fed cut, short term? Perhaps.
Dollar plunging to all time low vs Euro, gold over $800 intraday, crude +4.6% to all time high over $94.
Long term, we sense the downside potential outweighs the upside, as 2nd cut history vis a vis 01/31/01 could repeat itself.
We look for a near term peak on irrational exhuberance and investor ebullience, with the potential for a slow painful fall to come.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down BIG 10 yr yield +8bps 4.46, $ down vs 1.4474E & up vs 115.335y, WTI crude up 4.6% $94.53, gold up 1$ $795.3
Yesterday: "Cut with tempered statement initially excites, then deflates as the cut is already priced in." The market plunged post cut, then spiked up.
NDX gap up 2207 to 2214,rise to 2223, post cut drop to 2203, rise to close 2239. SP500 opened 1532, rise to 1543. post cut drop to 1529, rise to 1549.
NDX hit new high since 10/22 low at 2239 intraday, did not make 2250-60 before Fed cut, short term? Perhaps.
Dollar plunging to all time low vs Euro, gold over $800 intraday, crude +4.6% to all time high over $94.
Long term, we sense the downside potential outweighs the upside, as 2nd cut history vis a vis 01/31/01 could repeat itself.
We look for a near term peak on irrational exhuberance and investor ebullience, with the potential for a slow painful fall to come.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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