Market Soapbox Week Ending 11/23/07
MON, triple double followthrough, DJIA -218 on average volume with devastating internals. All DOWN BIG cept DJUA. Bonds up 10 yr yield -8bps 4.09, $ down vs 1.4662E & 109.935y, WTI down $94.55, gold down $777.8
TUE, wavy gravy, DJIA +51 on higher volume with midlin internals. All UP cept DJTA, SOXX, MID, RUT. Bonds up 10 yr yield -4bps 4.05, $ down vs 1.4828E & 109.485y, WTI headed for Century Mark $99.03, gold +1.8% $804.5
WEN, triple double redux, DJIA -211 on average volume with ugly internals. All DOWN BIG. Bonds up 10 yr yield -4bps 4.01, $ down vs 1.4864E & 109.955y, WTI down $97.43, gold down $803.6
THU, Market Closed Thanksgiving
FRI, triple digit bounce, DJIA +182 on thin volume with nice internals. All UP BIG. Bonds down 10 yr yield flat 4.01, $ up vs 1.483E & down vs 108.215y, WTI up $97.91, gold +3% $823
This week, DJIA -196, since 09/19/05 DJIA +2371. CRB commodities up 349.43 to 353.95
XAU up 172.2 to 176.07 & gold up 787 to 823. XOI up 1423.63 to 1431.02 & WTI crude up 95.1 to 97.91
Volatility VIX up 25.38 to 25.72. Dollar index down 75.84 to 75.06. $ down vs Yen 110.775 to 108.215 & vs Euro 1.4647 to 1.483
This week bonds up. 30yr -10bps; 10yr -17bps, 5yr -29bps, 2yr -27bps, 6mo -21bps. 30 yr @ 4.43%; 10 yr @ 4.01; 5 yr @ 3.41; 2yr @ 3.08; 6 mo @ 3.37.
Resistance: DJIA 13230; SP500 1455; NAZ 2630; NDX 2040
Support: DJIA 12800; SP500 1410; NAZ 2550; NDX 2000
Fri: "SP500 1450 is magnetic at the moment, testing 1440 support. NDX 2030 magnetic, testing 2005 support. A fall from grace goes to SP500 1410 & NDX 1940".
NDX gap up 2006 to 2019, fall to 2008 support, rise to close at 2029 (next to magic number 2030). SP500 open 1417, rise to close at 1440 support 1434.
This week, NDX bouncing 4 times at 2000 support; SP500 3 times at 1415-20. The DJIA close below Aug levels triggers the Dow Theory sell signal.
We repeat, if this market sinks below 1410 and does not bounce into a rally, its going to be a long, cold and hard winter.
Next week, existing & new home sales and construction spending await. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
TUE, wavy gravy, DJIA +51 on higher volume with midlin internals. All UP cept DJTA, SOXX, MID, RUT. Bonds up 10 yr yield -4bps 4.05, $ down vs 1.4828E & 109.485y, WTI headed for Century Mark $99.03, gold +1.8% $804.5
WEN, triple double redux, DJIA -211 on average volume with ugly internals. All DOWN BIG. Bonds up 10 yr yield -4bps 4.01, $ down vs 1.4864E & 109.955y, WTI down $97.43, gold down $803.6
THU, Market Closed Thanksgiving
FRI, triple digit bounce, DJIA +182 on thin volume with nice internals. All UP BIG. Bonds down 10 yr yield flat 4.01, $ up vs 1.483E & down vs 108.215y, WTI up $97.91, gold +3% $823
This week, DJIA -196, since 09/19/05 DJIA +2371. CRB commodities up 349.43 to 353.95
XAU up 172.2 to 176.07 & gold up 787 to 823. XOI up 1423.63 to 1431.02 & WTI crude up 95.1 to 97.91
Volatility VIX up 25.38 to 25.72. Dollar index down 75.84 to 75.06. $ down vs Yen 110.775 to 108.215 & vs Euro 1.4647 to 1.483
This week bonds up. 30yr -10bps; 10yr -17bps, 5yr -29bps, 2yr -27bps, 6mo -21bps. 30 yr @ 4.43%; 10 yr @ 4.01; 5 yr @ 3.41; 2yr @ 3.08; 6 mo @ 3.37.
Resistance: DJIA 13230; SP500 1455; NAZ 2630; NDX 2040
Support: DJIA 12800; SP500 1410; NAZ 2550; NDX 2000
Fri: "SP500 1450 is magnetic at the moment, testing 1440 support. NDX 2030 magnetic, testing 2005 support. A fall from grace goes to SP500 1410 & NDX 1940".
NDX gap up 2006 to 2019, fall to 2008 support, rise to close at 2029 (next to magic number 2030). SP500 open 1417, rise to close at 1440 support 1434.
This week, NDX bouncing 4 times at 2000 support; SP500 3 times at 1415-20. The DJIA close below Aug levels triggers the Dow Theory sell signal.
We repeat, if this market sinks below 1410 and does not bounce into a rally, its going to be a long, cold and hard winter.
Next week, existing & new home sales and construction spending await. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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