Market Soapbox 01/17/08
THU, triple triple slam, DJIA -307 on higher volume with horrible internals. All DOWN BIG.
Bonds up BIG 10 yr yield -11bps 3.62, $ up vs 1.4648E & down vs 106.705y, WTI down 1% $89.9, gold down $880.5 TED spread up +11bps 0.93%.
Wen: "NDX falling from 1910 support, heading for 400DMA 1840 with more bad news ahead." On the nose.
SP500 open 1374, pop to 1377, plunge to 1330, bounce to close 1333. NDX gap up 1872 to 1882, pop to 1894, plunge to 1838, bounce to close 1842.
Tech safe? Intel sell off 01/16, 310M, the 2nd highest volume day in the last 10 years.
Tampons & Toothpaste safe? PG 10/30 to 12/12 flight to safety countertrend, blow off top since, cracked 150DMA $68 today.
If it breaks 200DMA $67 & 300DMA $66 the end is nigh.
NDX sitting on 400DMA 1840, 500DMA 1800 awaits. SP500 sitting at 750DMA 1335, 900DMA 1300 awaits.
Expect a dead cat bounce, if not, a black hole opens and whoosh!!!
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up BIG 10 yr yield -11bps 3.62, $ up vs 1.4648E & down vs 106.705y, WTI down 1% $89.9, gold down $880.5 TED spread up +11bps 0.93%.
Wen: "NDX falling from 1910 support, heading for 400DMA 1840 with more bad news ahead." On the nose.
SP500 open 1374, pop to 1377, plunge to 1330, bounce to close 1333. NDX gap up 1872 to 1882, pop to 1894, plunge to 1838, bounce to close 1842.
Tech safe? Intel sell off 01/16, 310M, the 2nd highest volume day in the last 10 years.
Tampons & Toothpaste safe? PG 10/30 to 12/12 flight to safety countertrend, blow off top since, cracked 150DMA $68 today.
If it breaks 200DMA $67 & 300DMA $66 the end is nigh.
NDX sitting on 400DMA 1840, 500DMA 1800 awaits. SP500 sitting at 750DMA 1335, 900DMA 1300 awaits.
Expect a dead cat bounce, if not, a black hole opens and whoosh!!!
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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