Market Soapbox 01/23/08
WEN, triple triple bounce, DJIA +299 on large volume with OK internals. All UP cept NDX, XAU, XOI.
Bonds down 10 yr yield +7bps 3.54, $ down vs 1.4629E & vs 106.47y, WTI down 2% $87.46, gold down $886.3 TED spread down -18bps 1.21%.
TUES: "support DJIA 12K, SP500 1300, NDX 1800. More downside to come." And there was, with a twist, splat and MEOW!
SP500 open 1310, plunge to 1270 (1050DMA), bounce to close 1338 (750DMA). NDX gap down 1795 to 1725, plunge to 1693 (900DMA), bounce to close 1789 (600 DMA).
2nd day of financial & retail stocks countertrending, oil under $90 = DJTA +7%. SP500 had a high volume 68 point bounce off the low in the last 3 hours.
Is it a dead cat? Resistance awaits NDX 1800, 1850 & SP500 1375. Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr yield +7bps 3.54, $ down vs 1.4629E & vs 106.47y, WTI down 2% $87.46, gold down $886.3 TED spread down -18bps 1.21%.
TUES: "support DJIA 12K, SP500 1300, NDX 1800. More downside to come." And there was, with a twist, splat and MEOW!
SP500 open 1310, plunge to 1270 (1050DMA), bounce to close 1338 (750DMA). NDX gap down 1795 to 1725, plunge to 1693 (900DMA), bounce to close 1789 (600 DMA).
2nd day of financial & retail stocks countertrending, oil under $90 = DJTA +7%. SP500 had a high volume 68 point bounce off the low in the last 3 hours.
Is it a dead cat? Resistance awaits NDX 1800, 1850 & SP500 1375. Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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