Market Soapbox 01/24/08
THU, followthrough, DJIA -+108 on higher volume with nicer internals. All UP cept DJUA, RUT.
Bonds down BIG 10 yr yield +13bps 3.67, $ down vs 1.4772E & up vs 106.87y, WTI +3% $89.61, gold +3% $911.3 TED spread down BIG -35bps 0.86%.
TUES: "support NDX 1800" WEN: "Is it a dead cat? Resistance awaits NDX 1800, 1850 & SP500 1375."
SP500 open 1340 (750DMA) rise to 1355, close 1352. NDX gap up 1789 (600DMA) to 1800, rise to close 1826.
Followthrough for yesterdays "program trading" high volume 68 point bounce off the low in the last 3 hours. NDX 1850 & SP500 1375 will provide a stern test.
We sense upward sideways churn till Fed meeting next Wen. Another 50 bps cut, market rises, disappointment, another downdraft.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down BIG 10 yr yield +13bps 3.67, $ down vs 1.4772E & up vs 106.87y, WTI +3% $89.61, gold +3% $911.3 TED spread down BIG -35bps 0.86%.
TUES: "support NDX 1800" WEN: "Is it a dead cat? Resistance awaits NDX 1800, 1850 & SP500 1375."
SP500 open 1340 (750DMA) rise to 1355, close 1352. NDX gap up 1789 (600DMA) to 1800, rise to close 1826.
Followthrough for yesterdays "program trading" high volume 68 point bounce off the low in the last 3 hours. NDX 1850 & SP500 1375 will provide a stern test.
We sense upward sideways churn till Fed meeting next Wen. Another 50 bps cut, market rises, disappointment, another downdraft.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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