Market Soapbox 03/24/08
MON, followthrough, DJIA +187 on average volume with nice internals. All UP cept XAU, DJUA.
Bonds crushed 10 yr yield +23bps 3.56. $ up vs 1.5418€ & vs 100.765y, WTI -1% $100.28, gold -1% $912.5 TED spread crunched -61bps 1.39
SP500 open 1330, rise to 1359, close 1349. NDX 1751 gap up open 1760, rise to 1819, close 1814.
FRI: We expect some more upswing before reality sets in again, the 3 mo T bill yield at 0.61%,
Today crushed 61 bps to 1.22%. Dollar bounce, commodities getting hammered, now bonds...
We repeat, this headfake is post Fed cut euphoria, nothings changed, and the next leg down, will not be pretty.
We sense this upswing runs into major resistance at SP500 1400. Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds crushed 10 yr yield +23bps 3.56. $ up vs 1.5418€ & vs 100.765y, WTI -1% $100.28, gold -1% $912.5 TED spread crunched -61bps 1.39
SP500 open 1330, rise to 1359, close 1349. NDX 1751 gap up open 1760, rise to 1819, close 1814.
FRI: We expect some more upswing before reality sets in again, the 3 mo T bill yield at 0.61%,
Today crushed 61 bps to 1.22%. Dollar bounce, commodities getting hammered, now bonds...
We repeat, this headfake is post Fed cut euphoria, nothings changed, and the next leg down, will not be pretty.
We sense this upswing runs into major resistance at SP500 1400. Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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