Market Soapbox 03/25/08
TUE, sideways, DJIA -16 on lower volume with OK internals.
All UP cept DJUA, OEX, XOI. Bonds up10 yr yield -6bps 3.50. $ down BIG vs 1.5642€ & vs 99.79y, WTI +1% $101.81, gold +3% $940.9 TED spread up +2bps 1.41%
SP500 open 1349, dip to 1341, rise to 1357, fade to close 1352. NDX open 1816, dip to 1800, bounce to 1831, close 1824.
FRI: We expect some more upswing before reality sets in again. Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400.
MON: We repeat, this headfake is post Fed cut euphoria, nothings changed, and the next leg down, will not be pretty.
Durable orders and new home sales should be bad news. Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
All UP cept DJUA, OEX, XOI. Bonds up10 yr yield -6bps 3.50. $ down BIG vs 1.5642€ & vs 99.79y, WTI +1% $101.81, gold +3% $940.9 TED spread up +2bps 1.41%
SP500 open 1349, dip to 1341, rise to 1357, fade to close 1352. NDX open 1816, dip to 1800, bounce to 1831, close 1824.
FRI: We expect some more upswing before reality sets in again. Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400.
MON: We repeat, this headfake is post Fed cut euphoria, nothings changed, and the next leg down, will not be pretty.
Durable orders and new home sales should be bad news. Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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