Market Soapbox 03/26/08
WEN, triple digit doink, DJIA -110 on lower volume with ugly internals. All DOWN cept DJUA, XOI, XAU.
Bonds up 10 yr yield -3bps 3.47, $ down vs 1.5855€ & down vs 99.07y, WTI +5% $106.13, gold +1.5% $954.2 TED spread flat 1.41%
SP500 open 1352, drop to 1336, close 1341. NDX 1824, gap down open 1815, dip to 1800, rise to close 1817.
FRI: We expect some more upswing before reality sets in again. We got it.
MON: Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400. Here's the dip.
MON: Durable orders & new home sales should be bad news. And they were. 1350 & 1800 are magnets, at the moment.
MON: We repeat, this headfake is post Fed cut euphoria, nothings changed, and the next leg down, will not be pretty.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -3bps 3.47, $ down vs 1.5855€ & down vs 99.07y, WTI +5% $106.13, gold +1.5% $954.2 TED spread flat 1.41%
SP500 open 1352, drop to 1336, close 1341. NDX 1824, gap down open 1815, dip to 1800, rise to close 1817.
FRI: We expect some more upswing before reality sets in again. We got it.
MON: Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400. Here's the dip.
MON: Durable orders & new home sales should be bad news. And they were. 1350 & 1800 are magnets, at the moment.
MON: We repeat, this headfake is post Fed cut euphoria, nothings changed, and the next leg down, will not be pretty.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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