Market Soapbox 04/28/08
MON, split tape, DJIA -20 on light volume with midlin internals. All DOWN cept DJTA, NDX, NAZ, MID, RUT.
Bonds up 10 yr yield -4bps 3.83, $ down vs 1.564€ & vs 104.165y, WTI up $118.80, gold up $895.5, TED spread down -3bps 1.52%.
SP500 open 1398, drop to 1394, rise to 1402, fade close 1396. NDX open 1920, drop to 1917, rise to 1936, fade to close 1923.
THU: SP500 topped 1396 today, by a hair, then fell fast and furious to close. 4 times failing at 1400. Today back knocking at the 1400 door.
Range bound: magic line support at SP500 1380, NDX 1895; resistance at SP500 1400; NDX 1950
FRI: I smell consolidation on a Fed pause or 25 bps cut.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -4bps 3.83, $ down vs 1.564€ & vs 104.165y, WTI up $118.80, gold up $895.5, TED spread down -3bps 1.52%.
SP500 open 1398, drop to 1394, rise to 1402, fade close 1396. NDX open 1920, drop to 1917, rise to 1936, fade to close 1923.
THU: SP500 topped 1396 today, by a hair, then fell fast and furious to close. 4 times failing at 1400. Today back knocking at the 1400 door.
Range bound: magic line support at SP500 1380, NDX 1895; resistance at SP500 1400; NDX 1950
FRI: I smell consolidation on a Fed pause or 25 bps cut.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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