Market Soapbox 05/07/08
WEN, douple triple dip, DJIA -206 on light volume with ugly internals. All DOWN BIG.
Bonds up 10 yr yield -6 bps 3.84, $ up BIG vs 1.5395€ & vs 104.693y, WTI +1.6% $123.8, gold down $871.2, TED spread down -8bps 1.06%
SP500 open 1417, touch 1420, plunge to close 1391. NDX open 1987, touch 2000, plunge to 1946, close 1951.
FRI: we still think this is a suckers rally. Low volume and high volume of puts sez no conviction.
THU & 04/19: NDX 2020 & SP500 1455 could be tested, in sight soon? TUE: A major test at this level?
NDX 2000 & SP500 1425 are proving formidable as the markets thin legs get wobbly.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -6 bps 3.84, $ up BIG vs 1.5395€ & vs 104.693y, WTI +1.6% $123.8, gold down $871.2, TED spread down -8bps 1.06%
SP500 open 1417, touch 1420, plunge to close 1391. NDX open 1987, touch 2000, plunge to 1946, close 1951.
FRI: we still think this is a suckers rally. Low volume and high volume of puts sez no conviction.
THU & 04/19: NDX 2020 & SP500 1455 could be tested, in sight soon? TUE: A major test at this level?
NDX 2000 & SP500 1425 are proving formidable as the markets thin legs get wobbly.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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