Market Soapbox 05/19 & 05/20/08

MON, split tape, DJIA +52 on light volume with nice internals.

DJIA was up 194, NDX touched 2050, SP500 1440, then the market fell hard.

FRI: We smell SP500 1455 coming along with NDX 2082. A nice drop from 1440 and 2050

TUE, double triple followthrough, DJIA -199 on light volume with ugly internals. All DOWN cept DJUA, XAU, XOI.

Bonds up BIG 10 yr yield -8bps 3.77; $ down vs 1.5658€ & vs 103.53y; WTI +1% $128.94; gold +2% $919.5; TED Spread down -6bps 0.80%

SP500 open 1424, drop to 1409, close 1413. NDX open 2008, drop to 1987, close 2000.

Further drop from 1440 & 2050 as $130 Oil and already rampant double digit stagflation have the central banks cornered.

Often wrong, but never in doubt, this is the Nattering Naybob and you're not.

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