Market Soapbox 06/17/08
TUE, triple digit down, DJIA -109 on lower volume with ugly internals. All DOWN cept DJUA, XOI, XAU.
Bonds up 10 yr yield -7bps 4.2, $ down vs 1.551€ & vs 107.949y, WTI down $133.55, gold up $886.9, TED spread down -4bps 0.82%.
SP500 open 1360, rise to 1366, dive to close 1350. NDX 1985 gap up to open 1990, rise to 1993, drop to 1969, close 1973.
WEN: What next? Another irrational bounce before we retest this years low NDX 1670 & SP500 1255?
MON: So far, NDX rise from 1909 to 1991, SP500 1330 to 1364.
Today some reality, tomorrow Morgan Stanley spin should continue this irrational bounce.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -7bps 4.2, $ down vs 1.551€ & vs 107.949y, WTI down $133.55, gold up $886.9, TED spread down -4bps 0.82%.
SP500 open 1360, rise to 1366, dive to close 1350. NDX 1985 gap up to open 1990, rise to 1993, drop to 1969, close 1973.
WEN: What next? Another irrational bounce before we retest this years low NDX 1670 & SP500 1255?
MON: So far, NDX rise from 1909 to 1991, SP500 1330 to 1364.
Today some reality, tomorrow Morgan Stanley spin should continue this irrational bounce.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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