Market Soapbox 06/18/08
WEN, triple digit followthrough, DJIA -131 on average volume with horrid internals. All DOWN cept DJTA, XAU.
Bonds up 10 yr yield -6ps 4.14. $ down vs 1.5532€ & vs 107.795y, WTI +1.75% $136.33; gold +1% $893.5; TED Spread up +6bps 0.88%
SP500 open 1350, dip to 1333, close 1337. NDX 1973, gap down to open 1962, dip to 1943, rise to close 1951.
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.
TUES: Today some reality, tomorrow Morgan Stanley spin should continue this irrational bounce.
No bounce, resistance hit: DJIA 11993, NDX 1943; SP500 1333. Since 05/19 DJIA streaking to downside.
Perhaps a bounce, but we sense something nasty is about to come out of the woodshed.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -6ps 4.14. $ down vs 1.5532€ & vs 107.795y, WTI +1.75% $136.33; gold +1% $893.5; TED Spread up +6bps 0.88%
SP500 open 1350, dip to 1333, close 1337. NDX 1973, gap down to open 1962, dip to 1943, rise to close 1951.
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.
TUES: Today some reality, tomorrow Morgan Stanley spin should continue this irrational bounce.
No bounce, resistance hit: DJIA 11993, NDX 1943; SP500 1333. Since 05/19 DJIA streaking to downside.
Perhaps a bounce, but we sense something nasty is about to come out of the woodshed.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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