Market Soapbox 08/05/08
TUE, another chump pump, DJIA +332 on average volume with sterling internals. All UP cept XAU.
Bonds down 10 yr +6bps 4.02, $ up BIG vs 1.5452€ & vs 108.282y, WTI -2.5% $118.58, gold -3% $882, TED spread up +1bps 1.11%.
SP500 1249, gap up 1254, rise to close 1285. NDX 1804, gap up 1225, rise to close 1870
07/17: We repeat, this is a "chump jump". Cavaet emptor.
07/28: Repeling from resistance NDX 1850; SP500 1260.
07/31: Oscillating around these magnetic levels.
MON: Lowered guidance from PnG... Euro bank write downs... could kick this dog down.
Not today, the Fed holds at 2%; Crude broke key support for a 3 month low near $118; Cisco reports a 4.4% net income rise.
Could Ambac/PMI news kick this dog back down the stairs or have it sitting up again?
As stated before we suspect this dog rises till Aug 18th.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +6bps 4.02, $ up BIG vs 1.5452€ & vs 108.282y, WTI -2.5% $118.58, gold -3% $882, TED spread up +1bps 1.11%.
SP500 1249, gap up 1254, rise to close 1285. NDX 1804, gap up 1225, rise to close 1870
07/17: We repeat, this is a "chump jump". Cavaet emptor.
07/28: Repeling from resistance NDX 1850; SP500 1260.
07/31: Oscillating around these magnetic levels.
MON: Lowered guidance from PnG... Euro bank write downs... could kick this dog down.
Not today, the Fed holds at 2%; Crude broke key support for a 3 month low near $118; Cisco reports a 4.4% net income rise.
Could Ambac/PMI news kick this dog back down the stairs or have it sitting up again?
As stated before we suspect this dog rises till Aug 18th.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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