PM update:
A little throwover, but NQ stalls at the June gap 2034.75. My guess is that we topped out today, bonds have stopped dropping. In fact, we are seeing a slight bid on the two year. That 4% level for TNX seems to be a wall ahead of the jobs report (be careful with the ADR, it has been unreliable). Oil is back at 122.70, a key level.
A little throwover, but NQ stalls at the June gap 2034.75. My guess is that we topped out today, bonds have stopped dropping. In fact, we are seeing a slight bid on the two year. That 4% level for TNX seems to be a wall ahead of the jobs report (be careful with the ADR, it has been unreliable). Oil is back at 122.70, a key level.
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on Wednesday, June 04, 2008 at 6/04/2008 12:44:00 PM.
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6/4/08 1:40 PMA scenario I see unfolding over the next week (until turnaround Tuesday) is that we could get a great shift out of commodities into tech! The VXN seems to have hit the top end of its recent channel. Monday is iPhone 3G day. If the job report on Friday comes out good, we could see the $ rise and crude pull back violently and that money move into the tech arena...maybe taking the NAS even upto that 2600 level in a short span! From there though I think we willl drop and drop hard!
6/4/08 2:05 PM
That seems to be the thinking out there. I have problems with all that until we see the non-farm payrolls and yields still finding lots of buyers at 4% and below. I also think the iphone news is priced in, but I could be very wrong there. I just don't see any more justifiable multiples on RIMM and AAPL at this point.
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