Market Soapbox 09/26/07
WEN, stike over, DJIA +100 on low volume with nice internals. All UP cept SOXX, XAU.
Bonds down 10 yr yield +1 bps 4.63, $ up vs 1.4126E & vs 115.565Y, WTI crude up 1% $80.3, gold down $735.5
The House Ways and Means Committee, unanimously approved higher taxes on the sale of vacation homes.
The panel adopted a provision that would make it harder for people who sell their second homes to exclude as much as $500,000 in profit from capital-gains taxes.
Goldman Sachs cut Q3 estimates for Merrill Lynch with weakness in mortgage, CDOs and leveraged loans being cited.
Merrill, the 3rd biggest U.S. securities firm, may record losses of as much as $4 billion on fixed-income assets, resulting in the lowest quarterly earnings in almost six years.
Sallie Mae the biggest U.S. provider of student loans, said it was informed the group planning to buy the company doesn't expect to consummate the $25.3 billion purchase.
Last 3 weeks: "Can NDX hit 2082? Twin Tops?" Today, new high 2094 was hit.
Yesterday: "We suspect a small rise to 2082 NDX tomorrow, then perhaps a broader pullback?" Not so Fast Joe...
SP500, open 1518, rise to 1529, fade to close 1525. NDX open 2076, gap up to 2088, rise to 2094, down to close at 2088.
This market needs a breather, but it appears to be headed for NDX 2121 or 2131 by early Oct.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds down 10 yr yield +1 bps 4.63, $ up vs 1.4126E & vs 115.565Y, WTI crude up 1% $80.3, gold down $735.5
The House Ways and Means Committee, unanimously approved higher taxes on the sale of vacation homes.
The panel adopted a provision that would make it harder for people who sell their second homes to exclude as much as $500,000 in profit from capital-gains taxes.
Goldman Sachs cut Q3 estimates for Merrill Lynch with weakness in mortgage, CDOs and leveraged loans being cited.
Merrill, the 3rd biggest U.S. securities firm, may record losses of as much as $4 billion on fixed-income assets, resulting in the lowest quarterly earnings in almost six years.
Sallie Mae the biggest U.S. provider of student loans, said it was informed the group planning to buy the company doesn't expect to consummate the $25.3 billion purchase.
Last 3 weeks: "Can NDX hit 2082? Twin Tops?" Today, new high 2094 was hit.
Yesterday: "We suspect a small rise to 2082 NDX tomorrow, then perhaps a broader pullback?" Not so Fast Joe...
SP500, open 1518, rise to 1529, fade to close 1525. NDX open 2076, gap up to 2088, rise to 2094, down to close at 2088.
This market needs a breather, but it appears to be headed for NDX 2121 or 2131 by early Oct.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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