Market Soapbox 10/11/07
THU, +120 on Wal Mart, then -184 on Baidu & Axel. DJIA -64 on higher volume with ugly internals. All DOWN cept DJUA, XAU.
Bonds up 10 yr yield -1bps 4.64, $ down vs 1.4202E & up vs 117.315Y, WTI crude up 2.2% $83.08, gold up 1.43% $756.7
European Central Bank governing council member Axel Weber:
"If risks to price stability are threatening to materialize, monetary policy can't lose sight of its primary mandate...
even if that means no longer supporting the robust economy or becoming restrictive."
Nattering Naybobs know that Axel is jawboning out the side of his mouth...
Nothing is robust, 4% rate with 15% money supply growth is a joke and we know the central bankers primary mandate - systematic currency debauchery.
JPMorgan cut sales estimates on Chinese search engine Baidu.com, triggering a sell off in technology companies...
on concern that prices for computer related shares have outpaced their profit outlook. Do ya think its just Tech?
NDX gapped up and hit 2194, then dropped like a rock to 2127, bounce to close 2140.
SP500 open 1564, hitting our long term target 1576, then plunging to 1546, bounce to close at 1554. VIX hopping mad +13% to 18.88.
DJIA, SP500 hit all time highs, ebullient Tech initiated the fall after the Baidu downgrade, NDX porked 1.66%, SOXX -2.26% semis trending down 3 days, hint, hint?
Here comes Santa Claus... At least 13 retailers have lowered earnings projections as consumers spend less amid higher food and fuel costs and the worst housing slump in 16 years.
WSJ reports: Higher-rate mortgages accounted for 29% of the total number of home loans originated last year, up from 16% in 2004.
About 10.3 million high-rate loans were made in the past three years, out of a total of 43.6 million mortgages.
As much as $600 billion of adjustable-rate subprime loans are due to adjust to higher rates by the end of 2008.
Crude all time high, commodities soaring, gold multi year high, dollar all time low...
just waiting for the recession to break out in earnest and usher in a major and necessary deflation in the real estate and equities bubbles...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up 10 yr yield -1bps 4.64, $ down vs 1.4202E & up vs 117.315Y, WTI crude up 2.2% $83.08, gold up 1.43% $756.7
European Central Bank governing council member Axel Weber:
"If risks to price stability are threatening to materialize, monetary policy can't lose sight of its primary mandate...
even if that means no longer supporting the robust economy or becoming restrictive."
Nattering Naybobs know that Axel is jawboning out the side of his mouth...
Nothing is robust, 4% rate with 15% money supply growth is a joke and we know the central bankers primary mandate - systematic currency debauchery.
JPMorgan cut sales estimates on Chinese search engine Baidu.com, triggering a sell off in technology companies...
on concern that prices for computer related shares have outpaced their profit outlook. Do ya think its just Tech?
NDX gapped up and hit 2194, then dropped like a rock to 2127, bounce to close 2140.
SP500 open 1564, hitting our long term target 1576, then plunging to 1546, bounce to close at 1554. VIX hopping mad +13% to 18.88.
DJIA, SP500 hit all time highs, ebullient Tech initiated the fall after the Baidu downgrade, NDX porked 1.66%, SOXX -2.26% semis trending down 3 days, hint, hint?
Here comes Santa Claus... At least 13 retailers have lowered earnings projections as consumers spend less amid higher food and fuel costs and the worst housing slump in 16 years.
WSJ reports: Higher-rate mortgages accounted for 29% of the total number of home loans originated last year, up from 16% in 2004.
About 10.3 million high-rate loans were made in the past three years, out of a total of 43.6 million mortgages.
As much as $600 billion of adjustable-rate subprime loans are due to adjust to higher rates by the end of 2008.
Crude all time high, commodities soaring, gold multi year high, dollar all time low...
just waiting for the recession to break out in earnest and usher in a major and necessary deflation in the real estate and equities bubbles...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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