Market Soapbox 10/16/07
TUE, followthorough, DJIA -72 on low volume with ugly internals. All DOWN cept XOI.
Bonds up 10 yr yield -3 bps 4.65, $ up vs 1.4164E & down vs 116.652y, WTI crude up 1.7% $87.61, gold down $762
Net income Wells Fargo +4%;Regions Finanical +12%; KeyCorp -33%; U.S. Bancorp -2.2%. Wells Fargo net credit losses of $892 million, up 35% from a year earlier.
About half of the increase stemmed from home equity loans where the underlying asset in now worth less than the loan.
Yesterday: "On this dip, is NDX 2120 or 2100 coming? Is 1525 SP500 possible?" Not yet...
NDX gapped down 2158 to 2147, fall to 2143, rise to close 2151. SP500 open 1547, fall to 1536, rise to close at 1538.
Dollar rising, yet, Oil surging to another new all time high. Another rate cut means further increases in stagflation and interest rates.
Anniversaries: Fri Oct 19th, 20th of Black Monday 1987; Wen Oct 24th, 78th of Black Thursday 1929. What will financial & housing reports bring on the morrow???
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up 10 yr yield -3 bps 4.65, $ up vs 1.4164E & down vs 116.652y, WTI crude up 1.7% $87.61, gold down $762
Net income Wells Fargo +4%;Regions Finanical +12%; KeyCorp -33%; U.S. Bancorp -2.2%. Wells Fargo net credit losses of $892 million, up 35% from a year earlier.
About half of the increase stemmed from home equity loans where the underlying asset in now worth less than the loan.
Yesterday: "On this dip, is NDX 2120 or 2100 coming? Is 1525 SP500 possible?" Not yet...
NDX gapped down 2158 to 2147, fall to 2143, rise to close 2151. SP500 open 1547, fall to 1536, rise to close at 1538.
Dollar rising, yet, Oil surging to another new all time high. Another rate cut means further increases in stagflation and interest rates.
Anniversaries: Fri Oct 19th, 20th of Black Monday 1987; Wen Oct 24th, 78th of Black Thursday 1929. What will financial & housing reports bring on the morrow???
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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