Market Soapbox 12/03/07
MON, down, DJIA -57 on lower volume with ugly internals. All DOWN cept DJUA, SOXX, XAU, XOI.
Bonds UP BIG 10 yr yield -10bps 3.85, $ down vs 1.4667E & 110.465y, WTI up $89.31, gold up $794.7
GM North American auto sales -11%; Ford Motor +0.4%. Remember what we said earlier today in Balance Sheet Death Spiral?
Not enough cash on hand... Major stockholder in power producer TXU, Berkshire Hathaway is purchasing $2.1 billion in bonds from TXU Corp.
TXU issuing the $3.9 billion worth of high yield bonds to help pay down expenses associated with its LBO acquisition by KKR Kohlberg Kravis Roberts earlier this year.
Last Wen: "Resistance awaits NDX 2120, SP500 1480. Gauge the reaction at this level." Still falling from this level.
NDX gap down 2089 to 2080, rise to 2094, fall to close 2067. SP500 open 1479, rise to 1481 (resistance), fall to close 1472.
Frisco Fed Head Yellen says financial condition and weak data since October have highlighted downside risks.
Dec 11th, 25 bps cut or no cut, we sense a slip and fall down the stairs, again. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds UP BIG 10 yr yield -10bps 3.85, $ down vs 1.4667E & 110.465y, WTI up $89.31, gold up $794.7
GM North American auto sales -11%; Ford Motor +0.4%. Remember what we said earlier today in Balance Sheet Death Spiral?
Not enough cash on hand... Major stockholder in power producer TXU, Berkshire Hathaway is purchasing $2.1 billion in bonds from TXU Corp.
TXU issuing the $3.9 billion worth of high yield bonds to help pay down expenses associated with its LBO acquisition by KKR Kohlberg Kravis Roberts earlier this year.
Last Wen: "Resistance awaits NDX 2120, SP500 1480. Gauge the reaction at this level." Still falling from this level.
NDX gap down 2089 to 2080, rise to 2094, fall to close 2067. SP500 open 1479, rise to 1481 (resistance), fall to close 1472.
Frisco Fed Head Yellen says financial condition and weak data since October have highlighted downside risks.
Dec 11th, 25 bps cut or no cut, we sense a slip and fall down the stairs, again. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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