Market Soapbox 12/17/07
MON, triple digit followthrough, DJIA -173 on lower volume with horrible internals. All DOWN BIG.
Bonds up 10 yr yield -7bps 4.17, $ up vs 1.4388E & down vs 113.03y, WTI down $90.72, gold up $799.3
Hubba Hubba, who do ya trust? UBS sees $4 billion of credit losses on Ambac CDO collateralized debt obligation exposures.
Moody's sez Ambac stable and reaffirms AAA rating. As stated before, major guarantors will not be downgraded, if so, game over.
Moody's is extending its rating review period for six Citibank managed SIVs. Capital One downgraded to Sell from Hold at Citigroup.
FRI: "About 20 points off on (targets), adjusting to SP500 1460, NDX 2050."
Both crashed support. SP500 1460 (300DMA) & NDX 2050 (100DMA),
Tech led plunge, NDX gap down 2072 to 2032, bounce back to 2068, plunge to close 2020 (150DMA). SP500 open 1465, plunge to close 1445.
Expect the dead cat to bounce, as a breech of NDX 2020 means 1980 & SP500 (400DMA) 1415 await.
Perhaps after New Years, SP500 1375 & NDX 1900? Tomorrow Housing Starts, Permits, Goldman Sachs, K&B.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds up 10 yr yield -7bps 4.17, $ up vs 1.4388E & down vs 113.03y, WTI down $90.72, gold up $799.3
Hubba Hubba, who do ya trust? UBS sees $4 billion of credit losses on Ambac CDO collateralized debt obligation exposures.
Moody's sez Ambac stable and reaffirms AAA rating. As stated before, major guarantors will not be downgraded, if so, game over.
Moody's is extending its rating review period for six Citibank managed SIVs. Capital One downgraded to Sell from Hold at Citigroup.
FRI: "About 20 points off on (targets), adjusting to SP500 1460, NDX 2050."
Both crashed support. SP500 1460 (300DMA) & NDX 2050 (100DMA),
Tech led plunge, NDX gap down 2072 to 2032, bounce back to 2068, plunge to close 2020 (150DMA). SP500 open 1465, plunge to close 1445.
Expect the dead cat to bounce, as a breech of NDX 2020 means 1980 & SP500 (400DMA) 1415 await.
Perhaps after New Years, SP500 1375 & NDX 1900? Tomorrow Housing Starts, Permits, Goldman Sachs, K&B.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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