Market Soapbox 01/09/08
WEN, bounce, DJIA +147 on higher volume with midlin internals. All UP cept SOXX.
Bonds flat 10 yr yield 3.82, $ up vs 1.4668E & vs 109.82y, WTI down $95.60, gold down $876.4 TED spread down -5bps 1.22%
Bear Stearns shut down its $900 million mortgage asset backed hedge fund after losing 39% since August. Shareholders were given the following notice:
"Based on continued market deterioration, we believe that a furtherance of the strategy, even under a longer lock-up, would not be in the best interests of investors."
Too bad the banks & lenders mothballing foreclosed real estate can't realize this fact for their shareholders.
Fri: "we see NDX 1900-1910 and SP500 1370 in clear sight." Tues: "We sense a bounce around SP500 1373." Nailed it.
NDX gap up 1910 to 1915, fall to 1889, bounce to close 1949. SP500 open 1390, fall to 1378, bounce to close 1409.
SP500 bounced off long term 1370 support while DJIA grabbed 400DMA support.
Is it a triple bottom? Is it a dead cat bounce? Perhaps some choppy up action? This dead man walking is one surprise away from keeling over big.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Bonds flat 10 yr yield 3.82, $ up vs 1.4668E & vs 109.82y, WTI down $95.60, gold down $876.4 TED spread down -5bps 1.22%
Bear Stearns shut down its $900 million mortgage asset backed hedge fund after losing 39% since August. Shareholders were given the following notice:
"Based on continued market deterioration, we believe that a furtherance of the strategy, even under a longer lock-up, would not be in the best interests of investors."
Too bad the banks & lenders mothballing foreclosed real estate can't realize this fact for their shareholders.
Fri: "we see NDX 1900-1910 and SP500 1370 in clear sight." Tues: "We sense a bounce around SP500 1373." Nailed it.
NDX gap up 1910 to 1915, fall to 1889, bounce to close 1949. SP500 open 1390, fall to 1378, bounce to close 1409.
SP500 bounced off long term 1370 support while DJIA grabbed 400DMA support.
Is it a triple bottom? Is it a dead cat bounce? Perhaps some choppy up action? This dead man walking is one surprise away from keeling over big.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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