Market Soapbox 03/12/08
WEN, letdown, DJIA -47 on average volume with poor internals. All DOWN.
Bonds up BIG 10 yr yield -14bps 3.47. $ porked vs 1.5564€ & vs 101.44y, WTI +1% $109.92, gold up $980.5 TED spread up +6bps 1.45%
FRI: The market needs a bounce off 1270 next week. MON: We smell another futile Fed panic coming.
TUE: Fed panics, $200 billion TSFL GSE paper bailout gets the largest single day gain in 5 years. Program trading headfake? With oil touching $109, DJTA +4.5%?
SP500 open 1321, rise to test 1330 resistance at 1333, pfffttt to 1307. NDX 1740 gap up to open 1746, rise to test 1755 resistance at 1764, pfffttt to 1731, close 1735.
Today, back to reality: Oil above $110; DJTA punked; airlines hammered 10%. Feb budget gap ballooned to record $175 billion;
dollar falls 1.5% today; 6% this year (18% in last year) to record low 1.55 vs €; vs Yen under 102. NDX & SP500 failed at resistance.
Options unwind & expiration; March 18th Fed cut disappointment coming, cant cha smell that smell? It's a dead man walkin, get ready.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG 10 yr yield -14bps 3.47. $ porked vs 1.5564€ & vs 101.44y, WTI +1% $109.92, gold up $980.5 TED spread up +6bps 1.45%
FRI: The market needs a bounce off 1270 next week. MON: We smell another futile Fed panic coming.
TUE: Fed panics, $200 billion TSFL GSE paper bailout gets the largest single day gain in 5 years. Program trading headfake? With oil touching $109, DJTA +4.5%?
SP500 open 1321, rise to test 1330 resistance at 1333, pfffttt to 1307. NDX 1740 gap up to open 1746, rise to test 1755 resistance at 1764, pfffttt to 1731, close 1735.
Today, back to reality: Oil above $110; DJTA punked; airlines hammered 10%. Feb budget gap ballooned to record $175 billion;
dollar falls 1.5% today; 6% this year (18% in last year) to record low 1.55 vs €; vs Yen under 102. NDX & SP500 failed at resistance.
Options unwind & expiration; March 18th Fed cut disappointment coming, cant cha smell that smell? It's a dead man walkin, get ready.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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