Market Soapbox 03/17/08
MON, wavy gravy, DJIA +21 on higher volume with ugly internals. All DOWN cept DJUA.
Bonds up BIG 10 yr yield -14bps 3.31. $ porked vs 1.5724E & vs 97.47y, WTI -4% $106.18, gold up $1006.70 TED spread down -11bps 1.48%
THU: Coming soon: March 18th Fed cut disappointment and something nasty comes out of the woodshed.
Bear Stearns came out of its cave to collapse on Friday. Overnight: Nikkei -3.7%; Hang Seng -5.2%; FTSE -3.9%; DAX -4.2%; CAC -3.5%; MIB -3.4%.
SP500 1288 gap down open 1283, plunge to 1256, bounce to close at support 1276. NDX 1713 gap down open 1680, bounce 1706, plunge to support 1668, bounce to close 1687.
Deceiving DJIA down 193, then up 125. How bad was it, SP500 was down 31; National City Bank -43%; CIT -28%; Lehman Bros -19%; WaMu -13%
The 3 month note went to 1.10%, a level not seen since the late 1950's. Oil pulled back 4% on economic slowing concerns.
FRI: Anything less than 75 bps disappoints. The price of poker went up... less than 100 now disappoints. Odds 22% for 125 bps, 78% for 100 bps.
SP500 bounced off 1250, we suspect 1200 is coming, and fast.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG 10 yr yield -14bps 3.31. $ porked vs 1.5724E & vs 97.47y, WTI -4% $106.18, gold up $1006.70 TED spread down -11bps 1.48%
THU: Coming soon: March 18th Fed cut disappointment and something nasty comes out of the woodshed.
Bear Stearns came out of its cave to collapse on Friday. Overnight: Nikkei -3.7%; Hang Seng -5.2%; FTSE -3.9%; DAX -4.2%; CAC -3.5%; MIB -3.4%.
SP500 1288 gap down open 1283, plunge to 1256, bounce to close at support 1276. NDX 1713 gap down open 1680, bounce 1706, plunge to support 1668, bounce to close 1687.
Deceiving DJIA down 193, then up 125. How bad was it, SP500 was down 31; National City Bank -43%; CIT -28%; Lehman Bros -19%; WaMu -13%
The 3 month note went to 1.10%, a level not seen since the late 1950's. Oil pulled back 4% on economic slowing concerns.
FRI: Anything less than 75 bps disappoints. The price of poker went up... less than 100 now disappoints. Odds 22% for 125 bps, 78% for 100 bps.
SP500 bounced off 1250, we suspect 1200 is coming, and fast.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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