Market Soapbox 04/16/08

WEN, followthrough, DJIA +257 on low volume with impeccable internals. All UP BIG.

Bonds down BIG 10 yr yield +10bps 3.68, $ porked vs 1.5956€ & vs 101.693y, WTI +1% $114.91, gold +2% $948.3 TED spread up +1bps 1.60%

SP500 1334 gap up to open 1337, rise to close 1365. NDX 1794 gap up to open 1817; rise to close 1847.

All time high: Oil $115; $ all time low vs Euro. Despite media spin; examination reveals economic data to be very ugly;

Fed Beige Book not encouraging; Bernanke & Yellen believe the economy has stalled, and could even contract in the first half of 2008.

Reporting: Wells Fargo net -11%, Intel net -12%; JPMorgan net -52%, $5 billion write down; WaMu $1 billion loss.

We expected yesterdays bounce, but for the market to followthrough and applaud the data & financial results with a 250 point up day?

What is in the bong investors are toking on? Both NDX & SP500 went straight to MAX PAIN a day before options expiration.

When the media BS hangover wears off, reality will sink in, get ready for a wicked backslide.

Often wrong, but never in doubt, this is the Nattering Naybob and you're not.

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