Market Soapbox Week Ending 04/11/08

MON, wavy gravy, DJIA +3 on lower volume with midlin internals. The market gapped up with NDX hitting 1885.93 and SP500 rising to 1386.74, then fell. Both our numbers have been hit, expect further downturn.

TUE, downturn, DJIA -36; SP500 -7 on tepid volume with dismal internals. All DOWN cept DJUA, XOI. Short term bonds up 10 yr yield +2bps 3.56. $ up vs 1.571€ & vs 102.57y, WTI down $108.86, gold down $918. TED spread down -3bps 1.33%

WEN, peak & pull back, DJIA -49 on tepid volume with horrible internals. All DOWN cept DJUA, SOXX, XOI, XAU. Bonds up 10 yr yield -8bps 3.48, $ down vs 1.5822€ & vs 101.832y, WTI +2% $110.83, gold +2% $937.5 TED spread up +9bps 1.42%

THU, bounce, DJIA +55 on lower volume with decent internals. All UP cept DJUA, XAU, XOI. Bonds down 10 yr yield +5bps 3.53, $ up vs 1.5743€ & down vs 101.675y, WTI down $109.94, gold down $931.8 TED spread up +3bps 1.45%

FRI, double triple miss, DJIA -257 on lower volume with devastating internals. All DOWN BIG cept DJUA. Bonds up 10 yr yield -6bps 3.47, $ down vs 1.5828€ & vs 100.85y, WTI up $110.41, gold down $927, TED spread up +7bps 1.52%.

This week, DJIA -255, since 09/19/05 DJIA +1748. CRB commodities up 395.09 to 407.45

XAU down 184.68 to 181.69 & gold up 913.12 to 927; XOI down 1392.77 to 1384.57 & WTI up 106.23 to 110.41. Volatility VIX up 22.45 to 23.48

TED Spread up BIG 1.36% to 1.52%; Dollar index down 71.95 to 71.806 $ down vs Yen 101.475 to 100.85 & vs € 1.5738 to 1.5828

This week bonds up. 30yr -2bps; 10yr +0bps, 5yr -5bps, 2yr -8bps, 6mo -13bps; 3mo -18bps.

30 yr @ 4.29%; 10 yr @ 3.47; 5 yr @ 2.57; 2yr @ 1.74; 6 mo @ 1.39; 3 mo @ 1.19

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