Market Soapbox 05/05/08
MON, downdraft, DJIA -89 on light volume with ugly internals. All DOWN cept XAU, XOI.
Bonds up 10 yr yield -1bps 3.85, $ down vs 1.5488€ & vs 104.826y, WTI +3% $120.01, gold +2% $874.1, TED spread down BIG -10bps 1.18%.
SP500 open 1412, pop to 1415, fall to 1404, close 1407. NDX open 1980, rise to 1992, fall to 1967, close 1975.
FRI: we still think this is a suckers rally. YTD: Oil $120; Airlines -31%; DJTA +16%
Tomorrow before the open will we get a "surprise" from our Fannie?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -1bps 3.85, $ down vs 1.5488€ & vs 104.826y, WTI +3% $120.01, gold +2% $874.1, TED spread down BIG -10bps 1.18%.
SP500 open 1412, pop to 1415, fall to 1404, close 1407. NDX open 1980, rise to 1992, fall to 1967, close 1975.
FRI: we still think this is a suckers rally. YTD: Oil $120; Airlines -31%; DJTA +16%
Tomorrow before the open will we get a "surprise" from our Fannie?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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