Market Soapbox 05/21/08
WEN, double triple redux, DJIA -227 on average volume with horrible internals. All DOWN BIG.
Bonds down 10 yr yield +3 bps 3.80, $ down vs 1.5792€ & vs 103.04y, WTI +3.7%% $133.83, gold +1% $928.6, TED spread down -2bps 0.78%
SP500 open 1414, pop to 1419, drop to 1388, close 1391. NDX 2000 gap up to open 2005, pop to 2015, drop to 1952, close 1957.
Oh no they didn't... The Financial Times reported Moody's may have improperly given Aaa ratings to complex debt.
The article states that Moody's knew in early 2007 that coding error in the company's computer models caused the improper ratings.
FRI: We still think this is a suckers rally, something nasty is stirring in the woodshed.
It busted out, $133 oil, rampant double digit stagflation and the central bank confesses to being cornered.
Some frank Fed notes and a few paying attention got an already down market clobbered. What or better, Who is next? Could it be a name brand?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr yield +3 bps 3.80, $ down vs 1.5792€ & vs 103.04y, WTI +3.7%% $133.83, gold +1% $928.6, TED spread down -2bps 0.78%
SP500 open 1414, pop to 1419, drop to 1388, close 1391. NDX 2000 gap up to open 2005, pop to 2015, drop to 1952, close 1957.
Oh no they didn't... The Financial Times reported Moody's may have improperly given Aaa ratings to complex debt.
The article states that Moody's knew in early 2007 that coding error in the company's computer models caused the improper ratings.
FRI: We still think this is a suckers rally, something nasty is stirring in the woodshed.
It busted out, $133 oil, rampant double digit stagflation and the central bank confesses to being cornered.
Some frank Fed notes and a few paying attention got an already down market clobbered. What or better, Who is next? Could it be a name brand?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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