Market Soapbox 07/09/08
WEN, double triple downdraft, DJIA -237 on average volume with horrible internals. All DOWN BIG cept DJUA.
Bonds up BIG 10 yr yield -8bps 3.81. $ down vs 1.5744€ & vs 106.715y, WTI down $135.6, gold up $928.6; TED Spread up +6bps 1%
SP500 open 1274, pop to 1277, plummet to close 1244. NDX 1871, gap down to open 1866, jump to 1871, plummet to close 1818.
THU: Hi tech head fake under way, batten the hatches and secure everything, we sense a bounce. But do not be fooled, we sense things are just starting to get grim.
TUE: The credit crunch is worsening; demand destruction is only now reaching full intensity; further macro deterioration in terms of "growth" and unemployment by year end.
Tues bounce shortlived, finance, FNMA, FHLMC, MGIC, INDYMAC all getting what they deserve, shorted to death.
Flight to safety? PG rising from 60.05 low to 63.8 in 6 days.
Most investors portfolios are like a frog in a slow boil; down 20% today; tomorrow??
Is the consumer slowing down? 600 less Starbucks and in May, 3200 martial arts studios closed their doors, thats 20% of the US total, in one month.
Near term, we sense NDX 1600 around Aug 18th, next target NDX 1250.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG 10 yr yield -8bps 3.81. $ down vs 1.5744€ & vs 106.715y, WTI down $135.6, gold up $928.6; TED Spread up +6bps 1%
SP500 open 1274, pop to 1277, plummet to close 1244. NDX 1871, gap down to open 1866, jump to 1871, plummet to close 1818.
THU: Hi tech head fake under way, batten the hatches and secure everything, we sense a bounce. But do not be fooled, we sense things are just starting to get grim.
TUE: The credit crunch is worsening; demand destruction is only now reaching full intensity; further macro deterioration in terms of "growth" and unemployment by year end.
Tues bounce shortlived, finance, FNMA, FHLMC, MGIC, INDYMAC all getting what they deserve, shorted to death.
Flight to safety? PG rising from 60.05 low to 63.8 in 6 days.
Most investors portfolios are like a frog in a slow boil; down 20% today; tomorrow??
Is the consumer slowing down? 600 less Starbucks and in May, 3200 martial arts studios closed their doors, thats 20% of the US total, in one month.
Near term, we sense NDX 1600 around Aug 18th, next target NDX 1250.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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