Market Soapbox 07/15/08
TUE, split tape, DJIA -93 on much higher volume with ugly internals. All DOWN cept NDX, NAZ, SOXX.
Bonds up 10 yr yield -4bps 3.82, $ down BIG vs 1.5919€ & vs 104.669y, WTI -4.5% $138.72, gold down $978.8, TED spread up BIG +13bps 1.46%.
SP500 open 1227, dive to new low 1203, bounce to 1234, fade to close 1215. NDX 1798 gap down to open 1786, dive to new low 1761, rise to 1826, fade to close 1798.
Two WEN ago: Two words, limitless downside. Two more words, get out.
FRI: Looks like a Fannie implosion could take this dead man walking to new depths.
MON: the largest bank stock decline since 1989.
Overnight Hang Seng -3.8%; Nikkei -2%; DAX -2.6%; CAC -2%; FTSE -2.5%; Carry trade unwind has Yen down to 104
Despite Oil slumping $6 on slowing concerns, DJIA falls to 1st close under 11K since 06/06, NDX & SP500 hit new multi year lows.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -4bps 3.82, $ down BIG vs 1.5919€ & vs 104.669y, WTI -4.5% $138.72, gold down $978.8, TED spread up BIG +13bps 1.46%.
SP500 open 1227, dive to new low 1203, bounce to 1234, fade to close 1215. NDX 1798 gap down to open 1786, dive to new low 1761, rise to 1826, fade to close 1798.
Two WEN ago: Two words, limitless downside. Two more words, get out.
FRI: Looks like a Fannie implosion could take this dead man walking to new depths.
MON: the largest bank stock decline since 1989.
Overnight Hang Seng -3.8%; Nikkei -2%; DAX -2.6%; CAC -2%; FTSE -2.5%; Carry trade unwind has Yen down to 104
Despite Oil slumping $6 on slowing concerns, DJIA falls to 1st close under 11K since 06/06, NDX & SP500 hit new multi year lows.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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