Market Soapbox 07/17/08
THU, double triple followthrough, DJIA +207 on very high volume with pretty internals. All UP cept DJUA, XAU, XOI.
Bonds down 10 yr +5bps 4%, $ down vs 1.5854€ & up vs 106.383y, WTI -3.5% $129.87, gold up $970.7, TED spread down -3bps 1.38%.
SP500 open 1245, dip 1241, rise to 1262, close 1260. NDX 1844, gap up open 1851, dip 1829, rise to 1862, close 1853.
3rd day with crude slumping another -3% to $130. JPMorgan beat the number, under the sheets, profit -53%.
WEN: the suckers bounce we have been looking for as SP Financials Index +9.5%, a record. Do not be fooled...
Crude is still $130, profit JPMorgan -53%; Wells -23%; macro reports all bad; this is GOOD news?
We repeat, this is a "chump jump". Cavaet emptor.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +5bps 4%, $ down vs 1.5854€ & up vs 106.383y, WTI -3.5% $129.87, gold up $970.7, TED spread down -3bps 1.38%.
SP500 open 1245, dip 1241, rise to 1262, close 1260. NDX 1844, gap up open 1851, dip 1829, rise to 1862, close 1853.
3rd day with crude slumping another -3% to $130. JPMorgan beat the number, under the sheets, profit -53%.
WEN: the suckers bounce we have been looking for as SP Financials Index +9.5%, a record. Do not be fooled...
Crude is still $130, profit JPMorgan -53%; Wells -23%; macro reports all bad; this is GOOD news?
We repeat, this is a "chump jump". Cavaet emptor.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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