Market Soapbox 08/25/08
MON, double triple dip, DJIA -242 on very tepid volume with dismal internals. All DOWN BIG.
Bonds up BIG 10 yr -9bps 3.78, $ up vs 1.4756€ & down vs 109.315y, WTI up $115.25 gold down $826.4, TED spread up +2bps 1.14%.
SP500 1293, fall to 1264, close 1266. NDX 1931, gap up to 1918, fall to 1885, close 1890.
FRI: 5% crude decline sparks 200 point rally. KDB Korea Development Bank may be interested in acquiring Lehman Brothers, hedge fund Ore Hill is limiting redemptions.
Today, South Korean regulators told the KDB to take a cautious approach before making any acquisition.
This quarter, JP Morgan has lost $600 million of its $1.2 billion investment in Fannie (Phony) and Freddie (Fraudy).
AIG earnings estimate cut again, and placed on negative watch by Fitch. Small regional bank Columbian B&T was closed by regulators over the weekend.
On very tepid volume, 95% of SP500 stocks sold off, all 10 sectors declined at least 1%.
Since our call for the end of this "chump pump" on or about Aug 18-20 the action has been downward.
Keep your eyes peeled to the sky, it could be a name brand...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG 10 yr -9bps 3.78, $ up vs 1.4756€ & down vs 109.315y, WTI up $115.25 gold down $826.4, TED spread up +2bps 1.14%.
SP500 1293, fall to 1264, close 1266. NDX 1931, gap up to 1918, fall to 1885, close 1890.
FRI: 5% crude decline sparks 200 point rally. KDB Korea Development Bank may be interested in acquiring Lehman Brothers, hedge fund Ore Hill is limiting redemptions.
Today, South Korean regulators told the KDB to take a cautious approach before making any acquisition.
This quarter, JP Morgan has lost $600 million of its $1.2 billion investment in Fannie (Phony) and Freddie (Fraudy).
AIG earnings estimate cut again, and placed on negative watch by Fitch. Small regional bank Columbian B&T was closed by regulators over the weekend.
On very tepid volume, 95% of SP500 stocks sold off, all 10 sectors declined at least 1%.
Since our call for the end of this "chump pump" on or about Aug 18-20 the action has been downward.
Keep your eyes peeled to the sky, it could be a name brand...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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