Market Soapbox 08/27/08
WEN, bounce DJIA +86 on lowest volume this year with nice internals. All UP.
Bonds up 10 yr -2bps 3.76. $ down vs 1.473€ & vs 109.553y, WTI +2% $118.35, gold up $831.8; TED Spread up +3bps 1.14%
SP500 1271, rise to 1285, close 1281. NDX 1887, drop to 1881, rise to 1913, close 1900.
MON: On very tepid volume, 95% of SP500 stocks sold off, all 10 sectors declined at least 1%.
During the last four sessions, the NYSE posted consecutive trading volume lows for the year.
Today, the lowest volume of 2008 as a durable goods headfake sparks a meritless & convictionless bounce in financials & homebuilders.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -2bps 3.76. $ down vs 1.473€ & vs 109.553y, WTI +2% $118.35, gold up $831.8; TED Spread up +3bps 1.14%
SP500 1271, rise to 1285, close 1281. NDX 1887, drop to 1881, rise to 1913, close 1900.
MON: On very tepid volume, 95% of SP500 stocks sold off, all 10 sectors declined at least 1%.
During the last four sessions, the NYSE posted consecutive trading volume lows for the year.
Today, the lowest volume of 2008 as a durable goods headfake sparks a meritless & convictionless bounce in financials & homebuilders.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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