Market Soapbox 08/28/08
THU, double triple followthrough, DJIA +213 on tepid volume with sterling internals. All UP cept XOI, XAU.
Bonds down 10 yr +2bps 3.78%. $ up vs 1.47€ & down vs 109.51y, WTI -2% $116.21, gold up $839.2; TED Spread down -6bps 1.08%
SP500 1281, rise to close 1300. NDX 1900, gap up 1904, rise to 1921, close 1915.
MON: On very tepid volume, 95% of SP500 stocks sold off, all 10 sectors declined at least 1%.
WEN: the lowest volume of 2008 as a durable goods headfake sparks a meritless & convictionless bounce in financials & homebuilders.
Today, stagflated GDP surprise got big applause from duped investors.
9th straight NYSE session <1 million says this little headfake has no legs.
Next week, schools back in, vacation ends, and the gloves come off.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +2bps 3.78%. $ up vs 1.47€ & down vs 109.51y, WTI -2% $116.21, gold up $839.2; TED Spread down -6bps 1.08%
SP500 1281, rise to close 1300. NDX 1900, gap up 1904, rise to 1921, close 1915.
MON: On very tepid volume, 95% of SP500 stocks sold off, all 10 sectors declined at least 1%.
WEN: the lowest volume of 2008 as a durable goods headfake sparks a meritless & convictionless bounce in financials & homebuilders.
Today, stagflated GDP surprise got big applause from duped investors.
9th straight NYSE session <1 million says this little headfake has no legs.
Next week, schools back in, vacation ends, and the gloves come off.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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