Market Soapbox Week Ending 08/08/08

MON, followthrough, DJIA -42 on lower volume with ugly internals. All DOWN cept SOXX. Bonds down 10 yr +2bps 3.96, $ down vs 1.5579€ & up vs 108.255y, WTI -3.5% $121.13 gold -1.5% $902.5, TED spread down -4bps 1.10%

TUE, another chump pump, DJIA +332 on average volume with sterling internals. All UP cept XAU. Bonds down 10 yr +6bps 4.02, $ up BIG vs 1.5452€ & vs 108.282y, WTI -2.5% $118.58, gold -3% $882, TED spread up +1bps 1.11%.

WEN, split tape, DJIA +40 on average volume with decent internals. All UP cept DJTA, DJUA. Bonds down 10 yr +2bps 4.04. $ up vs 1.5408€ & vs 109.785y, WTI down $118.32, gold up $887.6; TED Spread up +5bps 1.16%

THU, double triple dip, DJIA -225 on average volume with poor internals. All DOWN cept SOXX. Bonds up BIG 10 yr -12bps 3.92%. $ up vs 1.5324€ & down vs 109.34y, WTI up $119.88, gold down $880.5; TED Spread down -4bps 1.12%

FRI, more chump pump, DJIA +303 on average volume with nice internals. All UP cept XAU. Bonds down 10 yr +1bps 3.93, $ up HUGE vs 1.5005€ & vs 110.18y, WTI -4% $115.08 gold -2% $863.9, TED spread down -1bps 1.11%.

This week, DJIA +408, since 09/19/05 DJIA +1174. CRB commodities down HUGE 416.02 to 387.42

XAU down 162.54 to 144.47 & gold down BIG 917.6 to 863.9; XOI down 1319.8 to 1292.18 & WTI down BIG 125.14 to 115.08. Volatility VIX down 22.57 to 20.66

TED Spread down 1.14% to 1.11%; Dollar index up BIG 73.474 to 75.85; $ up HUGE vs Yen 107.725 to 110.18 & vs €1.5548 to 1.5005

This week bonds split long up; short down.

30yr -4bps; 10yr -1bps, 5yr -1bps, 2yr -0bps, 6mo +8bps; 3mo +3bps.

30 yr @ 4.53%; 10 yr @ 3.93; 5 yr @ 3.20; 2yr @ 2.50; 6 mo @ 1.94; 3 mo @ 1.69