Market Observations 09/12/08; Retail Sales; PPI; GMAC Rescap BK
Resistance: DJIA 11550 (1100DMA); SP500 1265 (1300DMA); NAZ 2300 (1000DMA); NDX 1800 (750DMA)
Support: DJIA 11100 (1400DMA); SP500 1215 (1500DMA); NAZ 2195 (1350DMA); NDX 1715 (1050DMA)
SP500 1249, gap down 1245, dive to 1233, bounce to 1255, close 1252. NDX 1774, gap down 1756, fall to 1743, rise to 1775, close 1767.
FRI: Keep your eyes peeled to the sky, it will be a name brand or two...as the Treasury will announce a Phony FNMA & Fraudy FHLMC bailout this weekend.
MON: And they did with the Mother of all bailouts. But $200 billion from the Treasury will not be enough.
TUE: Keep your eyes peeled to the sky, it will be another name brand. Lehman plunged 45%; AIG -20%, both on capital concerns.
WEN: Lehman Brothers preannounced Q3 earnings, a $3.9 billion loss. WaMu -26% on news that potential suitors are walking away, and fast.
THU: WaMu sees a Q3 $4.5 billion loan loss provision, Moody's cuts WaMu to junk level.
The largest S&L in the US needs $10 billion yesterday, and can find no takers.
Today, ex auto retail sales -0.7%; ex food & energy PPI +0.2%. Aug Realtytrac Foreclosures +11%, a new high. NAR inventory 3.9 million, an 11.1 month supply, the most since 1982.
MSN's Jim Jubak on the Fraudy & Phony bailout: Feds bailed out China, not the US, bad for US, good for China.
The $5 Trillion bailout doubles the national debt, forcing the sale of more bonds which will lower the dollar & bond prices,
while raising interest rates and furthering double digit stagflation.
Keep yours peeled to the sky, it could be a name brand...
BofA talking to Lehman, JPMorgan talking to WaMu. Will it be AIG? Lehman, Wachovia or WaMu? How about none of the above...
Last month in a SEC filing GMAC Rescap said it may have negative liquidity this year and could have trouble paying its debt.
Two days ago, Moody's cut GMAC Rescap debt closer to default. Forcing debt holders to call the note.
Today, Rescap froze its REO assets, even those under contract of sale.
Can you say GMAC Rescap BK? We can. And the resulting liquidators sale of the REO assets... will be the death knell for certain real estate markets.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 11100 (1400DMA); SP500 1215 (1500DMA); NAZ 2195 (1350DMA); NDX 1715 (1050DMA)
SP500 1249, gap down 1245, dive to 1233, bounce to 1255, close 1252. NDX 1774, gap down 1756, fall to 1743, rise to 1775, close 1767.
FRI: Keep your eyes peeled to the sky, it will be a name brand or two...as the Treasury will announce a Phony FNMA & Fraudy FHLMC bailout this weekend.
MON: And they did with the Mother of all bailouts. But $200 billion from the Treasury will not be enough.
TUE: Keep your eyes peeled to the sky, it will be another name brand. Lehman plunged 45%; AIG -20%, both on capital concerns.
WEN: Lehman Brothers preannounced Q3 earnings, a $3.9 billion loss. WaMu -26% on news that potential suitors are walking away, and fast.
THU: WaMu sees a Q3 $4.5 billion loan loss provision, Moody's cuts WaMu to junk level.
The largest S&L in the US needs $10 billion yesterday, and can find no takers.
Today, ex auto retail sales -0.7%; ex food & energy PPI +0.2%. Aug Realtytrac Foreclosures +11%, a new high. NAR inventory 3.9 million, an 11.1 month supply, the most since 1982.
MSN's Jim Jubak on the Fraudy & Phony bailout: Feds bailed out China, not the US, bad for US, good for China.
The $5 Trillion bailout doubles the national debt, forcing the sale of more bonds which will lower the dollar & bond prices,
while raising interest rates and furthering double digit stagflation.
Keep yours peeled to the sky, it could be a name brand...
BofA talking to Lehman, JPMorgan talking to WaMu. Will it be AIG? Lehman, Wachovia or WaMu? How about none of the above...
Last month in a SEC filing GMAC Rescap said it may have negative liquidity this year and could have trouble paying its debt.
Two days ago, Moody's cut GMAC Rescap debt closer to default. Forcing debt holders to call the note.
Today, Rescap froze its REO assets, even those under contract of sale.
Can you say GMAC Rescap BK? We can. And the resulting liquidators sale of the REO assets... will be the death knell for certain real estate markets.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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