Market Soapbox 09/03/08
WEN, wavy gravy split tape, DJIA +16 on average volume with poor internals. All DOWN cept RUT.
Bonds up -3bps 10 yr 3.70, $ up vs 1.449€ & down vs 108.36y, WTI -1% $109.33, gold down $805.5, TED spread flat 1.13%.
SP500 1277, rise to 1280, dive to 1265, close 1275. NDX 1850, gap up 1854, dive to 1820, close 1833.
FRI: Personal Income & Spending shows: incomes declined; largest spending drop in 4 years; largest price inflation in 17 years.
TUE: manufacturing in contraction for the 9th straight month, 16th straight decline in private residential construction spending as the main economic engine is off 40% Yoy.
Today, A commodity hedge fund that Lehman has a 20% stake will close down after losing 27% in August; double digit Yoy auto sales declines.
Fed Beige Book references slowing economy & weakening mortgage demand. Silver lining? Crude under $110, down 25% from $148 peak...
NOT! Wake up suckers, its still 100% up from last year at $55!!!
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up -3bps 10 yr 3.70, $ up vs 1.449€ & down vs 108.36y, WTI -1% $109.33, gold down $805.5, TED spread flat 1.13%.
SP500 1277, rise to 1280, dive to 1265, close 1275. NDX 1850, gap up 1854, dive to 1820, close 1833.
FRI: Personal Income & Spending shows: incomes declined; largest spending drop in 4 years; largest price inflation in 17 years.
TUE: manufacturing in contraction for the 9th straight month, 16th straight decline in private residential construction spending as the main economic engine is off 40% Yoy.
Today, A commodity hedge fund that Lehman has a 20% stake will close down after losing 27% in August; double digit Yoy auto sales declines.
Fed Beige Book references slowing economy & weakening mortgage demand. Silver lining? Crude under $110, down 25% from $148 peak...
NOT! Wake up suckers, its still 100% up from last year at $55!!!
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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