Market Soapbox 09/09/08

TUE, post bailout blues, DJIA -280 on very high volume with devastating internals. All DOWN BIG.

Bonds up BIG 10 yr -10bps 3.57, $ up vs 1.4133€ & down BIG vs 106.76y, WTI -4% $102.24 gold -3% $780.7, TED spread up +5bps 1.16%.

SP500 1268, plunge to close 1224. NDX 1763 gap up to 1779, plunge to close 1721.

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.

Today, the commodities bubble continued to implode as crude oil plunged 4%, XAU -9%; XOI -6%...

no help for equities as yesterdays ebullient investors pulled their heads out of their collective Fannies.

91% of SP500 stocks and all ten sectors sold off. Investors perhaps realize that yesterdays GSE bailout, is just slapping lipstick on one ugly pig.

US Bancorp said that Q3 net charge-offs will rise 25% to 28% from Q2. Q3 nonperforming assets are expected increase 27% to 32% compared to Q2.

Keep your eyes peeled to the sky, it will be another name brand. Lehman plunged 45%; AIG -20%, both on capital concerns.

Its a dead man walkin... the 280 pt DJIA decline understates the severity as this lipstick smeared zombie fell 44 pts on the SP500.

Often wrong, but never in doubt, this is the Nattering Naybob and you're not.

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