Market Soapbox 09/11/08; Initial Claims; Import/Export Prices; Woe is WaMu
THU, bounce, DJIA +165 on average volume with nice internals. All UP cept XAU.
Bonds down 10 yr +2bps 3.64. $ down vs 1.399€ & vs 107.12y, WTI -2% $101.43, gold down $755.3; TED Spread up +3bps 1.20%
SP500 1232, gap down to 1229, plunge to 1211, rise to close 1249. NDX 1738, gap down to 1714, rise to close 1774.
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.
Today, NDX & SP500 bounce off new post 08/18 lows. Dollar rising with gold's largest slide in 8 years.
Japans economy contracted 3% last quarter. Despite the pullback in crude, which lowered import prices the most in 20 yrs -3.7%, (ex oil imports -0.3%)
the trade deficit widened +5.7% to over $62 billion. In the last year, prices for all imports +16%; all exports +8.2%.
Continuing unemployment claims rising +122K to new multi year high over 3.5 million.
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.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +2bps 3.64. $ down vs 1.399€ & vs 107.12y, WTI -2% $101.43, gold down $755.3; TED Spread up +3bps 1.20%
SP500 1232, gap down to 1229, plunge to 1211, rise to close 1249. NDX 1738, gap down to 1714, rise to close 1774.
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.
Today, NDX & SP500 bounce off new post 08/18 lows. Dollar rising with gold's largest slide in 8 years.
Japans economy contracted 3% last quarter. Despite the pullback in crude, which lowered import prices the most in 20 yrs -3.7%, (ex oil imports -0.3%)
the trade deficit widened +5.7% to over $62 billion. In the last year, prices for all imports +16%; all exports +8.2%.
Continuing unemployment claims rising +122K to new multi year high over 3.5 million.
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.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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