Market Soapbox 09/15/08
MON, crash, DJIA -504 on exceptionally high volume with devastating internals. All DOWN HUGE.
Bonds up HUGE 10 yr -33bps 3.39%. $ down vs 1.427€ & crushed vs 104.408y, WTI -7% $93.89, gold +3% $791; TED Spread EXPLODES +48bps 1.81%
SP500 1252, slide to close 1192. NDX 1767, gap down 1721, rise to 1757, crash to close 1705.
Last week: In the mother of all bailouts, after cooking their books in broad daylight, Fraudy FHLMC & Phony FNMA became tax payer owned zombies...
FRI: 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...
Overnight, FTSE -3.4%, CAC -3.8% and DAX -2.9%; Today, industrial production -1.1%; auto output -11%; crude oil -9% under $95; decliners 81 to 1; financials -10%;
Fed injects $70 billion into system to no avail, largest decline since day after 9/11.
BofA bails out Merrill Lynch at $29 per share; Lehman saddled with $60 billion in sour mortgage backed securities files the largest BK of all time.
Meredith Whitney said that Lehman's large balance sheet will need to be liquidated swiftly, which will drive the prices of assets lower across the board..
The $616 billion BK, largest debtors: Aozora, Chuo Mitsui Trust, Sumitomo Mitsui Financial, Mizuho Corporate Bank, Shinkin Central Bank, Bank of China
SP500 down 18.8% YTD and down 24.3% from its October 2007 all-time high. NEXT?? This "Final Destination" dead pool nightmare continues...
AIG desperately seeking cash, needs a $40 billion bridge loan to survive, WaMu cut to junk...
take a number as accounting stinks and on the brink: Wachovia, Citigroup and GMAC Rescap. Further thoughts? Refer to our weekend post Vampire Shorts...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up HUGE 10 yr -33bps 3.39%. $ down vs 1.427€ & crushed vs 104.408y, WTI -7% $93.89, gold +3% $791; TED Spread EXPLODES +48bps 1.81%
SP500 1252, slide to close 1192. NDX 1767, gap down 1721, rise to 1757, crash to close 1705.
Last week: In the mother of all bailouts, after cooking their books in broad daylight, Fraudy FHLMC & Phony FNMA became tax payer owned zombies...
FRI: 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...
Overnight, FTSE -3.4%, CAC -3.8% and DAX -2.9%; Today, industrial production -1.1%; auto output -11%; crude oil -9% under $95; decliners 81 to 1; financials -10%;
Fed injects $70 billion into system to no avail, largest decline since day after 9/11.
BofA bails out Merrill Lynch at $29 per share; Lehman saddled with $60 billion in sour mortgage backed securities files the largest BK of all time.
Meredith Whitney said that Lehman's large balance sheet will need to be liquidated swiftly, which will drive the prices of assets lower across the board..
The $616 billion BK, largest debtors: Aozora, Chuo Mitsui Trust, Sumitomo Mitsui Financial, Mizuho Corporate Bank, Shinkin Central Bank, Bank of China
SP500 down 18.8% YTD and down 24.3% from its October 2007 all-time high. NEXT?? This "Final Destination" dead pool nightmare continues...
AIG desperately seeking cash, needs a $40 billion bridge loan to survive, WaMu cut to junk...
take a number as accounting stinks and on the brink: Wachovia, Citigroup and GMAC Rescap. Further thoughts? Refer to our weekend post Vampire Shorts...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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