Market Soapbox 09/23/08
TUE, followthrough, DJIA -162 on light volume with poor internals. All DOWN.
Bonds up 10 yr -4bps 3.80, $ up vs 1.465€ & vs 105.507y, WTI -2% $106.94 gold -1% $897.8, TED spread up HUGE +56bps 2.50%.
SP500 1207, rise to 1221, plunge to close 1187. NDX 1665, gap up 1678, rise to 1696, plunge to 1645, close 1648.
FRI: AIG, FNMA, FHLMC & bad debt bailouts will add $700 billion to $1 trillion in Treasury debt.
MON: the dollar index porked 3%; oil intraday surging to $120, the largest single day gain on record.
Today, Meredith Whitney cut earnings estimates on Bank of America; Citigroup; JPMorgan; Wells Fargo and Wachovia.
Whitney sounding like the Nattering One... any government plan has "little hope of improving core fundamentals over the near and medium term."
Bennie & The Ink Jets: "If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse."
Keep your eyes peeled to the sky, it could be a name brand...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -4bps 3.80, $ up vs 1.465€ & vs 105.507y, WTI -2% $106.94 gold -1% $897.8, TED spread up HUGE +56bps 2.50%.
SP500 1207, rise to 1221, plunge to close 1187. NDX 1665, gap up 1678, rise to 1696, plunge to 1645, close 1648.
FRI: AIG, FNMA, FHLMC & bad debt bailouts will add $700 billion to $1 trillion in Treasury debt.
MON: the dollar index porked 3%; oil intraday surging to $120, the largest single day gain on record.
Today, Meredith Whitney cut earnings estimates on Bank of America; Citigroup; JPMorgan; Wells Fargo and Wachovia.
Whitney sounding like the Nattering One... any government plan has "little hope of improving core fundamentals over the near and medium term."
Bennie & The Ink Jets: "If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse."
Keep your eyes peeled to the sky, it could be a name brand...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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