Market Soapbox 09/24/08

WEN, split tape -28 on light volume with midlin internals. All UP cept MID, RUT, DJTA.

Bonds down +1bps 10 yr 3.81, $ up vs 1.4612€ & vs 106.235y, WTI down $105.46, gold -1% $887.7, TED spread EXPLODES +52bps 3.02%.

SP500 1188, rise to 1197, fall to 1179, close 1185. NDX 1648 gap up to 1657, rise to 1677, dip to 1648, close 1661.

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.

TUE: Meredith Whitney... any government plan has "little hope of improving core fundamentals over the near and medium term."

Today, Warren Buffet's Berkshire saved Goldman Sach's bonus plan by buying $5 billion in preferred stock from Goldman Sachs.

Berkshire will also receive warrants to purchase $5 billion of common stock within 5 years.

Panhandling Goldman also priced a $5.0 billion common stock public offering at $123 per share.

Keep your eyes peeled to the sky, it could be a name brand... WaMu counterparty credit rating downgraded to CCC/C from BB-/B.

Hubba Hubba, who do you trust? Both measures of bank trust balloned; Libor +27bps to 3.48% and the TED Spread +52 bps to 3.02%

Hank Paulson... "the proposed $700 billion program is about benefiting American people since their economic well-being is at risk."

And whose irresponsible behavior put us at risk? For $700 billion could you benefit us with their collective heads on a platter?

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

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