Market Soapbox 09/25/08
THU, bailout bounce, DJIA +197 on average volume with nice internals. All UP cept XAU.
Bonds down 10 yr +4bps 3.85. $ down vs 1.4619€ & up vs 106.42y, WTI +2% $107.67, gold down $882.2; TED Spread flat 3.02%
SP500 1185, rise to 1220, fade to close 1209. NDX 1661. gap up 1675, dip to 1668, rise to 1708, fade to close 1687.
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."
WEN: Goldman Sachs bailed out. Both measures of bank trust balloned; Libor +27bps to 3.48% and the TED Spread +52 bps to 3.02%
Today, GE reduced its annual profit forecast for the 2nd time this year and...
suspended its stock buyback because of "unprecedented weakness and volatility" in financial markets.
Now its not the terrorists... White House and Federal Reserve officials have taken a page from the neo con playbook and are preying on the public's economic FEAR FACTOR.
Master bailer Dodd said the principles of the bailout agreement will allow Congress to "act expeditiously" and "send a message to the markets."
The message: don't worry, act irresponsibly and line your own pockets, your paid for prostitutes in Congress will always reward you, much to the publics detriment.
Why con the public through fear to pay for an unnecessary surgery? Only their banker friends will benefit from the $700 billion "pawn shop" mark to Paulson bailout.
We told many how the politicians would all be wringing their hands and feigning cluelessness: Who would have thunk it? How could this happen?
If you read these pages 24 months ago... or could add 2+2... you knew it. How could the best and brightest not know? They did, and they are lying to us.
These management by crisis fear mongers also know, that the bailouts are not necessary and the economic damage we are about to witness is unstoppable.
As we have stated before, bail and cut all you want, NOTHING and NO ONE can stop this train wreck. Fallujah this...
the ultra rich and all those voting for and benefitting from the bailouts must serve three years on the front lines, in the Iraq war.
First on draft day, Alan "Zero Interest Rate" Greenspan & the worthless draft dodging commander in mischief himself, Shrub Jr.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +4bps 3.85. $ down vs 1.4619€ & up vs 106.42y, WTI +2% $107.67, gold down $882.2; TED Spread flat 3.02%
SP500 1185, rise to 1220, fade to close 1209. NDX 1661. gap up 1675, dip to 1668, rise to 1708, fade to close 1687.
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."
WEN: Goldman Sachs bailed out. Both measures of bank trust balloned; Libor +27bps to 3.48% and the TED Spread +52 bps to 3.02%
Today, GE reduced its annual profit forecast for the 2nd time this year and...
suspended its stock buyback because of "unprecedented weakness and volatility" in financial markets.
Now its not the terrorists... White House and Federal Reserve officials have taken a page from the neo con playbook and are preying on the public's economic FEAR FACTOR.
Master bailer Dodd said the principles of the bailout agreement will allow Congress to "act expeditiously" and "send a message to the markets."
The message: don't worry, act irresponsibly and line your own pockets, your paid for prostitutes in Congress will always reward you, much to the publics detriment.
Why con the public through fear to pay for an unnecessary surgery? Only their banker friends will benefit from the $700 billion "pawn shop" mark to Paulson bailout.
We told many how the politicians would all be wringing their hands and feigning cluelessness: Who would have thunk it? How could this happen?
If you read these pages 24 months ago... or could add 2+2... you knew it. How could the best and brightest not know? They did, and they are lying to us.
These management by crisis fear mongers also know, that the bailouts are not necessary and the economic damage we are about to witness is unstoppable.
As we have stated before, bail and cut all you want, NOTHING and NO ONE can stop this train wreck. Fallujah this...
the ultra rich and all those voting for and benefitting from the bailouts must serve three years on the front lines, in the Iraq war.
First on draft day, Alan "Zero Interest Rate" Greenspan & the worthless draft dodging commander in mischief himself, Shrub Jr.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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