Market Soapbox 10/20/08
MON, bounce, DJIA +413 on average volume with sterling internals. All UP +4%.
Bonds up 10yr -8bps 3.85%. $ up vs 1.333 & vs 101.883y, WTI +4% $75.46, gold +2% $802.4; TED Spread DOWN HUGE -80bps 2.83%; Libor down BIG -36bps 4.06%
SP500 940, gap up 943, rise to 985. NDX 1311, gap up 1329, drop to 1289, rise to close 1352.
FRI, consumer confidence all time largest decline to 57.5; current conditions an all time low at 58.9.
Building permits -8.3% at 786K; SFR starts -12% at 544K; both hit a 27 year low.
Today, SoCal home sales +65% in Sept, the biggest Yoy increase in 20 years. However...
50% of all the homes sold in the last month had been foreclosed upon in the previous 12 months; median sales price -33%.
Circuit City is considering closing 150 stores as an alternative to filing Chapter 11 BK. Netherlands injecting approximately $13 billion to bail out ING.
Libor and Ted spread pulling back BIG, indicating more willingness to lend, a good sign.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10yr -8bps 3.85%. $ up vs 1.333 & vs 101.883y, WTI +4% $75.46, gold +2% $802.4; TED Spread DOWN HUGE -80bps 2.83%; Libor down BIG -36bps 4.06%
SP500 940, gap up 943, rise to 985. NDX 1311, gap up 1329, drop to 1289, rise to close 1352.
FRI, consumer confidence all time largest decline to 57.5; current conditions an all time low at 58.9.
Building permits -8.3% at 786K; SFR starts -12% at 544K; both hit a 27 year low.
Today, SoCal home sales +65% in Sept, the biggest Yoy increase in 20 years. However...
50% of all the homes sold in the last month had been foreclosed upon in the previous 12 months; median sales price -33%.
Circuit City is considering closing 150 stores as an alternative to filing Chapter 11 BK. Netherlands injecting approximately $13 billion to bail out ING.
Libor and Ted spread pulling back BIG, indicating more willingness to lend, a good sign.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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