Market Soapbox 10/21/08
TUE, gravity strikes back, DJIA -232 on average volume with miserable internals. ALL DOWN BIG.
Bonds up 10 yr -12bps 3.73 $ up vs 1.3062 & down vs 100.15y, WTI -4% $71.77 gold -3% $772.5, TED spread down -7bps 2.76%. 3 mo Libor down -23bps 3.83.
SP500 985 drop to close 952. NDX 1352, gap down 1329, rise to 1351, dive to 1281.
FRI, consumer confidence all time largest decline; Building permits SFR starts both hit a 27 year low.
MON:, 50% of all California homes sold in the last month had been foreclosed upon in the previous 12 months; median sales price -33%.
Libor and Ted spread pulling back, indicating more willingness to lend, dollar rising, bonds rallying, all good signs.
However, today... Yahoo profit -64%; DuPont forecast declining sales; Kerkorian dumping all of his Ford holdings -66%;
as of this morning, 107 companies have reported; average profit declines are 27%.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -12bps 3.73 $ up vs 1.3062 & down vs 100.15y, WTI -4% $71.77 gold -3% $772.5, TED spread down -7bps 2.76%. 3 mo Libor down -23bps 3.83.
SP500 985 drop to close 952. NDX 1352, gap down 1329, rise to 1351, dive to 1281.
FRI, consumer confidence all time largest decline; Building permits SFR starts both hit a 27 year low.
MON:, 50% of all California homes sold in the last month had been foreclosed upon in the previous 12 months; median sales price -33%.
Libor and Ted spread pulling back, indicating more willingness to lend, dollar rising, bonds rallying, all good signs.
However, today... Yahoo profit -64%; DuPont forecast declining sales; Kerkorian dumping all of his Ford holdings -66%;
as of this morning, 107 companies have reported; average profit declines are 27%.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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