Market Soapbox 10/22/08

WEN, crushed again, DJIA -514 on higher volume with disasterous internals. All DOWN 5%, XAU -16%; XOI -10%.

Bonds up -14bps 10 yr 3.59, $ up huge vs 1.2833 & porked vs 97.939y, WTI -6% $67.25, gold -6% $728.9, TED spread down BIG -49bps 2.27%.; Libor -29bps 3.54

SP500 951, drop to 875, bounce to close 897. NDX 1281, gap down 1272, rise to 1284, plunge to 1209, bounce to close 1237.

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%.

TUE: Libor and Ted spread pulling back; Kerkorian dumping all his Ford stock; 107 companies have reported; average profit declines are 27%.

Overnight, Europe -5.1%, Nikkei -6.8% Hang Seng -5.2%. Catching a falling knive called Ford...Kerkorian lost $700 million in 4 months.

Yesterday, of the 49 companies that issued guidance, 45% were negative, 30% were in-line, 21% were mixed and only 3% were positive.

Wachovia $24 billion loss, which included a $19 billion writedown and $119 billion portfolio of troubled loans.

They will take down an already shaky Wells, BofA will buy what is left, cheap. You heard it here first.

No safe havens...Oil at $67; gold pancaked & the dollar vs Yen...

CRUSHED on the carry trade unwind as highly leveraged positions are liquidated IN MASS to meet margin calls.

Keep your eyes peeled to the sky, it could be a name brand, not a bank, not an industry, not a county or state...

how about a whole country on the verge of default, don't cry for me... ARGENTINA. You may have read it here first.

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

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