Market Soapbox 10/29/08
WEN, split tape, DJIA -74 on higher volume with midlin internals. All DOWN cept DJTA, NDX, NAZ, MID, RUT, XAU, XOI.
Bonds up +2bps 10 yr 3.85, $ down vs E1.2956 & vs 97.33y, WTI +8% $68.23, gold +1% $756.5, TED spread up +13bps 2.84%.; Libor -12bps 3.42%
SP500 940, rise to 969, collapse to 922, close 922. NDX 1297, gap down 1289, dip to 1272, rise to 1343, fade to close 1302.
FRI: preopening stock index futures plunged to daily limit; which halts trading; Vix hit an all time high 89.
MON: 18 regional U.S. banks, including SunTrust & Capital One accepted $35 billion in government cash. Treasury working on $5 billion GM/Chrysler bailout.
TUE: S&P/Case-Shiller home price index Yoy -16.6%, the fasted pace ever. Consumer confidence at an all time low.
The Fed bought $60 billion of frozen long term commercial paper... freeing up the money to be placed in other assets. The market surged 889 pts.
Today, the Fed cut 50bps to 1%. #2 bond insurer Ambac wants a bailout, with #1 MBIA they insure $1.1 Trillion in bonds.
Scary thought for the day... So far the Treasury has doled out billions to the banks, that need it the least...
Durable orders ex transport -1.1%; ex defense capital goods -1.4%. Office Depot a Q3 loss on revenue -7.1%
The $120 Billion Central Bank bailout... The Fed agreed to provide $30 billion each to the central banks of...
Brazil, Mexico, South Korea and Singapore to boost the liquidity of dollars in emerging markets.
100% guaranteed failure... A merged GM/Chrysler would be led by the posterboy for assclown CEO's GM's Rick Wagoner. Can I short their stock now?
10/15: NDX 1130 could provide a bounce on the way down to 975. 1146 on 10/24 may have been close enough.
The Fed cut and the rally still fizzled, the $ hammered, commodities surged, it doesnt get any better, does it?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up +2bps 10 yr 3.85, $ down vs E1.2956 & vs 97.33y, WTI +8% $68.23, gold +1% $756.5, TED spread up +13bps 2.84%.; Libor -12bps 3.42%
SP500 940, rise to 969, collapse to 922, close 922. NDX 1297, gap down 1289, dip to 1272, rise to 1343, fade to close 1302.
FRI: preopening stock index futures plunged to daily limit; which halts trading; Vix hit an all time high 89.
MON: 18 regional U.S. banks, including SunTrust & Capital One accepted $35 billion in government cash. Treasury working on $5 billion GM/Chrysler bailout.
TUE: S&P/Case-Shiller home price index Yoy -16.6%, the fasted pace ever. Consumer confidence at an all time low.
The Fed bought $60 billion of frozen long term commercial paper... freeing up the money to be placed in other assets. The market surged 889 pts.
Today, the Fed cut 50bps to 1%. #2 bond insurer Ambac wants a bailout, with #1 MBIA they insure $1.1 Trillion in bonds.
Scary thought for the day... So far the Treasury has doled out billions to the banks, that need it the least...
Durable orders ex transport -1.1%; ex defense capital goods -1.4%. Office Depot a Q3 loss on revenue -7.1%
The $120 Billion Central Bank bailout... The Fed agreed to provide $30 billion each to the central banks of...
Brazil, Mexico, South Korea and Singapore to boost the liquidity of dollars in emerging markets.
100% guaranteed failure... A merged GM/Chrysler would be led by the posterboy for assclown CEO's GM's Rick Wagoner. Can I short their stock now?
10/15: NDX 1130 could provide a bounce on the way down to 975. 1146 on 10/24 may have been close enough.
The Fed cut and the rally still fizzled, the $ hammered, commodities surged, it doesnt get any better, does it?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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