Market Soapbox Week Ending 10/10/08

MON, more post bailout followthrough, DJIA -370 on extremely high volume with devastating internals. All DOWN HUGE. Bonds up BIG 10yr -15bps 3.45%. $ up HUGE vs 1.3514 & down HUGE vs 101.593y, WTI -5% $88.59, gold +4% $862.1; TED Spread down -7bps 3.79%

TUE, panic crash continues, DJIA -508 on high volume with devastating internals. ALL CRUSHED -5%. Bonds down 10 yr +5bps 3.50, $ down vs 1.3609 & up vs 101.63y, WTI +1% $90.06 gold +2% $882, TED spread down -23bps 3.56%.

WEN, wild triple digit swings, DJIA -189 on heavy volume with poor internals. All DOWN cept DJTA, NDX, XAU +17%. Bonds down +14bps 10 yr 3.64, $ down vs 1.3617 & vs 99.66y, WTI -1% $88.87, gold +3% $909, TED spread UP +35bps 3.91%.

THU, the crash of 08 continues, DJIA -679 on higher volume with disasterous internals. All CRASHING. Bonds down 10 yr +14bps 3.78. $ up vs 1.3562 & down vs 98.932y, WTI -4% $84.88, gold +1% $919; TED Spread UP BIG +32bps 4.23%

FRI, wild swing, DJIA -128 on extreme volume with ugly internals. All DOWN cept DJTA, NAZ, MID, RUT. Bonds down 10yr +9bps 3.87%. $ up vs 1.3408 & vs 100.68y, WTI -8% $77.7, gold -6.5% $859; TED Spread UP HUGE +41bps 4.64%

This week, DJIA -1874, since 09/19/05 DJIA -2110. CRB commodities smashed 326.51 to 289.89

XAU down 112.09 to 100.56 & gold up 833.2 to 859; XOI slapped 1059.1 to 806.32 & WTI pancaked 93.88 to 77.7; Volatility VIX explodes to all time high 45.14 to 69.95

TED Spread EXPLODED 3.86% to 4.64%; 3 mo LIBOR highest ever +49 bps 4.82%; Dollar index surges 76.985 to 80.604; $ smashed vs Yen 105.315 to 100.68 & up vs the 1.3772 to 1.3408

This week short bonds SURGED BIG; the 10 year got hammered.

30yr +5bps; 10yr +27bps, 5yr +13bps, 2yr +5bps, 6mo -28bps; 3mo -29bps.

30 yr @ 4.14%; 10 yr @ 3.87; 5 yr @ 2.76; 2yr @ 1.63; 6 mo @ 0.81; 3 mo @ 0.18

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