Market Soapbox 11/03/08
MON, sideways, DJIA -5 on low volume with midlin internals. All DOWN cept DJTA, DJUA, NAZ, XAU, RUT.
Bonds up 10 yr -5bps 3.91%. $ up vs 1.2602 & vs 99.225y, WTI -5% $63.91, gold +1% $726.8; TED Spread down -23bps 2.42%; Libor down -17bps 2.86
SP500 969, rise 975, dip to 958, close 966. NDX 1333, rise 1346, dip 1322, close 1335.
FRI: SP500 largest weekly % gain since 1974. Whats driving the market up?
In 3 days, the Fed has bought $165 billion in CP.... do not be fooled, its another house of cards.
Today, headed for BK, Circuit City closing 155 or 20% of its stores.
European auto sales tumbled with sales declines of 40% in Spain and 19% in Italy.
Adjusted for population growth, U.S. auto sales fell to their lowest monthly level since 1945.
Ford -30%; GM -45%; Toyota -29%, Honda 25%; Nissan -33%.
Oct ISM Index Oct 38.9 vs 43.5, lowest level in 26 years; exports 41; lowest since 1988. Private SFR Construction Spending -4.7% and...
a -41.7% Yoy decline in spending for the engine that created 80% of all jobs since 2001.
We Natter again cut to zero & bailout lenders & borrowers all you want...
this emasculated service based economy is a dead man walking, and real estate will continue to sink, so brace yourself as the worst is yet to come.
Republican dismissal ends this latest head fake in grand fashion. 01/20/09 THE END OF AN ERROR.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -5bps 3.91%. $ up vs 1.2602 & vs 99.225y, WTI -5% $63.91, gold +1% $726.8; TED Spread down -23bps 2.42%; Libor down -17bps 2.86
SP500 969, rise 975, dip to 958, close 966. NDX 1333, rise 1346, dip 1322, close 1335.
FRI: SP500 largest weekly % gain since 1974. Whats driving the market up?
In 3 days, the Fed has bought $165 billion in CP.... do not be fooled, its another house of cards.
Today, headed for BK, Circuit City closing 155 or 20% of its stores.
European auto sales tumbled with sales declines of 40% in Spain and 19% in Italy.
Adjusted for population growth, U.S. auto sales fell to their lowest monthly level since 1945.
Ford -30%; GM -45%; Toyota -29%, Honda 25%; Nissan -33%.
Oct ISM Index Oct 38.9 vs 43.5, lowest level in 26 years; exports 41; lowest since 1988. Private SFR Construction Spending -4.7% and...
a -41.7% Yoy decline in spending for the engine that created 80% of all jobs since 2001.
We Natter again cut to zero & bailout lenders & borrowers all you want...
this emasculated service based economy is a dead man walking, and real estate will continue to sink, so brace yourself as the worst is yet to come.
Republican dismissal ends this latest head fake in grand fashion. 01/20/09 THE END OF AN ERROR.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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