Market Soapbox 11/04/08
TUE, more chump pump, DJIA +305 on average volume with nice internals. ALL UP 3%.
Bonds up BIG 10 yr -19bps 3.72, $ porked vs 1.2992 & up vs 99.805y, WTI +10% $70.53 gold +4% $757.3, TED spread -19bps 2.23%. 3mo Libor -15bps 2.71.
SP500 966, gap up 971, rise to 1007, close 1005. NDX 1335, gap up 1363, dip 1342, rise to 1382, close 1378.
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.
MON: Circuit City closing 155 or 20% of its stores. U.S. auto sales fell to their lowest monthly level since 1945.
Oct ISM Index Oct 38.9 vs 43.5, lowest level in 26 years; Private SFR Construction Spending -41.7% Yoy
Today, Factory Orders -2.5%; Nortel laying off 5000; Dell asking for unpaid leave and voluntary severance
Credit default swaps totaling $33.6 trillion are outstanding.
$15.4 trillion are individual corporate, sovereign and asset-backed bonds. $14.8 trillion are tied to indexes.
Since Oct 10 low SP500 +19.8%; still down 31.5% YTD. Aside from the Redskins losing;
in times of economic duress the incumbent party gets slaughtered. Will the election result buoy or boink the markets?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG 10 yr -19bps 3.72, $ porked vs 1.2992 & up vs 99.805y, WTI +10% $70.53 gold +4% $757.3, TED spread -19bps 2.23%. 3mo Libor -15bps 2.71.
SP500 966, gap up 971, rise to 1007, close 1005. NDX 1335, gap up 1363, dip 1342, rise to 1382, close 1378.
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.
MON: Circuit City closing 155 or 20% of its stores. U.S. auto sales fell to their lowest monthly level since 1945.
Oct ISM Index Oct 38.9 vs 43.5, lowest level in 26 years; Private SFR Construction Spending -41.7% Yoy
Today, Factory Orders -2.5%; Nortel laying off 5000; Dell asking for unpaid leave and voluntary severance
Credit default swaps totaling $33.6 trillion are outstanding.
$15.4 trillion are individual corporate, sovereign and asset-backed bonds. $14.8 trillion are tied to indexes.
Since Oct 10 low SP500 +19.8%; still down 31.5% YTD. Aside from the Redskins losing;
in times of economic duress the incumbent party gets slaughtered. Will the election result buoy or boink the markets?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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