Market Soapbox 11/05/08
WEN, house of cards, DJIA -486 on average volume with horrific internals.All DOWN 5%.
Bonds up -2bps 10 yr 3.70, $ up vs E1.2922 & down BIG vs 97.825y, WTI -7% $65.34, gold -2% $741.5, TED spread down -11bps 2.12%.; 3 mo Libor -20bps 2.51%
SP500 1005, collapse to 949, close 952. NDX 1378, gap down 1359, dive to close 1299.
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
TUE: Factory Orders -2.5%; Aside from the Redskins losing; in times of economic duress the incumbent party usually gets slaughtered. Yet, more chump pump DJIA +305
Last night, the Redskins are 18 for 18 witnessed by an electoral landslide for the Dems.
Today, Nov ADP Employment Oct -157K vs -26K, the largest decline since 2002.
Nov ISM Services Oct 44.4 vs 50.2; the 6th contraction in 11 months and the largest decline since 1997.
Throw a TARP (Troubled Asset Relief Program) over them and get the body bags ready...
Wells panhandling for $10 billion AFTER buying Wachovia;
Q3 Net losses; PMI $230 million; MBIA $805 billion; Ambac $2.4 billion; GMAC $2.5 billion (along with GM, soon to be BK.)
There isn't a morgue big enough for whats going to fall through the governments triage...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up -2bps 10 yr 3.70, $ up vs E1.2922 & down BIG vs 97.825y, WTI -7% $65.34, gold -2% $741.5, TED spread down -11bps 2.12%.; 3 mo Libor -20bps 2.51%
SP500 1005, collapse to 949, close 952. NDX 1378, gap down 1359, dive to close 1299.
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
TUE: Factory Orders -2.5%; Aside from the Redskins losing; in times of economic duress the incumbent party usually gets slaughtered. Yet, more chump pump DJIA +305
Last night, the Redskins are 18 for 18 witnessed by an electoral landslide for the Dems.
Today, Nov ADP Employment Oct -157K vs -26K, the largest decline since 2002.
Nov ISM Services Oct 44.4 vs 50.2; the 6th contraction in 11 months and the largest decline since 1997.
Throw a TARP (Troubled Asset Relief Program) over them and get the body bags ready...
Wells panhandling for $10 billion AFTER buying Wachovia;
Q3 Net losses; PMI $230 million; MBIA $805 billion; Ambac $2.4 billion; GMAC $2.5 billion (along with GM, soon to be BK.)
There isn't a morgue big enough for whats going to fall through the governments triage...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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