Market Soapbox 11/11/08
TUE, triple digit followthrough, DJIA -177 on lower volume with dismal internals. ALL DOWN 2%.
Bond market closed, $ up BIG vs 1.2541 & down vs 97.482y, WTI -6% $58.89 gold -2% $731.8, TED spread -22bps 1.82%. 3mo Libor -6bps 2.18.
SP500 919; drop to 884; rise to 917; close 898. NDX 1251; gap down 1236, drop to 1208; rise to 1249, close 1225.
FRI: Unemployment 6.5% highest since 1994; 10 million unemployed highest in 25 years. Grim economic reality will take this market down to new depths.
MON: Circuit City filed Chapter 11; Deutsche Post shutsdown DHL Express; AIG $24.5 billion Q3 loss;
China $586 billion bailout, by year end 100K factories will have closed. Starbucks Q4 net income -94%.
Overnight, Nikkei -3%; Hang Sang -4.8%; CAC -3.2%; Dax -2.9%; FTSE -2.5%.
I wish I had bought a $10 million home before all this...
new mortgage modification plan for bad loans held by GSEs FNMA & FHLMC. payments not to exceed 38% of monthly gross.
What will you do? due to imminent insolvency Fed waives 30 day wait for American Express to covert to bank holding company.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bond market closed, $ up BIG vs 1.2541 & down vs 97.482y, WTI -6% $58.89 gold -2% $731.8, TED spread -22bps 1.82%. 3mo Libor -6bps 2.18.
SP500 919; drop to 884; rise to 917; close 898. NDX 1251; gap down 1236, drop to 1208; rise to 1249, close 1225.
FRI: Unemployment 6.5% highest since 1994; 10 million unemployed highest in 25 years. Grim economic reality will take this market down to new depths.
MON: Circuit City filed Chapter 11; Deutsche Post shutsdown DHL Express; AIG $24.5 billion Q3 loss;
China $586 billion bailout, by year end 100K factories will have closed. Starbucks Q4 net income -94%.
Overnight, Nikkei -3%; Hang Sang -4.8%; CAC -3.2%; Dax -2.9%; FTSE -2.5%.
I wish I had bought a $10 million home before all this...
new mortgage modification plan for bad loans held by GSEs FNMA & FHLMC. payments not to exceed 38% of monthly gross.
What will you do? due to imminent insolvency Fed waives 30 day wait for American Express to covert to bank holding company.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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