Market Soapbox 11/18/08
TUE, split tape, DJIA +151 on higher volume with dismal internals. ALL up cept DJTA, MID, SOXX, XAU, RUT.
Bonds up BIG 10 yr -12bps 3.53%, $ up vs E1.2635 & vs 96.789y, WTI -1% $54.39 gold -1% $732.7, TED spread -1bps 2.11%. 3mo Libor -2bps 2.22.
SP500 850, rise 865, dive 826, bounce to close 859. NDX 1150, gap up 1158, rise 1167, dive to 1113, bounce to close 1155.
FRI: Business Sales Sep -2%; Retail Sales Oct -1.3%; ex-auto -2.2%; the longest string of declines since records began in 1992.
MON: Sillybank cutting 52K jobs or 14%; Lowes warned; Target cut capital spending by $1 billion. Japan joined the Eurozone in an official recession -0.4%GDP.
Today, October PPI -2.8%; Core PPI +0.4%. World Semiconductor Trades Statistics industry group expects the global semiconductor market to shrink by 2.2% in 2009...
compared to its May forecast that called for 5.8% growth. Treasury bought $33.6 billion in preferred stock from 21 banks...
including $6.6 billion in US Bancorp & $3.6 billion in Capital One. The totaled preferred stock purchases in banks now at $158.6 billion.
GM, Ford & Chrysler panhandling congress for $25 billion bailout... GM CEO Wagoner "economy would suffer a catastrophic collapse"
We natter, the only catastrophe is that Wagoner is still employed, no bailout without a complete exec mgmt sweep, including directors...
and voting control of the board... I wouldn't hire this pack of executive ass clowns to wash my car, let alone build me one.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG 10 yr -12bps 3.53%, $ up vs E1.2635 & vs 96.789y, WTI -1% $54.39 gold -1% $732.7, TED spread -1bps 2.11%. 3mo Libor -2bps 2.22.
SP500 850, rise 865, dive 826, bounce to close 859. NDX 1150, gap up 1158, rise 1167, dive to 1113, bounce to close 1155.
FRI: Business Sales Sep -2%; Retail Sales Oct -1.3%; ex-auto -2.2%; the longest string of declines since records began in 1992.
MON: Sillybank cutting 52K jobs or 14%; Lowes warned; Target cut capital spending by $1 billion. Japan joined the Eurozone in an official recession -0.4%GDP.
Today, October PPI -2.8%; Core PPI +0.4%. World Semiconductor Trades Statistics industry group expects the global semiconductor market to shrink by 2.2% in 2009...
compared to its May forecast that called for 5.8% growth. Treasury bought $33.6 billion in preferred stock from 21 banks...
including $6.6 billion in US Bancorp & $3.6 billion in Capital One. The totaled preferred stock purchases in banks now at $158.6 billion.
GM, Ford & Chrysler panhandling congress for $25 billion bailout... GM CEO Wagoner "economy would suffer a catastrophic collapse"
We natter, the only catastrophe is that Wagoner is still employed, no bailout without a complete exec mgmt sweep, including directors...
and voting control of the board... I wouldn't hire this pack of executive ass clowns to wash my car, let alone build me one.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Comments