Market Soapbox 11/19/08
WEN, house of cards, DJIA -427 on high volume with disasterous internals. All DOWN 5%+.
Bonds up BIG -21bps 10 yr 3.32, $ up vs E1.25 & down vs 96.07y, WTI -2% $53.14, gold up $735, TED spread flat 2.11%.; 3 mo Libor -5bps 2.17%
SP500 859, rise 864, dive to close 806. NDX 1155, rise to 1168, dive to close 1087.
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 -0.4% GDP; joined the Eurozone in an official recession.
TUE: Oct Core PPI +0.4%. Semiconductor market to shrink by 2.2% in 2009. Treasury bought $33.6 billion in preferred stock from 21 banks, total at $158 billion.
Today, Oct NAHB/WF Housing Index at 9; Housing Starts -4.5% at 791K; Building Permits -12% at 708K; all three at the lowest levels on record.
CPI Oct -1%; the largest decline since 1947; Core CPI -0.1%; both indicating weak demand. Fed drastically cut growth forecasts for 08;09 & 2010.
Sillybank CDS spreads widen as it takes $17 billion in SIV onto the books and shuts another hedge fund; stock -25%.
Japanese exports -7.7%; to US -19%; to Euro -17% as global spending evaporates. Good news? Wagoner would resign if GM gets bailout.
SP500 & NAZ took out 5 yr intraday lows, Dow on its way to 4K? As Gov. Palin would say, you betcha.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG -21bps 10 yr 3.32, $ up vs E1.25 & down vs 96.07y, WTI -2% $53.14, gold up $735, TED spread flat 2.11%.; 3 mo Libor -5bps 2.17%
SP500 859, rise 864, dive to close 806. NDX 1155, rise to 1168, dive to close 1087.
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 -0.4% GDP; joined the Eurozone in an official recession.
TUE: Oct Core PPI +0.4%. Semiconductor market to shrink by 2.2% in 2009. Treasury bought $33.6 billion in preferred stock from 21 banks, total at $158 billion.
Today, Oct NAHB/WF Housing Index at 9; Housing Starts -4.5% at 791K; Building Permits -12% at 708K; all three at the lowest levels on record.
CPI Oct -1%; the largest decline since 1947; Core CPI -0.1%; both indicating weak demand. Fed drastically cut growth forecasts for 08;09 & 2010.
Sillybank CDS spreads widen as it takes $17 billion in SIV onto the books and shuts another hedge fund; stock -25%.
Japanese exports -7.7%; to US -19%; to Euro -17% as global spending evaporates. Good news? Wagoner would resign if GM gets bailout.
SP500 & NAZ took out 5 yr intraday lows, Dow on its way to 4K? As Gov. Palin would say, you betcha.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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