Market Soapbox Week Ending 11/07/08

MON, sideways, DJIA -5 on low volume with midlin internals. All DOWN cept DJTA, DJUA, NAZ, XAU, RUT. Bonds up 10 yr -5bps 3.91%. $ up vs 1.2602 & vs 99.225y, WTI -5% $63.91, gold +1% $726.8; TED Spread down -23bps 2.42%; Libor down -17bps 2.86

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.

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%

THU, followthrough, DJIA -443 on higher volume with horrific internals. All DOWN 5%+ Bonds up 10 yr -2bps 3.68. $ up vs 1.2664 & down vs 97.09y, WTI -10% $60.26, gold -1% $730; TED Spread down -3bps 2.09%; 3mo Libor -12bps 2.39

FRI, dead cat bounce, DJIA +248 on lower volume with nice internals. All UP. Bonds down 10 yr +11bps 3.79%. $ down vs 1.2718 & up vs 98.235y, WTI up $61.04, gold up $734.2; TED Spread down -8bps 2.01%; Libor down -10bps 2.29

This week, DJIA -381, since 09/19/05 DJIA -1718. CRB commodities down 268.39 to 256.84

XAU up 81.06 to 85.16 & gold up 718.2 to 734.2; XOI down 956.71 to 945.83 & WTI down 67.81t o 61.04; Volatility VIX down 59.89 to 56.1

TED Spread down HUGE -64bps 2.65 to 2.01%; 3 mo LIBOR down HUGE -74bps 2.29%; Dollar index up 85.837 to 86.123; $ down vs Yen 98.465 to 98.235 & up vs E 1.2725 to 1.2718

This week long bonds UP with short bonds UP HUGE.

30yr -6bps; 10yr -17bps, 5yr -27bps, 2yr -24bps, 6mo -13bps; 3mo -10bps.

30 yr @ 4.27%; 10 yr @ 3.79; 5 yr @ 2.56; 2yr @ 1.32; 6 mo @ 0.82; 3 mo @ 0.28

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