Market Soapbox 12/04/08
THU, late sell off, DJIA -215 on average volume with ugly internals. All DOWN 3%+.
Bonds up 10 yr -10 bps 2.57, $ down vs E1.2739 & vs 92.47y, WTI -4% $43.74, gold down $768.7, TED spread -1bps 2.18%.; 3 mo Libor -1bps 2.19%
SP500 870, rise 875, dip to 833, close 845. NDX 1166, fall to 1110, close 1127.
FRI: 5 day rally? What in the hell are these ebullient idiots smoking? Get ready as a major reality check is coming soon.
MON: reality check the 4th worst point decline in history; SP500 -80. Construction Spending Oct -1.2%; ISM Index Nov 36.2; the lowest in 26 yrs.
And finally... the US recession began in Dec 07; NDX at 976 by Mon.
TUE: semiconductor equipment market to decline 28% in 2008 and 21% in 2009. Yoy auto sales GM -41%; Ford -30%; Chrysler -47%; Toyota -34%; Honda -32%.
WEN: Nov ADP private nonfarm employment -250K Nov ISM services, 37.3 lowest level since 1997.
Today, don't worry be happy... same store sales Target -10%; Macy's -13%; Kohl's -18%; Nordstrom -15.9%. JC Penney -11.9%; Wal-Mart +3%.
Merck issued downside guidance. DuPont forecast a Q4 loss; issued downside guidance; plans 2,500 job cuts and will trim capital spending.
AT&T plans to cut 12,000 employees, and will also trim capital expenditures. BOE cut 100 bps to 2.00%. ECB cut 75 bps to 2.50%.
Factory orders -5.1%; Continuing unemployment claims 4.09 million , the highest in 26 yrs.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -10 bps 2.57, $ down vs E1.2739 & vs 92.47y, WTI -4% $43.74, gold down $768.7, TED spread -1bps 2.18%.; 3 mo Libor -1bps 2.19%
SP500 870, rise 875, dip to 833, close 845. NDX 1166, fall to 1110, close 1127.
FRI: 5 day rally? What in the hell are these ebullient idiots smoking? Get ready as a major reality check is coming soon.
MON: reality check the 4th worst point decline in history; SP500 -80. Construction Spending Oct -1.2%; ISM Index Nov 36.2; the lowest in 26 yrs.
And finally... the US recession began in Dec 07; NDX at 976 by Mon.
TUE: semiconductor equipment market to decline 28% in 2008 and 21% in 2009. Yoy auto sales GM -41%; Ford -30%; Chrysler -47%; Toyota -34%; Honda -32%.
WEN: Nov ADP private nonfarm employment -250K Nov ISM services, 37.3 lowest level since 1997.
Today, don't worry be happy... same store sales Target -10%; Macy's -13%; Kohl's -18%; Nordstrom -15.9%. JC Penney -11.9%; Wal-Mart +3%.
Merck issued downside guidance. DuPont forecast a Q4 loss; issued downside guidance; plans 2,500 job cuts and will trim capital spending.
AT&T plans to cut 12,000 employees, and will also trim capital expenditures. BOE cut 100 bps to 2.00%. ECB cut 75 bps to 2.50%.
Factory orders -5.1%; Continuing unemployment claims 4.09 million , the highest in 26 yrs.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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