Market Soapbox 07/31/07
TUE, beat like a cheap set of congas, DJIA -146 on average volume with lousy internals.
All DOWN BIG. Bonds up 10 yr yield -5bps 4.76, $ up vs 1.3684E & down vs 118.865Y, WTI crude up 1.8% $78.21, gold up $679.3
MGIC Investment disclosed that its investment in residential mortgage issuer C-BASS has been "materially impaired" due to an "unprecedented" amount of margin calls.
GM beat profit estimates on cost cutting despite dwindling NA sales. Under the sheets: Total net sales and revenue -13.2% YOY, hurt by lower revenue from financial division.
Soiled Sheets: There was no revenue from GMAC in the quarter, while the prior year revenue was $9.05 billion. YOY Q2 net income declined $500 Million with a revenue decline of $9 Billion.
Packed Diapers: CEO Rick Wagoner, "We're pleased that GMAC returned to profitability in the second quarter, with significantly better results than the first quarter." Man, thats what I call upbeat.
Today, $12.25B in Fed Open Market Reanimation. Yesterday, "SP500 resting at 100DMA 1474. Is it another headfake? Perhaps month end window dressing?"
Undressed and defrocked as the lipstick got wiped off the pig. DJIA up 138, then "POP" go the debt market weasels, a 284 pt round trip.
SP500 up from 1474 to 1488, then collapsing into the close at 150 DMA 1455, a 19 point reversal. See YTD MID, RUT, DJTA & DJUA for clues
The Yen carry trade continues to unwind via the debt markets and as stated last week, crude headed for $80.
Fleck said watch for absurdly overpriced Tech to lead the collapse, today tech got punked and VIX jumped up 11% at 23.31.
If SP500 breaks and closes below 1450 for 2 days, look out below. More bad news tomorrow?
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
All DOWN BIG. Bonds up 10 yr yield -5bps 4.76, $ up vs 1.3684E & down vs 118.865Y, WTI crude up 1.8% $78.21, gold up $679.3
MGIC Investment disclosed that its investment in residential mortgage issuer C-BASS has been "materially impaired" due to an "unprecedented" amount of margin calls.
GM beat profit estimates on cost cutting despite dwindling NA sales. Under the sheets: Total net sales and revenue -13.2% YOY, hurt by lower revenue from financial division.
Soiled Sheets: There was no revenue from GMAC in the quarter, while the prior year revenue was $9.05 billion. YOY Q2 net income declined $500 Million with a revenue decline of $9 Billion.
Packed Diapers: CEO Rick Wagoner, "We're pleased that GMAC returned to profitability in the second quarter, with significantly better results than the first quarter." Man, thats what I call upbeat.
Today, $12.25B in Fed Open Market Reanimation. Yesterday, "SP500 resting at 100DMA 1474. Is it another headfake? Perhaps month end window dressing?"
Undressed and defrocked as the lipstick got wiped off the pig. DJIA up 138, then "POP" go the debt market weasels, a 284 pt round trip.
SP500 up from 1474 to 1488, then collapsing into the close at 150 DMA 1455, a 19 point reversal. See YTD MID, RUT, DJTA & DJUA for clues
The Yen carry trade continues to unwind via the debt markets and as stated last week, crude headed for $80.
Fleck said watch for absurdly overpriced Tech to lead the collapse, today tech got punked and VIX jumped up 11% at 23.31.
If SP500 breaks and closes below 1450 for 2 days, look out below. More bad news tomorrow?
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Comments
you are not....you're not..
rt