Market Soapbox 02/26/08
TUE, triple digit redux, DJIA +115 on average volume with nice internals. All UP.
Bonds up 10 yr yield -4bps 3.86. $ down vs 1.499E & vs 107.22y, WTI up 1% $101.16, gold up 2% $957.6 TED spread up +7bps 0.98%
SP500 open 1371, dip to 1363, rise to 1387, close 1381. NDX 1785 gap down 1773 open, dip to 1763, rise to 1807, close 1791.
Consumer confidence 17 year low, worst housing price drop on record, PPI double digit stagflation...
Dollar at record low $1.50 per Euro, oil over $100, wheat all time high, Richmond manufacturing index goes negative...
Market leaders report multiple profit & sales declines with warnings... and thats just today's "good" news.
Don't worry be happy, IBM is buying back stock and a Fed head indicates more cuts to come, so the market rallies (4 out of 5 days).
The MID made a new post 01/22 high, so don't Bogart that joint, but don't pass it to me...
We smell smoke that has a hint of hasish, and more than a tinge of donkey manure.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -4bps 3.86. $ down vs 1.499E & vs 107.22y, WTI up 1% $101.16, gold up 2% $957.6 TED spread up +7bps 0.98%
SP500 open 1371, dip to 1363, rise to 1387, close 1381. NDX 1785 gap down 1773 open, dip to 1763, rise to 1807, close 1791.
Consumer confidence 17 year low, worst housing price drop on record, PPI double digit stagflation...
Dollar at record low $1.50 per Euro, oil over $100, wheat all time high, Richmond manufacturing index goes negative...
Market leaders report multiple profit & sales declines with warnings... and thats just today's "good" news.
Don't worry be happy, IBM is buying back stock and a Fed head indicates more cuts to come, so the market rallies (4 out of 5 days).
The MID made a new post 01/22 high, so don't Bogart that joint, but don't pass it to me...
We smell smoke that has a hint of hasish, and more than a tinge of donkey manure.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Comments