Market Soapbox 03/10/08
MON, triple digit redux, DJIA -154 on average volume with brutal internals. All DOWN BIG.
Bonds up BIG 10 yr yield -8bps 3.45. $ up vs 1.535E & down vs 101.717y, WTI +2.5% $107.91, gold down $971.8 TED spread up +7bps 1.57%
THU: Strap on your crash helmet, negative jobs sends SP500 to 1270 fast. THERE.
Today, Ambac -22%; Countrywide & FNMA -13%, FHLMC -11%, crude oil $108, Yen 101, RUT & DJUA fell below 01/23 low, any questions?
SP500 open 1293, plunge to 1272. NDX open 1705, pop to 1711, plunge to 1672.
IF: No support or bounce off this level, breaking 1270 to close 2 straight days, pull your ripcord, 1175 & terminal velocity approaching fast.
FRI: a liquidity crunch and worsening solvency issues. The market needs a bounce off 1270 next week. We are one straw away from breaking the camels back.
Can't touch this, we smell another futile Fed panic rate cut coming.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG 10 yr yield -8bps 3.45. $ up vs 1.535E & down vs 101.717y, WTI +2.5% $107.91, gold down $971.8 TED spread up +7bps 1.57%
THU: Strap on your crash helmet, negative jobs sends SP500 to 1270 fast. THERE.
Today, Ambac -22%; Countrywide & FNMA -13%, FHLMC -11%, crude oil $108, Yen 101, RUT & DJUA fell below 01/23 low, any questions?
SP500 open 1293, plunge to 1272. NDX open 1705, pop to 1711, plunge to 1672.
IF: No support or bounce off this level, breaking 1270 to close 2 straight days, pull your ripcord, 1175 & terminal velocity approaching fast.
FRI: a liquidity crunch and worsening solvency issues. The market needs a bounce off 1270 next week. We are one straw away from breaking the camels back.
Can't touch this, we smell another futile Fed panic rate cut coming.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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