Market Soapbox 03/18/08
TUE, DJIA +420 on higher volume with pretty internals. All UP BIG cept XAU.
Bonds down BIG 10 yr yield +15bps 3.46. $ up BIG vs 1.5637E & vs 99.785y, WTI +3% $109.05, gold down $1004.3 TED spread up BIG +18bps 1.66%
Yesterday: Anything less than 100 bps disappoints. 75 bps was good enough for another 400 point Fed induced dead cat bounce.
SP500 open 1277, jump to 1330 close. NDX 1687 gap up open 1717, jump to 1761 close.
Yesterday, SP500 made a new low for the year. Today, a 400 pt redux of last Tues headfake, as naive investors got sucked in.
3 month went to 0.88, TED spread surged to 1.66%, still on thin ice, we suspect 1200 is coming soon.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down BIG 10 yr yield +15bps 3.46. $ up BIG vs 1.5637E & vs 99.785y, WTI +3% $109.05, gold down $1004.3 TED spread up BIG +18bps 1.66%
Yesterday: Anything less than 100 bps disappoints. 75 bps was good enough for another 400 point Fed induced dead cat bounce.
SP500 open 1277, jump to 1330 close. NDX 1687 gap up open 1717, jump to 1761 close.
Yesterday, SP500 made a new low for the year. Today, a 400 pt redux of last Tues headfake, as naive investors got sucked in.
3 month went to 0.88, TED spread surged to 1.66%, still on thin ice, we suspect 1200 is coming soon.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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