Market Soapbox 05/06/08
TUE, rebound, DJIA +51 on light volume with nice internals. All UP cept DJUA.
Bonds down 10 yr yield +5bps 3.90; $ down vs 1.5522€ & down vs 104.70y; WTI +1.5% $121.87; gold up $877.7; TED Spread down -4bps 1.14%
SP500 open 1405, dip to 1397, rise to 1421, close 1418. NDX 1975, gap down to open 1968, dip to 1957, rise to 1996, close 1990.
Target has agreed to sell an undivided interest in its credit card receivables to JPMorgan Chase for roughly $3.6 billion.
Dow component Merck is cutting 1,200 U.S. sales positions.
FNMA, cut its dividend 30%, and is selling $2 billion of convertible preferred shares at a coupon of 8.75 to 9.25% with a conversion premium of 18 to 22%.
FRI: we still think this is a suckers rally. Low volume and high level of puts points to no conviction.
MON: Tomorrow before the open will we get a "surprise" from our Fannie? We did, yet the SP500 reversed 24 pts to the upside.
THU & 04/19: NDX 2020 & SP500 1455 could be tested; in sight soon? A major test at this retracement level?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr yield +5bps 3.90; $ down vs 1.5522€ & down vs 104.70y; WTI +1.5% $121.87; gold up $877.7; TED Spread down -4bps 1.14%
SP500 open 1405, dip to 1397, rise to 1421, close 1418. NDX 1975, gap down to open 1968, dip to 1957, rise to 1996, close 1990.
Target has agreed to sell an undivided interest in its credit card receivables to JPMorgan Chase for roughly $3.6 billion.
Dow component Merck is cutting 1,200 U.S. sales positions.
FNMA, cut its dividend 30%, and is selling $2 billion of convertible preferred shares at a coupon of 8.75 to 9.25% with a conversion premium of 18 to 22%.
FRI: we still think this is a suckers rally. Low volume and high level of puts points to no conviction.
MON: Tomorrow before the open will we get a "surprise" from our Fannie? We did, yet the SP500 reversed 24 pts to the upside.
THU & 04/19: NDX 2020 & SP500 1455 could be tested; in sight soon? A major test at this retracement level?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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