Market Soapbox Week Ending 05/30/08

MON, Memorial Day, Markets Closed.

TUE, bounce, DJIA +69 on lower volume with OK internals. All UP cept XAU, XOI. Bonds down big 10 yr yield +8bps 3.92, $ up big vs 1.5696€ & vs 104.185y, WTI -3% $128.4, gold -2% $910.5, TED spread down -5bps 0.75%.

WEN, sideways, DJIA +46 on average volume with OK internals. All UP. Bonds down BIG 10 yr yield +11bps 4.03; $ up vs 1.5646€ & vs 104.715y; WTI +1.5% $130.76; gold down $905; TED Spread up +1bps 0.76%

THU, up & down, DJIA +52 on average volume with OK internals. All UP cept SOXX, XOI, XAU. Bonds down 10 yr +5bps 4.08, $ up vs 1.5513€ & vs 105.565y, WTI -3.5% $126.62, gold -2.5% $881.7, TED spread FLAT 0.78%.

FRI, split tape, DJIA -8 on above average volume with OK internals. All UP cept DJUA, XMI. Bonds up 10 yr yield -2bps 4.06, $ down vs 1.5554€ & vs 105.51y, WTI up $127.35, gold +1% $891.5, TED spread up +1bps 0.79%.

This week, DJIA +159, since 09/19/05 DJIA +2072. CRB commodities down 431.09 to 422.17

XAU down 188.1 to 181.44 & gold down 925.8 to 891.5; XOI down 1587.44 to 1569.59 & WTI down 132.19 to 127.35. Volatility VIX down 19.55 to 17.83

TED Spread down 0.80 to 0.79; Dollar index up 72.013 to 72.881; $ UP BIG vs Yen 103.385 to 105.51 & vs € 1.5763 to 1.5554

This week bonds DOWN BIG.

30yr +15bps; 10yr +22bps, 5yr +29bps, 2yr +22bps, 6mo +9bps; 3mo +4bps.

30 yr @ 4.72%; 10 yr @ 4.06; 5 yr @ 3.42; 2yr @ 2.65; 6 mo @ 2.01; 3 mo @ 1.89

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