Market Soapbox 06/23/08
MON, split tape, DJIA -1 on lower volume with lousy internals. All DOWN cept DJUA, XOI, XAU.
Bonds up 10 yr yield flat 4.17, $ up vs 1.552€ & vs 108.065y, WTI +2% $136.77, gold down $887.9, TED spread up +3bps 0.98%.
SP500 open 1318, rise 1323, dip to 1314, close 1318. NDX 1928, gap up to open 1936, rise to 1940, dip to 1910, close 1913.
WEN: Perhaps a bounce, but we sense something nasty is about to come out of the woodshed.
Last week: Moody's Investors Service stripped bond insurers MBIA Inc. and Ambac Financial Corp. of their Aaa ratings.
Now the bond insurers are trying to unwind $125 billion of guarantees they sold on risky debt securities, what next?
The fallout will not be pretty. Flight to safety? PG plunged under 63 today, DJIA closed below 11.850K
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield flat 4.17, $ up vs 1.552€ & vs 108.065y, WTI +2% $136.77, gold down $887.9, TED spread up +3bps 0.98%.
SP500 open 1318, rise 1323, dip to 1314, close 1318. NDX 1928, gap up to open 1936, rise to 1940, dip to 1910, close 1913.
WEN: Perhaps a bounce, but we sense something nasty is about to come out of the woodshed.
Last week: Moody's Investors Service stripped bond insurers MBIA Inc. and Ambac Financial Corp. of their Aaa ratings.
Now the bond insurers are trying to unwind $125 billion of guarantees they sold on risky debt securities, what next?
The fallout will not be pretty. Flight to safety? PG plunged under 63 today, DJIA closed below 11.850K
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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