Market Soapbox 06/26/08
THU, triple triple slam, DJIA -358 on high volume with devastating internals. All DOWN BIG cept XAU UP BIG.
Bonds up BIG 10 yr -7bps 4.04, $ porked vs 1.5751€ & vs 106.964y, WTI +3.6% $139.09, gold +4% $917.3, TED spread up BIG +8bps 1.09%.
SP500 1322 gap down to open 1316, plunge to close 1283. NDX 1934, gap down to open 1898, plunge to close 1855.
WEN: Despite tech head fake in progress SOXX +2.5%; NDX +1.4%, we are just one straw from breaking the camels back and heading for March lows.
If you didn't get out of this suckers rally yet, double check your parachute and floatation device, we sense something wicked this way comes.
Goldman Sachs: "We expect escalating headwinds from volume/mix pressures driven by gas prices, falling confidence and tightening credit."
$ punked; TED spread jumping 23 bps in 6 days; Oil +$5, hitting $140 per barrel; GM -11%, a low not seen since 1974.
Tech slapped RIMM -13%; all 30 Dow companies have posted losses this month.
Deja Vu all over again? This month the DJIA -9.4%, its worst June since an 18% tumble in 1930 during the Great Depression.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG 10 yr -7bps 4.04, $ porked vs 1.5751€ & vs 106.964y, WTI +3.6% $139.09, gold +4% $917.3, TED spread up BIG +8bps 1.09%.
SP500 1322 gap down to open 1316, plunge to close 1283. NDX 1934, gap down to open 1898, plunge to close 1855.
WEN: Despite tech head fake in progress SOXX +2.5%; NDX +1.4%, we are just one straw from breaking the camels back and heading for March lows.
If you didn't get out of this suckers rally yet, double check your parachute and floatation device, we sense something wicked this way comes.
Goldman Sachs: "We expect escalating headwinds from volume/mix pressures driven by gas prices, falling confidence and tightening credit."
$ punked; TED spread jumping 23 bps in 6 days; Oil +$5, hitting $140 per barrel; GM -11%, a low not seen since 1974.
Tech slapped RIMM -13%; all 30 Dow companies have posted losses this month.
Deja Vu all over again? This month the DJIA -9.4%, its worst June since an 18% tumble in 1930 during the Great Depression.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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