Market Soapbox 07/02/08
WEN, triple digit downdraft, DJIA -167 on average volume with devastating internals. All DOWN BIG.
Bonds down 10 yr yield -2bps 3.97. $ down vs 1.588€ & vs 105.952y, WTI +2% $143.83, gold up $946.5; TED Spread up +4bps 0.97%
SP500 open 1285, pop to 1292, plunge to close 1261. NDX 1863, gap up to open 1868, rise to 1875, plunge to close 1815.
MON: We may have started the head fake today off new lows 1817 & 1260.
Not so fast Joe... too many name brands falling... DJIA crossed 20% line, Starbucks closing 600 stores...
a $100 million deposit run on soon to be insolvent IndyMac bank; penny stock at $0.72 cents a share...
GM needs $15 billion or its BK, stock -15% today at $10.06. Ford at $4.41...
What next? two words: limitless downside. two more words: get out.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr yield -2bps 3.97. $ down vs 1.588€ & vs 105.952y, WTI +2% $143.83, gold up $946.5; TED Spread up +4bps 0.97%
SP500 open 1285, pop to 1292, plunge to close 1261. NDX 1863, gap up to open 1868, rise to 1875, plunge to close 1815.
MON: We may have started the head fake today off new lows 1817 & 1260.
Not so fast Joe... too many name brands falling... DJIA crossed 20% line, Starbucks closing 600 stores...
a $100 million deposit run on soon to be insolvent IndyMac bank; penny stock at $0.72 cents a share...
GM needs $15 billion or its BK, stock -15% today at $10.06. Ford at $4.41...
What next? two words: limitless downside. two more words: get out.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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