Market Soapbox 07/07/08
MON, Mr. Toads Wild Ride, DJIA -57 on higher volume with ugly internals. All DOWN cept DJTA, NDX, SOXX.
Bonds up 10 yr -7bps 3.91, $ down vs 1.5723€ & up vs 107.062y, WTI -2.75% $141.25, gold -1% $926.60, TED spread down -3bps 0.93%.
SP500 open 1262, rise to 1274, dive to new low 1240, bounce to close 1252. NDX 1816, gap up to open 1834, rise to 1848, plunge to new low 1799, bounce to close 1826.
WEN: two words; limitless downside. Two more words; get out.
Bear with me, but today...A whipsaw, 278 point swing, over 100 up, over 100 down.
NDX & SP500 put in new year lows; SP500, DJIA & NAZ now officially in bear cave; over 20% down from peaks.
About to be insolvent IndyMac halted new loan production.
Today, FNMA -16% & FHLMC -18%, they may need $75 billion to stay afloat; thrifts & mortgages -12%; financials YTD -34%.
Hi tech head fake under way, batten the hatches and secure everything, we sense a bounce, but do not be fooled, things are just starting to get grim.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -7bps 3.91, $ down vs 1.5723€ & up vs 107.062y, WTI -2.75% $141.25, gold -1% $926.60, TED spread down -3bps 0.93%.
SP500 open 1262, rise to 1274, dive to new low 1240, bounce to close 1252. NDX 1816, gap up to open 1834, rise to 1848, plunge to new low 1799, bounce to close 1826.
WEN: two words; limitless downside. Two more words; get out.
Bear with me, but today...A whipsaw, 278 point swing, over 100 up, over 100 down.
NDX & SP500 put in new year lows; SP500, DJIA & NAZ now officially in bear cave; over 20% down from peaks.
About to be insolvent IndyMac halted new loan production.
Today, FNMA -16% & FHLMC -18%, they may need $75 billion to stay afloat; thrifts & mortgages -12%; financials YTD -34%.
Hi tech head fake under way, batten the hatches and secure everything, we sense a bounce, but do not be fooled, things are just starting to get grim.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Comments