Market Soapbox 07/08/08
TUE, bounce, DJIA +152 on higher volume with nice internals. All UP cept XAU, XOI.
Bonds up 10 yr yield -2bps 3.89, $ up vs 1.5672€ & vs 107.505y, WTI -3.75% $136.07, gold down $923.3, TED spread up +1bps 0.94%.
SP500 open 1252, drop to 1242, rise to close 1274. NDX 1826, gap up to open 1829, drop to 1821, rise to close 1871.
THU: Hi tech head fake under way, batten the hatches and secure everything, we sense a bounce.
But do not be fooled, we sense things are just starting to get grim.
Headline reads, market rallies on -6.5% crude oil decline. Under the sheets...
The credit crunch is worsening as margin spreads are the highest since
records began in 1990 and the demand destruction process is just now reaching full intensity.
Setting the stage for further macro deterioration in terms of "growth" and unemployment by year end.
Confirming after hours, Alcoa, the world's third-largest aluminum producer, said Q2 net income fell 30%.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr yield -2bps 3.89, $ up vs 1.5672€ & vs 107.505y, WTI -3.75% $136.07, gold down $923.3, TED spread up +1bps 0.94%.
SP500 open 1252, drop to 1242, rise to close 1274. NDX 1826, gap up to open 1829, drop to 1821, rise to close 1871.
THU: Hi tech head fake under way, batten the hatches and secure everything, we sense a bounce.
But do not be fooled, we sense things are just starting to get grim.
Headline reads, market rallies on -6.5% crude oil decline. Under the sheets...
The credit crunch is worsening as margin spreads are the highest since
records began in 1990 and the demand destruction process is just now reaching full intensity.
Setting the stage for further macro deterioration in terms of "growth" and unemployment by year end.
Confirming after hours, Alcoa, the world's third-largest aluminum producer, said Q2 net income fell 30%.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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