Market Soapbox 07/10/08
THU, Mr. Toads Wild Ride, DJIA +82 on lower volume with midlin internals. All UP.
Bonds flat 10 yr 3.81, $ down vs 1.5785€ & vs 107.06y, WTI +4% $141.64, gold +1.5% $942, TED spread up BIG +13bps 1.13%.
SP500 open 1244, rise to 1257, plunge to 1236, bounce to close 1253. NDX 1818, gap up to open 1826, jump to 1846, plunge to 1805, bounce to close 1840.
UP 20, then down 20, then up 20; SP500 put in a new multi year low at 1236.
MBIA & Ambac AAA downgrade still playing out; now GSE death watch, next act GM or PMI insurer BK?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds flat 10 yr 3.81, $ down vs 1.5785€ & vs 107.06y, WTI +4% $141.64, gold +1.5% $942, TED spread up BIG +13bps 1.13%.
SP500 open 1244, rise to 1257, plunge to 1236, bounce to close 1253. NDX 1818, gap up to open 1826, jump to 1846, plunge to 1805, bounce to close 1840.
UP 20, then down 20, then up 20; SP500 put in a new multi year low at 1236.
MBIA & Ambac AAA downgrade still playing out; now GSE death watch, next act GM or PMI insurer BK?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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