Market Soapbox 07/22/08
TUE, late rally, DJIA +135 on average volume with nice internals. All UP cept DJUA, SOXX, XAU, XOI.
Bonds down 10 yr +5bps 4.11, $ up vs 1.5779€ & vs 107.285y, WTI -2.5% $128.3, gold -1.5% $948.5, TED spread down BIG -13bps 1.25%.
SP500 1257, drop 1248, bounce to close 1277. NDX 1820, gap down open 1787, drop to 1784, rise to close 1821.
THU: We repeat, this is a "chump jump". Cavaet emptor.
Fannie Mae and Freddie Mac rescue could cost U.S. taxpayers $25 billion, UPS: bleak economic outlook, Wachovia $9 billion loss = triple digit upsurge?
Vegas and Wall Street: both built on CON-fidence and bad math by the public.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +5bps 4.11, $ up vs 1.5779€ & vs 107.285y, WTI -2.5% $128.3, gold -1.5% $948.5, TED spread down BIG -13bps 1.25%.
SP500 1257, drop 1248, bounce to close 1277. NDX 1820, gap down open 1787, drop to 1784, rise to close 1821.
THU: We repeat, this is a "chump jump". Cavaet emptor.
Fannie Mae and Freddie Mac rescue could cost U.S. taxpayers $25 billion, UPS: bleak economic outlook, Wachovia $9 billion loss = triple digit upsurge?
Vegas and Wall Street: both built on CON-fidence and bad math by the public.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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