Market Observations 08/22/08
Resistance: DJIA 11675 (1000DMA); SP500 1300 (1100DMA); NAZ 2470 (500DMA); NDX 1975
Support: DJIA 11285 (1200DMA); SP500 1260 (1300DMA); NAZ 2365 (800DMA); NDX 1880 (500DMA)
SP500 1277, rise to close 1293. NDX 1906, gap up to 1913, rise to 1937, close 1931.
MON: Major concern over FHLMC & FNMA needing a near term bailout.
TUE: Talk that Lehman is planning to sell large amounts of assets could point to an extremely ugly third quarter.
WEN: Lehman failed to secure its Korean backing. Fannie & Freddie tumbled to 20 year lows... while their bonds rallied.
THU: commodities headed for their biggest weekly gain in 33 years...
Merrill Lynch went panhandling to a Korean sovereign fund and Singapores Temasek (already their largest shareholder).
Cut and bailout all you want... widening agency vs treasury yield spreads will force home prices down further...
30 year mortgage rates climbed to their highest in 6 years while mortgage applications fell 34% to their lowest in 8 years.
New bailout dead pool: WaMu, Wachovia, Lehman Bros, Citigroup, Merrill Lynch, FHLMC & FNMA.
FRI: 5% crude decline sparks 200 point rally. KDB Korea Development Bank may be interested in acquiring Lehman Brothers...
Shhh, hedge fund Ore Hill is limiting redemptions.
Keep your eyes peeled to the sky, it could be a name brand...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 11285 (1200DMA); SP500 1260 (1300DMA); NAZ 2365 (800DMA); NDX 1880 (500DMA)
SP500 1277, rise to close 1293. NDX 1906, gap up to 1913, rise to 1937, close 1931.
MON: Major concern over FHLMC & FNMA needing a near term bailout.
TUE: Talk that Lehman is planning to sell large amounts of assets could point to an extremely ugly third quarter.
WEN: Lehman failed to secure its Korean backing. Fannie & Freddie tumbled to 20 year lows... while their bonds rallied.
THU: commodities headed for their biggest weekly gain in 33 years...
Merrill Lynch went panhandling to a Korean sovereign fund and Singapores Temasek (already their largest shareholder).
Cut and bailout all you want... widening agency vs treasury yield spreads will force home prices down further...
30 year mortgage rates climbed to their highest in 6 years while mortgage applications fell 34% to their lowest in 8 years.
New bailout dead pool: WaMu, Wachovia, Lehman Bros, Citigroup, Merrill Lynch, FHLMC & FNMA.
FRI: 5% crude decline sparks 200 point rally. KDB Korea Development Bank may be interested in acquiring Lehman Brothers...
Shhh, hedge fund Ore Hill is limiting redemptions.
Keep your eyes peeled to the sky, it could be a name brand...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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