Market Soapbox 08/13/08
WEN, triple digit followthrough DJIA -110 on average volume with poor internals. All DOWN cept DJUA, NDX, MID, XAU, XOI, RUT.
Bonds down 10 yr +4bps 3.94. $ up vs 1.4913€ & vs 109.57y, WTI +3% $116.41, gold +2% $833.3; TED Spread up +1bps 0.96%
SP500 1290, drop to 1274, bounce to 1294, fade to close 1285. NDX 1941, open 1938, dip to 1920, bounce to 1955, fade to close 1942.
Today, Deere & Co., the world's largest maker of farm equipment, missed on both the top and bottom line. Crude back over $116.
Critical action coming this THU through next WEN. The crisis is years from being over and a bottom is nowhere in sight.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +4bps 3.94. $ up vs 1.4913€ & vs 109.57y, WTI +3% $116.41, gold +2% $833.3; TED Spread up +1bps 0.96%
SP500 1290, drop to 1274, bounce to 1294, fade to close 1285. NDX 1941, open 1938, dip to 1920, bounce to 1955, fade to close 1942.
Today, Deere & Co., the world's largest maker of farm equipment, missed on both the top and bottom line. Crude back over $116.
Critical action coming this THU through next WEN. The crisis is years from being over and a bottom is nowhere in sight.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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