Market Soapbox 09/30/08
TUE, dead cat bounce, DJIA +485 on average volume with sterling internals. All UP BIG cept XAU.
Bonds down BIG 10 yr +24bps 3.82, $ up BIG vs 1.409€ & vs 105.825y, WTI +5% $101.45 gold -3% $881.6, TED spread down -10bps 3.15%.
SP500 1106, gap up 1113, rise to 1168, close 1164. NDX 1496, gap up 1543, dip to 1529, climb to 1597, close 1584.
FRI: the largest bank failure in US history; FDIC seized WaMu.
The economy has been contracting 3 straight quarters and the true ugliness has just begun.
MON: The unwind into chaos... congress rejects the unnecessary bailout dubbed the "emergency economic stabilization act" 228-205, the street panics.
Fortis on the verge of collapse is Nationalised with a $16 billion bailout. Wachovia collapses, Citigroup buys the remains for $2 billion or $1 per share.
Today, thud, meow, boing... month & quarter end short covering gets 3rd largest point gain ever. The SEC may allow more book cooking on questionable assets...
Hush hush my sweet Harlot... Belgian bank Dexia gets a $9.2 billion bailout. 3 month Libor widening at 4.05; overnight LIBOR spikes 431 basis points to 6.88%
S&P Case Shiller Home Price Index: 16% price decline YOY; accelerating +0.9% vs +0.5%; 25th straight decline; housing and consumer spending continue to contract.
We natter: Too many stupid loans that cannot be repaid by stupid people that paid stupid prices for assets that were NEVER worth 50% of the loans.
The house will vote on the mother of all bailouts tomorrow; Trichet sez "pass it for the sake of global finance."
The bailouts to date are bad enough; not one more pence for the greedy banks and speculators...
Too many of their whores (Bush, McCain, Obama, The Fed, Treasury and Congress) claim disaster will occur IF we do not bail out the banks. DO NOT BELIEVE THEM.
We repeat, the bailout will change NOTHING, bail all you want, there is NO WAY OUT. They danced, now they must pay the piper.
The bailouts will only reward and enable the gambling ultra rich elitist crooks and their filthy prostitutes that infest our Congress.
We repeat, let them have a swift and merciful death, because death is necessary for renewal.
This is not free market capitalism, this is the rape of our democracy and the larceny of our childrens future for the folly of a rich and priveledged few.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down BIG 10 yr +24bps 3.82, $ up BIG vs 1.409€ & vs 105.825y, WTI +5% $101.45 gold -3% $881.6, TED spread down -10bps 3.15%.
SP500 1106, gap up 1113, rise to 1168, close 1164. NDX 1496, gap up 1543, dip to 1529, climb to 1597, close 1584.
FRI: the largest bank failure in US history; FDIC seized WaMu.
The economy has been contracting 3 straight quarters and the true ugliness has just begun.
MON: The unwind into chaos... congress rejects the unnecessary bailout dubbed the "emergency economic stabilization act" 228-205, the street panics.
Fortis on the verge of collapse is Nationalised with a $16 billion bailout. Wachovia collapses, Citigroup buys the remains for $2 billion or $1 per share.
Today, thud, meow, boing... month & quarter end short covering gets 3rd largest point gain ever. The SEC may allow more book cooking on questionable assets...
Hush hush my sweet Harlot... Belgian bank Dexia gets a $9.2 billion bailout. 3 month Libor widening at 4.05; overnight LIBOR spikes 431 basis points to 6.88%
S&P Case Shiller Home Price Index: 16% price decline YOY; accelerating +0.9% vs +0.5%; 25th straight decline; housing and consumer spending continue to contract.
We natter: Too many stupid loans that cannot be repaid by stupid people that paid stupid prices for assets that were NEVER worth 50% of the loans.
The house will vote on the mother of all bailouts tomorrow; Trichet sez "pass it for the sake of global finance."
The bailouts to date are bad enough; not one more pence for the greedy banks and speculators...
Too many of their whores (Bush, McCain, Obama, The Fed, Treasury and Congress) claim disaster will occur IF we do not bail out the banks. DO NOT BELIEVE THEM.
We repeat, the bailout will change NOTHING, bail all you want, there is NO WAY OUT. They danced, now they must pay the piper.
The bailouts will only reward and enable the gambling ultra rich elitist crooks and their filthy prostitutes that infest our Congress.
We repeat, let them have a swift and merciful death, because death is necessary for renewal.
This is not free market capitalism, this is the rape of our democracy and the larceny of our childrens future for the folly of a rich and priveledged few.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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