Market Soapbox Week Ending 09/05/08

MON, Labor Day Markets Closed

TUE, huge swing, DJIA -27 on tepid volume with poor internals. All DOWN. Bonds up BIG 10 yr -8bps 3.73, $ up BIG vs 1.4507€ & down vs 108.725y, WTI -5% $110.34 gold -3% $810.5, TED spread up +3bps 1.13%.

WEN, wavy gravy split tape, DJIA +16 on average volume with poor internals. All DOWN cept RUT. Bonds up -3bps 10 yr 3.70, $ up vs 1.449€ & down vs 108.36y, WTI -1% $109.33, gold down $805.5, TED spread flat 1.13%.

THU, wide & deep, DJIA -345 on average volume with devastating internals. All DOWN 3%. Bonds up 10 yr -8bps 3.62. $ UP BIG vs 1.4229€ & down HUGE vs 106.305y, WTI -2% $107.46, gold down $798.2; TED Spread down +1bps 1.14%

FRI, split tape whip saw, DJIA +33 on average volume with midlin internals. All UP cept DJTA, DJUA, NDX, NAZ, XOI. Bonds down 10 yr +8bps 3.70%. $ down vs 1.4267€ & up vs 107.73y, WTI -1.5% $106.23, gold up $802.8; TED Spread down BIG -9bps 1.05%

This week, DJIA -323, since 09/19/05 DJIA +657. CRB commodities down HUGE 391.71 to 367.7

XAU down 149.22 to 129.64 & gold down 835.2 802.8; XOI down 1326.7 to 1222.21 & WTI down HUGE 115.46 to 106.23. Volatility VIX up 20.65 to 23.06

TED Spread down 1.10% to 1.05%; Dollar index up 77.31 to 78.868; $ down vs Yen 108.8 to 107.73 & up BIG vs €1.4674 to 1.4267

This week long bonds up, short down.

30yr -12bps; 10yr -11bps, 5yr -11bps, 2yr -7bps, 6mo +1bps; 3mo +6bps.

30 yr @ 4.30%; 10 yr @ 3.70; 5 yr @ 2.98; 2yr @ 2.30; 6 mo @ 1.95; 3 mo @ 1.77

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