Market Soapbox 10/16/08
THU, wild swings, DJIA +401 on higher volume with sterling internals. All UP 4% cept XAU -7%.
Bonds down 10 yr +1bps 3.96. $ down vs 1.3504 & vs 101.645y, WTI down $72.89, gold -5% $805.8; TED Spread down BIG -27bps 4.07%; Libor -5bps 4.5
SP500 907, dip to 865, rise to close 947. NDX 1244, gap up 1256, dip to 1192, rise to close 1312.
FRI: SP500 bounces from down 7.3% at today's low: SP500 -46% from its all time high.... a sucker rally or dead cat bounce is due.
MON: MEOW and how... the promise of a $2.3 Trillion direct injection of capital. DJIA largest point gain ever. Do not be fooled...
TUE, the cat slammed into SP500 1050 and fell on corporate profit concerns.
WEN, the largest decline since 1987. NDX 1130 could give another bounce on the way down to 975.
Overnight, Nikkei -11.4%; largest drop in 21 years; Hang Seng -4.8%; FTSE -4.4%; DAX -3.6%.
Today, the dead cat bounced again, DJIA down 380, then up 400; VIX hit all time high of 81.
Swiss gov bailing out insurance giant UBS for $65 billion. TIC in flows a measely $14 billion.
NAHB/WF Housing Index measuring builder confidence hits all time low at 14.
Industrial production -2.8%; the largest decline since 1974. Philly Fed sank to -37.5, an 18 year low. And the fallout is just starting...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +1bps 3.96. $ down vs 1.3504 & vs 101.645y, WTI down $72.89, gold -5% $805.8; TED Spread down BIG -27bps 4.07%; Libor -5bps 4.5
SP500 907, dip to 865, rise to close 947. NDX 1244, gap up 1256, dip to 1192, rise to close 1312.
FRI: SP500 bounces from down 7.3% at today's low: SP500 -46% from its all time high.... a sucker rally or dead cat bounce is due.
MON: MEOW and how... the promise of a $2.3 Trillion direct injection of capital. DJIA largest point gain ever. Do not be fooled...
TUE, the cat slammed into SP500 1050 and fell on corporate profit concerns.
WEN, the largest decline since 1987. NDX 1130 could give another bounce on the way down to 975.
Overnight, Nikkei -11.4%; largest drop in 21 years; Hang Seng -4.8%; FTSE -4.4%; DAX -3.6%.
Today, the dead cat bounced again, DJIA down 380, then up 400; VIX hit all time high of 81.
Swiss gov bailing out insurance giant UBS for $65 billion. TIC in flows a measely $14 billion.
NAHB/WF Housing Index measuring builder confidence hits all time low at 14.
Industrial production -2.8%; the largest decline since 1974. Philly Fed sank to -37.5, an 18 year low. And the fallout is just starting...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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