Market Soapbox 11/06/08
THU, followthrough, DJIA -443 on higher volume with horrific internals. All DOWN 5%+
Bonds up 10 yr -2bps 3.68. $ up vs 1.2664 & down vs 97.09y, WTI -10% $60.26, gold -1% $730; TED Spread down -3bps 2.09%; 3mo Libor -12bps 2.39
SP500 952, plunge to 899, close 905. NDX 1299, gap down 1278, rise 1294, plunge to 1235, close 1242.
FRI: Whats driving the market up? In 3 days, the Fed has bought $165 billion in CP.... do not be fooled, its another house of cards.
MON: U.S. auto sales lowest monthly level since 1945. Oct ISM Index Oct 38.9, lowest level in 26 years; Private SFR Construction Spending -41.7% Yoy
TUE: Factory Orders -2.5%; in times of economic duress the incumbent party usually gets slaughtered. Yet, more chump pump DJIA +305
WEN: ADP Employment -157K, the largest decline since 2002. ISM Services Oct 44.4; the 6th contraction in 11 months and the largest decline since 1997.
Overnight: Nikkei -6.5%; Hang Seng -7.1%; DAX -6.8%; CAC -6.4%; FTSE -5.7%.
Today, Productivity +2.3%; output -1.7%; why? less hours worked -2.7% due to layoffs...
Citibank laying off 9,000; Goldman Sachs will post 1st ever loss and layoff 3200.
Mickey Mouse's ears bent profit -13%; PG&E and DirecTV missed... abysmal double digit retail same store sales declines...
Crude under $61, -59% from peak; headed for our $55 target... Collapse, 09/19 - 10/28, the RUT & MID -42%; SP500 -33%...
Are investors finally waking up to reality? Perhaps, yesterday & today stocks down 10%... the worst 2 day decline since 1987...
401K's & pension plans are vaporizing into thin air... don't worry Wal Mart same store sales +2.3%; they might be hiring greeters.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -2bps 3.68. $ up vs 1.2664 & down vs 97.09y, WTI -10% $60.26, gold -1% $730; TED Spread down -3bps 2.09%; 3mo Libor -12bps 2.39
SP500 952, plunge to 899, close 905. NDX 1299, gap down 1278, rise 1294, plunge to 1235, close 1242.
FRI: Whats driving the market up? In 3 days, the Fed has bought $165 billion in CP.... do not be fooled, its another house of cards.
MON: U.S. auto sales lowest monthly level since 1945. Oct ISM Index Oct 38.9, lowest level in 26 years; Private SFR Construction Spending -41.7% Yoy
TUE: Factory Orders -2.5%; in times of economic duress the incumbent party usually gets slaughtered. Yet, more chump pump DJIA +305
WEN: ADP Employment -157K, the largest decline since 2002. ISM Services Oct 44.4; the 6th contraction in 11 months and the largest decline since 1997.
Overnight: Nikkei -6.5%; Hang Seng -7.1%; DAX -6.8%; CAC -6.4%; FTSE -5.7%.
Today, Productivity +2.3%; output -1.7%; why? less hours worked -2.7% due to layoffs...
Citibank laying off 9,000; Goldman Sachs will post 1st ever loss and layoff 3200.
Mickey Mouse's ears bent profit -13%; PG&E and DirecTV missed... abysmal double digit retail same store sales declines...
Crude under $61, -59% from peak; headed for our $55 target... Collapse, 09/19 - 10/28, the RUT & MID -42%; SP500 -33%...
Are investors finally waking up to reality? Perhaps, yesterday & today stocks down 10%... the worst 2 day decline since 1987...
401K's & pension plans are vaporizing into thin air... don't worry Wal Mart same store sales +2.3%; they might be hiring greeters.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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