Market Soapbox 11/10/08
MON, large gains fail late, DJIA -73 on low volume with poor internals. All DOWN cept DJTA, XAU, XOI.
Bonds up 10 yr -5bps 3.74%. $ down vs 1.2751 & vs 97.935y, WTI +2% $62.22, gold +2% $746.9; TED Spread up +3bps 2.04%; 3 mo Libor down -5bps 2.24
SP500 931, gap up 937, pop 951, dive 907, close 919. NDX 1271, gap up 1297, plunge to 1237, close 1251.
FRI: Nonfarm Payrolls Oct -240K vs prior -284K; Unemployment Rate Oct 6.5% highest since 1994; unemployed over 10 million; highest in 25 years.
We sensed a dead cat bounce was due; will it last? the grim economic reality will take this market down to new depths.
Today, Circuit City filed Chapter 11; Deutsche Post will close all of its DHL Express centers and cut 9500 jobs in the US in addition to 5400 already announced.
AIG $24.5 billion Q3 loss; bailout expanded to $150 from $123 billion as Treasury buys $40 billion in preferred shares.
GM downgraded to Sell from Hold and had its price target cut to $0 from $4 at Deutsche Bank.
China $586 billion bailout, or 18% of their GDP as 67K factories have closed in 1st half 08; by year end 100K will have closed.
Starbucks axes 13K jobs; same store sales -8%; Q4 net income -94%. Since being taken over...
Fannie Q3 net loss -$29 billion, and sez $100 billion not enough, this bailout alone will exceed $1 Trillion.
Zero Transparency... the FED is refusing to identify the recipients of almost $2 trillion of...
emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
So listen here all you suckers, keep your eyes peeled to the sky, it could be a name brand, like Goldman Sachs.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -5bps 3.74%. $ down vs 1.2751 & vs 97.935y, WTI +2% $62.22, gold +2% $746.9; TED Spread up +3bps 2.04%; 3 mo Libor down -5bps 2.24
SP500 931, gap up 937, pop 951, dive 907, close 919. NDX 1271, gap up 1297, plunge to 1237, close 1251.
FRI: Nonfarm Payrolls Oct -240K vs prior -284K; Unemployment Rate Oct 6.5% highest since 1994; unemployed over 10 million; highest in 25 years.
We sensed a dead cat bounce was due; will it last? the grim economic reality will take this market down to new depths.
Today, Circuit City filed Chapter 11; Deutsche Post will close all of its DHL Express centers and cut 9500 jobs in the US in addition to 5400 already announced.
AIG $24.5 billion Q3 loss; bailout expanded to $150 from $123 billion as Treasury buys $40 billion in preferred shares.
GM downgraded to Sell from Hold and had its price target cut to $0 from $4 at Deutsche Bank.
China $586 billion bailout, or 18% of their GDP as 67K factories have closed in 1st half 08; by year end 100K will have closed.
Starbucks axes 13K jobs; same store sales -8%; Q4 net income -94%. Since being taken over...
Fannie Q3 net loss -$29 billion, and sez $100 billion not enough, this bailout alone will exceed $1 Trillion.
Zero Transparency... the FED is refusing to identify the recipients of almost $2 trillion of...
emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
So listen here all you suckers, keep your eyes peeled to the sky, it could be a name brand, like Goldman Sachs.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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