Market Soapbox 11/12/08
WEN, house of cards, DJIA -411 on higher volume with disasterous internals. All DOWN 5%+.
Bonds up -9bps 10 yr 3.65, $ up vs E1.2478 & down BIG vs 94.883y, WTI -6% $55.77, gold -3% $710.3, TED spread +16bps 1.98%.; 3 mo Libor -5bps 2.13%
SP500 898, gap down 893, dive to 850, close 852. NDX 1225, gap down 1204, dive to close 1165.
FRI: Unemployment 6.5% highest since 1994; unemployed 10 million; highest in 25 years. Grim economic reality will take this market down to new depths.
MON: AIG $24.5 billion Q3 loss; China $586 billion bailout, by year end 100K factories will have closed. Starbucks Q4 net income -94%.
TUE: What will you do? due to imminent insolvency Fed waives 30 day wait for American Express to covert to bank holding company.
Today, crude oil at our $55 target; Google under $300; Home values fell 9.7% in Q3, the 7th consecutive decline, as 30% of sellers sold at a loss.
Applied Materials, #1 maker of chip production machinery, Q4 net -45% cutting 12% of work force.
The U.S. government agreed to insure as much as $139 billion in debt for GE lending arm GE Capital Corp
Paulson scrapping the misguided effort to buy devalued mortgage assets, using the 2nd half of the $700 billion to relieve pressures on consumer credit...
YTD DJIA -39%; NAZ -44%; SP500 -43% ... more to come, after a small bounce?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up -9bps 10 yr 3.65, $ up vs E1.2478 & down BIG vs 94.883y, WTI -6% $55.77, gold -3% $710.3, TED spread +16bps 1.98%.; 3 mo Libor -5bps 2.13%
SP500 898, gap down 893, dive to 850, close 852. NDX 1225, gap down 1204, dive to close 1165.
FRI: Unemployment 6.5% highest since 1994; unemployed 10 million; highest in 25 years. Grim economic reality will take this market down to new depths.
MON: AIG $24.5 billion Q3 loss; China $586 billion bailout, by year end 100K factories will have closed. Starbucks Q4 net income -94%.
TUE: What will you do? due to imminent insolvency Fed waives 30 day wait for American Express to covert to bank holding company.
Today, crude oil at our $55 target; Google under $300; Home values fell 9.7% in Q3, the 7th consecutive decline, as 30% of sellers sold at a loss.
Applied Materials, #1 maker of chip production machinery, Q4 net -45% cutting 12% of work force.
The U.S. government agreed to insure as much as $139 billion in debt for GE lending arm GE Capital Corp
Paulson scrapping the misguided effort to buy devalued mortgage assets, using the 2nd half of the $700 billion to relieve pressures on consumer credit...
YTD DJIA -39%; NAZ -44%; SP500 -43% ... more to come, after a small bounce?
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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