Market Soapbox 11/24/08
MON, followthrough DJIA +397 on high volume with sterling internals. All UP 5%+.
Bonds down 10 yr +12bps 3.32%. $ down BIG vs E1.2894 & vs 96.78y, WTI +9% $54.64, gold +3% $818.12; TED Spread -10bps 2.05%; 3 mo Libor +1bps 2.17
SP500 800, rocket ride to 865, close 851. NDX 1085, gap up 1106, dip to 1096, rocket ride to 1163, close 1154.
FRI: Geithner Treasury appointment spurs a head fake as the dead cat bounced off SP500 741; a number not seen since 1997.
Could there be a small Santa rally coming? Perhaps.
Fri & Today, biggest two day rally since 1987 on more "good" news...
Existing Home Sales Oct -3.1% 4.98M vs 5.18M; 33% below the 05 peak; Yoy median price -11.3%; the largest drop on record.
$27 billion of preferred shares paying 8% and warrants equivalent to a 4.5% stake in the company. What is?
the Treasury bailout with guarantees on $306 billion in bad loans that Sillybank has made.
Will this Santa rally succeed? NOT! A more substantial rally requires underlying economic developments, which are far from occuring.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +12bps 3.32%. $ down BIG vs E1.2894 & vs 96.78y, WTI +9% $54.64, gold +3% $818.12; TED Spread -10bps 2.05%; 3 mo Libor +1bps 2.17
SP500 800, rocket ride to 865, close 851. NDX 1085, gap up 1106, dip to 1096, rocket ride to 1163, close 1154.
FRI: Geithner Treasury appointment spurs a head fake as the dead cat bounced off SP500 741; a number not seen since 1997.
Could there be a small Santa rally coming? Perhaps.
Fri & Today, biggest two day rally since 1987 on more "good" news...
Existing Home Sales Oct -3.1% 4.98M vs 5.18M; 33% below the 05 peak; Yoy median price -11.3%; the largest drop on record.
$27 billion of preferred shares paying 8% and warrants equivalent to a 4.5% stake in the company. What is?
the Treasury bailout with guarantees on $306 billion in bad loans that Sillybank has made.
Will this Santa rally succeed? NOT! A more substantial rally requires underlying economic developments, which are far from occuring.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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