Market Soapbox 11/25/08
TUE, split tape, DJIA +36 on higher volume with dismal internals. ALL up cept NDX, NAZ, SOXX.
Bonds up BIG 10 yr -21bps 3.11%, $ down BIG vs E1.3046 & vs 95.3y, WTI -7% $50.77 gold up $820.5, TED spread +5bps 2.10%. 3mo Libor +3bps 2.2.
SP500 853, rise 868, dive to 834, bounce to close 857. NDX 1154, gap up 1164, dive 1118, bounce to close 1142.
FRI: Geithner Treasury appointment spurs a head fake off SP500 741; a number not seen since 1997. Could there be a small Santa rally coming? Perhaps.
MON: biggest two day rally since 1987. 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.
Today, GDP-Prel. Q3 -0.5% vs -0.3%. Q3 PCE -3.7% vs -3.1%. S&P/Case-Shiller Home Price Index Yoy -17.4%.
Wiping Fannie... The Fed will purchase up to $100 billion in direct GSE obligations and up to $500 billion in mortgage backed securities.
Bail all you want... from Oct. 1 through Nov. 24, the DJIA has managed back to back daily gains just twice.
Today, a 3rd day of gains. Tomorrow perhaps reality sets in again.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up BIG 10 yr -21bps 3.11%, $ down BIG vs E1.3046 & vs 95.3y, WTI -7% $50.77 gold up $820.5, TED spread +5bps 2.10%. 3mo Libor +3bps 2.2.
SP500 853, rise 868, dive to 834, bounce to close 857. NDX 1154, gap up 1164, dive 1118, bounce to close 1142.
FRI: Geithner Treasury appointment spurs a head fake off SP500 741; a number not seen since 1997. Could there be a small Santa rally coming? Perhaps.
MON: biggest two day rally since 1987. 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.
Today, GDP-Prel. Q3 -0.5% vs -0.3%. Q3 PCE -3.7% vs -3.1%. S&P/Case-Shiller Home Price Index Yoy -17.4%.
Wiping Fannie... The Fed will purchase up to $100 billion in direct GSE obligations and up to $500 billion in mortgage backed securities.
Bail all you want... from Oct. 1 through Nov. 24, the DJIA has managed back to back daily gains just twice.
Today, a 3rd day of gains. Tomorrow perhaps reality sets in again.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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