Market Soapbox Week Ending 11/21/08

MON, followthrough DJIA -224 on average volume with dismal internals. All DOWN. Bonds up 10 yr -8bps 3.65%. $ down vs E1.2643 & vs 96.395y, WTI down $55.19, gold down $737.6; TED Spread +1bps 2.12%; 3 mo Libor flat 2.24

TUE, split tape, DJIA +151 on higher volume with dismal internals. ALL up cept DJTA, MID, SOXX, XAU, RUT . Bonds up BIG 10 yr -12bps 3.53%, $ up vs E1.2635 & vs 96.789y, WTI -1% $54.39 gold -1% $732.7, TED spread -1bps 2.11%. 3mo Libor -2bps 2.22.

WEN, house of cards, DJIA -427 on high volume with disasterous internals. All DOWN 5%+. Bonds up BIG -21bps 10 yr 3.32, $ up vs E1.25 & down vs 96.07y, WTI -2% $53.14, gold up $735, TED spread flat 2.11%.; 3 mo Libor -5bps 2.17%

THU, crash, DJIA -445 on very high volume with disasterous internals. All DOWN 6%+ Bonds up HUGE 10 yr -31bps 3.01. $ up vs E1.2472 & down BIG vs 94.04y, WTI -10% $48.69, gold +1% $745.7; TED Spread +1bps 2.12%; 3mo Libor flat 2.15

FRI, late rally, DJIA +494 on very high volume with sterling internals. All UP 6%+; XOI +12%; XAU +26%. Bonds down 10 yr +19bps 3.2%. $ down vs E1.2589 & vs 95.938y, WTI +2% $49.93, gold +7% $791.8; TED Spread +3bps 2.15%; 3 mo Libor +1bps 2.16

This week, DJIA -451, since 09/19/05 DJIA -2615. CRB commodities down 247.58 to 231.38

XAU up 80.2 to 88.8 & gold up 742.1 to 791.8; XOI down 912.18 to 855.87 & WTI down 56.35 to 49.93; Volatility VIX up 66.31 to 72.67

TED Spread +4bps 2.15%; 3 mo LIBOR -8bps 2.16%; Dollar index up 87.435 to 87.656; $ up vs Y97.038 to 95.938 & vs E1.2608 to 1.2589

This week bonds UP HUGE.

30yr -54bps; 10yr -53bps, 5yr -30bps, 2yr -11bps, 6mo -43bps; 3mo -12bps.

30 yr @ 3.69%; 10 yr @ 3.2; 5 yr @ 2.03; 2yr @ 1.10; 6 mo @ 0.45; 3 mo @ 0.01

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