Market Soapbox 12/08/08
MON, more chump pump, DJIA +299 on higher volume with sterling internals. All UP 3%+.
Bonds down 10 yr +5bps 2.75%. $ down huge vs E1.2901 & vs 92.747y, WTI +6% $44, gold +2% $773.6; TED Spread flat 2.18%; 3 mo Libor flat 2.19
SP500 876, gap up 882, rise to 918, close 909. NDX 1178, gap up 1202, dip to 1196, rise to 1237, close 1225.
FRI: Unemployment 6.7%; highest since 92; -533K jobs in Nov. the largest decline since 74. let this Santa Chumps rally play out.
Overnight, FTSE +6.2%; DAX +7.6%; CAC +8.7%; Nikkei +5.2%; Hang Seng +8.7%. Democrats sent a $15 billion auto rescue plan to the White House.
A weakening U.S. economy offsets lower fuel prices: LTL trucker Con-way and #2 express package co. Fed-Ex both cut full year earnings outlooks.
Wyndham will cut 4K jobs; 3M issued downside earnings guidance for 08 & 09 and said it will cut 1.8K jobs in Q4.
Dow Chemical plans to lay off 11%, or 5K, close 20 facilities and reduce its contractor workforce by 6K.
Chip maker Texas Instruments slashed its earnings and revenue outlook for Q4; LA Times owner Tribune Co. filed BK and forced to sell the Cubs.
Reduced to eating cheap fast food: McDonald's sales are up November comparable sales +7.7% worldwide +4.5% in the U.S.
Japan's GDP contracted at a -1.8% pace in the quarter ended Sept. 30, initial estimates were -0.4%.
All this "good news" has markets booming; its an opportunity to sell into "strength", before the hammer really comes down.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down 10 yr +5bps 2.75%. $ down huge vs E1.2901 & vs 92.747y, WTI +6% $44, gold +2% $773.6; TED Spread flat 2.18%; 3 mo Libor flat 2.19
SP500 876, gap up 882, rise to 918, close 909. NDX 1178, gap up 1202, dip to 1196, rise to 1237, close 1225.
FRI: Unemployment 6.7%; highest since 92; -533K jobs in Nov. the largest decline since 74. let this Santa Chumps rally play out.
Overnight, FTSE +6.2%; DAX +7.6%; CAC +8.7%; Nikkei +5.2%; Hang Seng +8.7%. Democrats sent a $15 billion auto rescue plan to the White House.
A weakening U.S. economy offsets lower fuel prices: LTL trucker Con-way and #2 express package co. Fed-Ex both cut full year earnings outlooks.
Wyndham will cut 4K jobs; 3M issued downside earnings guidance for 08 & 09 and said it will cut 1.8K jobs in Q4.
Dow Chemical plans to lay off 11%, or 5K, close 20 facilities and reduce its contractor workforce by 6K.
Chip maker Texas Instruments slashed its earnings and revenue outlook for Q4; LA Times owner Tribune Co. filed BK and forced to sell the Cubs.
Reduced to eating cheap fast food: McDonald's sales are up November comparable sales +7.7% worldwide +4.5% in the U.S.
Japan's GDP contracted at a -1.8% pace in the quarter ended Sept. 30, initial estimates were -0.4%.
All this "good news" has markets booming; its an opportunity to sell into "strength", before the hammer really comes down.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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