Market Soapbox 12/11/08
THU, late sell off, DJIA -196 on average volume with ugly internals. All DOWN cept XOI.
Bonds up 10 yr -8 bps 2.60, $ down HUGE vs E1.3345 & vs 91.48y, WTI +7.5% $47.16, gold +1% $822.6, TED spread -16bps 1.99%.; 3 mo Libor -9bps 2%
SP500 899, rise 904, dive to 868, close 873. NDX 1222, gap down 1206, rise 1229, fade to close 1180.
FRI: Unemployment 6.7%; highest since 92; -533K jobs in Nov. the largest decline since 74. let this Santa Chumps rally play out.
MON: Democrats sent a $15 billion auto rescue plan to the White House. LA Times owner Tribune Co. filed BK and forced to sell the Cubs.
TUE: 6 semi companies gave downside earnings or revenue guidance. Consumer technology retail sales declined for the first time ever during Black Friday -8.4.
WEN: GMAC said if it is unable to successfully convert to a bank holding company it would have a material adverse effect on GMAC's business.
Today, BofA to cut 35K jobs. YTD SP500 -38%; PnG -20%. GE paying 10% yield with tangible shareholder equity $13.7 billion;
Shhhh, they need to refinance $40 billion of debt by the end of 2009.
A fade since NDX 1251, Santa could pull his bootstraps up to 1263, then his suspenders snap and 976 will come into view very very fast.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -8 bps 2.60, $ down HUGE vs E1.3345 & vs 91.48y, WTI +7.5% $47.16, gold +1% $822.6, TED spread -16bps 1.99%.; 3 mo Libor -9bps 2%
SP500 899, rise 904, dive to 868, close 873. NDX 1222, gap down 1206, rise 1229, fade to close 1180.
FRI: Unemployment 6.7%; highest since 92; -533K jobs in Nov. the largest decline since 74. let this Santa Chumps rally play out.
MON: Democrats sent a $15 billion auto rescue plan to the White House. LA Times owner Tribune Co. filed BK and forced to sell the Cubs.
TUE: 6 semi companies gave downside earnings or revenue guidance. Consumer technology retail sales declined for the first time ever during Black Friday -8.4.
WEN: GMAC said if it is unable to successfully convert to a bank holding company it would have a material adverse effect on GMAC's business.
Today, BofA to cut 35K jobs. YTD SP500 -38%; PnG -20%. GE paying 10% yield with tangible shareholder equity $13.7 billion;
Shhhh, they need to refinance $40 billion of debt by the end of 2009.
A fade since NDX 1251, Santa could pull his bootstraps up to 1263, then his suspenders snap and 976 will come into view very very fast.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Comments