Market Soapbox 12/15/08
MON, lower, DJIA -65 on lower volume with ugly internals. All DOWN cept XAU.
Bonds up 10 yr -7bps 2.50%. $ down vs E1.3698 & vs 90.634y, WTI -3% $44.84, gold +2% $839.6; TED spread -5bps 1.86%; 3 mo Libor -5bps 1.87
SP500 879, rise to 884, dip to 857, close 868. NDX 1206, drop to 1167, close 1181.
FRI: Senate rejects automotive bailout; Fed may throw TARP over automakers. Fed purchases another $3 billion of debt from Freddie; Fannie & FHLB.
NY Empire State Index Dec -25.8 vs -25.4; NAHB/WF Housing Index 9 vs 9; Industrial Production Nov -0.8% vs +1.3%.
Production is -5.5% in the last 12 months as utilization has fallen to 75%; 25% of factorys are idle;
manufacturing -1.4%; as automakers slashed assembly rates to the lowest level in 18 yrs.
How bad is it? Arena Football cancelled their 09 season. How much will the Fed cut? that is the question.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -7bps 2.50%. $ down vs E1.3698 & vs 90.634y, WTI -3% $44.84, gold +2% $839.6; TED spread -5bps 1.86%; 3 mo Libor -5bps 1.87
SP500 879, rise to 884, dip to 857, close 868. NDX 1206, drop to 1167, close 1181.
FRI: Senate rejects automotive bailout; Fed may throw TARP over automakers. Fed purchases another $3 billion of debt from Freddie; Fannie & FHLB.
NY Empire State Index Dec -25.8 vs -25.4; NAHB/WF Housing Index 9 vs 9; Industrial Production Nov -0.8% vs +1.3%.
Production is -5.5% in the last 12 months as utilization has fallen to 75%; 25% of factorys are idle;
manufacturing -1.4%; as automakers slashed assembly rates to the lowest level in 18 yrs.
How bad is it? Arena Football cancelled their 09 season. How much will the Fed cut? that is the question.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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