Market Soapbox 12/18/08
THU, late sell off, DJIA -219 on average volume with ugly internals. All DOWN cept DJUA.
Bonds up 10 yr -10 bps 2.09, $ up BIG vs E1.4298 & vs 89.425y, WTI -10% $36.25, gold -1.5% $851.4, TED spread -5bps 1.52%.; 3 mo Libor -6bps 1.52%
SP500 905, rise 911, dip 877, close 885. NDX 1227, jump 1234, dip 1192, close 1205.
FRI: Senate rejects automotive bailout; Fed may throw TARP over automakers. Fed purchases another $3 billion of debt from Freddie; Fannie & FHLB.
MON: NY Empire State Index Dec -25.8; NAHB/WF Housing Index 9 all time low; Industrial Production Nov -0.8%; assembly rates lowest in 18 yrs.
TUE: Fed funds cut 75 bps to 0.25%; Goldman Sachs principal investments net loss Q4 $3.6 billion. Record declines, Building Permits -15.6%; Housing Starts -19%.
WEN: Morgan Stanley -$2.2 billion Q4 loss; Regulators increase oversight of Citigroup due to financial status concerns.
Today, GE credit outlook lowered to negative. Initial Claims -21K; Continuing claims 4.38M vs 4.43M as more benefits expire. Philadelphia Fed Dec -32.9 vs -39.3
Loan Mod's Bust... 50% of November’s loan modifications increased monthly payments and 50% added unpaid fees and interest to the loan principal.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds up 10 yr -10 bps 2.09, $ up BIG vs E1.4298 & vs 89.425y, WTI -10% $36.25, gold -1.5% $851.4, TED spread -5bps 1.52%.; 3 mo Libor -6bps 1.52%
SP500 905, rise 911, dip 877, close 885. NDX 1227, jump 1234, dip 1192, close 1205.
FRI: Senate rejects automotive bailout; Fed may throw TARP over automakers. Fed purchases another $3 billion of debt from Freddie; Fannie & FHLB.
MON: NY Empire State Index Dec -25.8; NAHB/WF Housing Index 9 all time low; Industrial Production Nov -0.8%; assembly rates lowest in 18 yrs.
TUE: Fed funds cut 75 bps to 0.25%; Goldman Sachs principal investments net loss Q4 $3.6 billion. Record declines, Building Permits -15.6%; Housing Starts -19%.
WEN: Morgan Stanley -$2.2 billion Q4 loss; Regulators increase oversight of Citigroup due to financial status concerns.
Today, GE credit outlook lowered to negative. Initial Claims -21K; Continuing claims 4.38M vs 4.43M as more benefits expire. Philadelphia Fed Dec -32.9 vs -39.3
Loan Mod's Bust... 50% of November’s loan modifications increased monthly payments and 50% added unpaid fees and interest to the loan principal.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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