Month: December 2008
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Markets 2008
This will be the last post of 2008 for BaseOp2 as the year of every possible directional swing comes to a close. While the individual and institutional investors struggle to comprehend the magnitude of hurt put on the money pile worldwide, the deep bid/offer index markets of the US continue to provide the mechanics for…
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Dull Again
Not much to say today. Like yesterday, today’s volume was diminished as zero rates collided with zero interest in equities. Maybe these are bargains of a lifetime but investors have little taste to partake when every five days some new disaster story hits the wires. Managers to manufactures, technology to banks, they all seem to…
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Avoiding Road To Empty
The Fed had run out of room on interest rates so they basically told the world they would do whatever it takes to manage the current economic disaster. Gee, I hope that is enough because if it is not, we are all in for a long road to empty. Technical programs run here are happy…
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Talent
Fed meeting today and tomorrow as they will obviously continue to provide the easing and other additional actions for a hopeful upturn from current dismal economic scene. Between revelations of money manager disasters such as Madoff’s or the suspension of redemptions by Citidel, the world is still working through the unwinding of real positions initiated…
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You Are Fired
Well the next phase of ‘save us from ourselves’ has started as banks such a BAC announce huge layoffs now that they have more than enough cash stuffed into the vaults. Rates are at zero and there is plenty of cash to go around, but like the Japan model, no lending. Well, no lending unless…
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Rolling Over?
Little accomplished in today’s action in either the indexes or economic events. Big 3 are going to get a small stipend and hope the rest will come later. Treasuries in the three month variety still a virtual zero and stocks slept on low volume. Market timers will be looking for big volatility next week as…
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Negative Rates
Three month notes traded at a negative rate today as money continues to pour into Treasuries and away from just about everything else. Should those rates submerge more this week, it is likely to bring a serious attack on the legs of the current index support levels. Though there are compelling reasons to nimble on…
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Obama Infrastructure
Early strength on Monday attributed to Obama’s infrastructure pledge but markets are just simply finding lack of sellers as oversold conditions persist. The bottom formation of the DJIA, SP500, and NQ100 look solid enough to build on but needs a couple of stretches from powerful rallies to confirm the worst is over.
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Stranger Than Fiction
The jobs number was bad but the reaction by the market to this point has continued to be one of dull interest in selling the lower end of the ranges. Big 3 pleadings on Capital Hill along with Fed cries for mortgage intervention form a backdrop to a stranger than fiction world of economic conditions…
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Jobs Number Tomorrow
All hands waiting for tomorrow’s jobs data with some interest in what the Big 3 folks will say today in front of Congress. So, best link today is this article about how bad the hedge folks are getting kicked in the ass. Story.