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FED SETS OVERNIGHT REPOS, ACCEPTS $10.25B
The Fed is, also, opening the lending window to smaller banks now.
May Philadelphia Fed numbers not as bad as the prior numbers:
MAY PHILADELPHIA FED INDEX: -15.6 V -19E
- New Orders: -3.7 v -18.8 prior
- Employment: -1 v -11.1 prior
- Prices Paid: 53.8 v 51.6 prior
- Inventories: -13.1 v -26.2 prior
- Six-month business conditions outlook: 28.2 v 13.7 prior
Entries (RSS)
May 15th, 2008 at 12:38 pm
Why stop with community banks? I’ll bet next month Pawn shops will be included!
May 15th, 2008 at 12:45 pm
Lisa,
Just in case anyone cares.
We now have the VIX resting at
16.75.
Complacency du jour.
Hope you’ve been well!
Noel
May 15th, 2008 at 1:39 pm
Is closing the enron loophole on oil contracts today a positive or negative for the financials?
May 15th, 2008 at 2:01 pm
(Bloomberg) A separate report showed the National Association of Home Builders/Wells Fargo index of homebuilder sentiment unexpectedly dropped this month to 19, signaling the housing slump will continue. The measure reached a record low of 18 in December. Readings under 50 mean most respondents view conditions as poor. AND THE XHB IS UP 1.9% AS I POST THIS. Around and around the mullberry bush the…
May 15th, 2008 at 2:21 pm
Chris,
I don’t know whether it’s a positive or not, we’ll check into it.
Ecklebob,
We are going to just watch them skip around the mulberry bush through Friday.
Noel,
Complacency at this point is not a very pretty thing to watch. I have been well, just really busy!
May 15th, 2008 at 2:23 pm
Noel -
Thanks for the VIX update. Chuck just posted a chart from one of the RT readers a few days ago which shows that a VIX level under 17 occurs almost exclusively in bull markets. Check it out if you have not seen it. Be careful if you are short.
Eckle - I just saw the news flash on CNBC that the NAHB homebuilder sentiment dropped. I hope the bad news doesn’t move the XHB up on you.
Do you have any other short positions??
May 15th, 2008 at 2:31 pm
Dave, I am short via puts Sept. SPY, QQQQ, XLF, DAX, XHB. Holding a tiny May VIX $25 call position. I cashed out yesterday on GM puts w/30% profit. I am patient and la la land trading wont last forever.
May 15th, 2008 at 2:40 pm
Correction: My DAX puts are June.
May 15th, 2008 at 2:49 pm
Eckle -
Good call on GM. That thing really took a dump.
I am also “long term” bearish on the market, but will change my mind if we were to get an S&P close above 1445. I don’t believe the market will get to 1445 this year, but I won’t count anything out. I like your plays, but I could never be that patient to do it myself.
I trade some futures (I have one position…short the British Pound) but haven’t traded options in a while.
May 15th, 2008 at 2:54 pm
Dave, I am with you on the bailout point. GM has been very good to me as a short term trade. While I don’t trade futures, I believe your British Pound position is … how would a Brit put it?… Spot on old bean.