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Posted: May 15, 2008 at 10:04 am by Lisa
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
10 Responses to “Philly Fed Index”
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Why stop with community banks? I’ll bet next month Pawn shops will be included!
Lisa,
Just in case anyone cares.
We now have the VIX resting at
16.75.
Complacency du jour.
Hope you’ve been well!
Noel
Is closing the enron loophole on oil contracts today a positive or negative for the financials?
(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…
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!
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??
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.
Correction: My DAX puts are June.
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.
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.