Borrowing increased and, in case I forgot to mention it, the Fed is looking to make at least one of those Auction Facilities (pawnshops) a permanent fixture. It was never supposed to be, it was supposed to be temporary to weather the ’storm’.
(US) M2 UP $12.7B, M1 DOWN $5.3B IN WEEK ENDED MAY 19; DISCOUNT WINDOW BORROWINGS AVERAGED $28.34B/DAY IN MAY 28 WEEK V $27.79B/DAY PRIOR WEEK - FED
- Primary dealer credit facility borrowings averaged $12.33B/day v $14.21B/day in the prior week.
- Primary credit borrowings averaged a record $15.95B/day v $13.54B/day prior week
6 Comments
May 29th, 2008 at 5:12 pm
TA DA!!! Lisa, here is CNBC.com headline at 4:11 central time. “Dell reported a profit and sales that outstripped analysts’ forecasts, sending its shares skyrocketing in after-hours trading.”
May 29th, 2008 at 5:29 pm
“outstripped” Well, I missed that word, but it’s equally stupid. Thanks, ecklebob!
May 29th, 2008 at 5:55 pm
Chuck and Lisa,
Last night’s summary of market activity was very helpful.
I am puzzled and trying to understand today’s activity, esp. XLF.
Why was the XLF up 1.79% today?
- Regionals beat up badly yesterday, so maybe due for some rebound today.
- Oil down $4.52.
- Doug Kass’ highly favorable comments on Citibank.
- Bear Sterns deal approved by shareholders.
I am trying to find logic and causality in the markets. Any help appreciated.
Thank you.
May 29th, 2008 at 7:09 pm
Chris, you are in the wrong market if you are looking for logic as it pertains to causality. This market reminds me of the logic I used to employ to solve the Rubiks Cube. I had no idea how to do it the right way, so I would strip off all the colored stickers and put them back on so all sides of the cube were solved correctly. Voila.
May 29th, 2008 at 7:11 pm
We’ll address that tonight, Chris.
May 29th, 2008 at 8:26 pm
ecklebob, you are so funny! LOL