What Did You Miss If You Took This Week Off?
Hey, I took the week off -- what did I miss?
Well, by the numbers, not much -- essentially flat for the week
Index **9-12-08 CLOSE** **9-19-08 AFT**
S&P 1252 1,255.08
DOW 11422 11,388.44
Nasdaq 2261.27 2,273.90
2YR 2.21% 2.10%
10YR 3.72% 3.73%
6MO BILLS 1.55% 1.51%
Funny, it didn't feel like a flat week . . .
Hat tip, Kevin Dehler, HSBC Securities
Friday, September 19, 2008 | 05:36 PM | Permalink
| Comments (85)
| TrackBack (0)
add to de.li.cious | 
digg this! | 
add to technorati | 
email this post
TrackBack
TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c52a953ef010534ba6ae3970c
Listed below are links to weblogs that reference What Did You Miss If You Took This Week Off?:
Comments
Barry, do you see these two 300+ up days as a bear market rally that is quickly forgotten OR does the combination of technical + fundamental factors cause you declare this a bottom (at least for a while, as in until elections)?
Posted by: rational | Sep 19, 2008 5:44:47 PM
except gold.
and the long bond.
Posted by: mcgro3 | Sep 19, 2008 5:44:55 PM
Oh, never mind, I should looked at your second post before asking this question. I noticed you called it a Bear Market Rally, the sharp and quick variety.
Posted by: rational | Sep 19, 2008 5:46:42 PM
> Funny, it didn't feel like a flat week . .
Actually it wasn't because American taxypayers are about another $1 Trillion in the hole.
What does capitalism look and act like in a de facto plutocracy ?
You just saw it this week i.e. where Comrades Bush, Paulson and Bernanke officially Welcomed You to the USSRA (United Socialist State Republic of America)
http://www.rgemonitor.com/
Socialism is indeed alive and well in America; but this is socialism for the rich, the well connected and Wall Street. A socialism where profits are privatized and losses are socialized with the US tax-payer being charged the bill.
Posted by: km4 | Sep 19, 2008 5:48:55 PM
Any chance of some FusionIQ lovin' of the last week for the masses? After this week, I think we all deserve some booze and (chart) porn.
Posted by: Joshua(the other one) | Sep 19, 2008 5:53:39 PM
Dawg Namit and I lost all that sleep studying up to stay ahead of a FLAT week!?
Posted by: Mike G | Sep 19, 2008 6:03:52 PM
Berkshire Hathaway (BRK.A) gained 23% this week.
Posted by: atul | Sep 19, 2008 6:19:01 PM
Does BRK short?
Posted by: Paul in NYC | Sep 19, 2008 6:34:47 PM
Mr Ritholtz,
I am a US Army officer with 23 years of service and for the first time in my life, I am disgusted by our country. Both parties are so manifestly corrupt that I nearly wept when listening to our President announce the bailout of the pigmen. I was explaining to my daughter that her and her son are now on the hook for all the foreclosed, Option Arm, CDS, MBS crap that was created. The real humor was in listening to Bush say, “now is not the time for blame” or something to that effect while Goldman Sachs Paulson smirked. I want someone in jail, but instead my taxes will go up and we will pay for this debacle for the next 20 years. I don’t know you and I know the internet breeds a sense of closeness that doesn’t exist, but I appreciate the way your site has called it the way it is. I hope I don’t wake up disgusted tomorrow. Thanks for letting me rant.
Thomas
Posted by: Thomas | Sep 19, 2008 6:39:51 PM
9/12/08 9/19/08
FN 30 5s 98-20+ 98-20
ABX 06-2 AAA 68-16 67-16
CMBX3 AAA 148.5 150
IG10 152 151
Posted by: Sami | Sep 19, 2008 6:42:19 PM
Thomas:
You sound like a true patriot. It is more than flag waving and speeches.
Posted by: Mike in NOLa | Sep 19, 2008 6:49:00 PM
Sad, It's a situation where they are just passing the buck to the next adminstration. I'm fine but my children are going to pay for this for a long, long, time.
Posted by: JL | Sep 19, 2008 6:50:03 PM
Is it just me, the retailers look retarded? Where is their consumption going to come from, people are getting laid-off and those that aren't are having to worry about if they might. KSS, looks like a good short to me. Oh! shit we might not be able to short them by Monday's open. It's a wonderful world.
Posted by: JustinTheSkeptic | Sep 19, 2008 6:55:54 PM
Re: Thomas
My compliments for seeing it for what it is rather than what you are told to see!
You are a shining example representing the highest quality military force in the world.
Sadly H L Mencken 'saw it' long ago...
"Democracy is the theory that the common people know what they want and deserve to get it good and hard."
Posted by: SR | Sep 19, 2008 7:08:38 PM
"Funny, it didn't feel like a flat week . . ."
That's because you're surrounded by a bunch of pansies!... ;-)
Posted by: Ironman | Sep 19, 2008 7:13:55 PM
Thomas,
Thanks for your service.
This week really was crazy. what a herd move the last two days, the RTC type thing isn't even final yet and more importantly, is most def. not a cure all.
Decent spike in the VIX this week but it still needs to go higher, I think as news comes out over the weekend and into next week about reserve MM funds people will start freaking out on an even larger scale.
JustinTheSkeptic
No doubt the retailers moved too much. That old convential wisdom of what leads us into the downturn (consumer discretionary, financials, homebuilders) will lead us out will most likely be proven wrong whenever we do come out of this. I do not see the next expansion being consumer/credit driven. But, if people want to buy them great, I can still short until the govt. doesn't let me anymore.
And finally two questions: Does Charlie Gasparino break every big story? That's how they introduce him every time I catch him on CNBC.
Does Steve Liesman not know how to tie a tie?
Posted by: ben | Sep 19, 2008 7:14:59 PM
What did we miss?
The loss of our capitalistic soul.....
Posted by: nk | Sep 19, 2008 7:22:57 PM
I just changed my party registration to Libertarian. I was a lifelong Republican because I believed in small government and free market operations, but it appears there is no longer a party that supports that other than the Libertarians. I can't believe the Republic has become such a monarchy..
Posted by: Jonathan | Sep 19, 2008 7:25:02 PM
Bush has thrown so many into the maelstrom of death and dismemberment in Iraq and Afghanistan to defend ... what? A kleptocracy that has indebted the next three generations for his follies? DON'T call him a conservative - he is a fool, the epitome of the Peter Principle, and I weep for the families of those that have given all for this idiot's malfeasance. dc (retired Navy, 6 years active, 26 Reserve).
Posted by: dc | Sep 19, 2008 7:37:22 PM
Correction: 22 Reserve. dc
Posted by: dc | Sep 19, 2008 7:41:58 PM
Thomas,
This quote helped me today that other generations have dealt with this as well:
"Corrupted by wealth and power, your government is like a restaurant with only
one dish. They've got a set of Republican waiters on one side and a set of
Democratic waiters on the other side. But no matter which set of waiters brings
you the dish, the legislative grub is all prepared in the same Wall Street
kitchen.
Huey Long (1935)
I'm retired AF (don't hold it against me) and this weeks Wall St/politics reminded me of OCS where they would punish you for being right just to see how you would deal with it.
John M
PS - my daughter wants to move to New Zealand
Posted by: John Meyer | Sep 19, 2008 7:42:20 PM
With all do respect, yeah you did miss something if you paid attention. Granted we apparently live in the USSA [united socialist states of america], but a seasoned trader would have caught 1. the VIX spiking to 45, 2. that people bought 90 day T-BILLS for 0% [actually a few prints for a negative %]-- Meet fear and greed kids, if you can't spot that as fear and act on it, stay home and don't play-- those that had the skills and fortitude made a fortune in 48 hours.
'trade the market you have, not what you want'--class dismissed
Posted by: HT | Sep 19, 2008 7:46:17 PM
Hey Bush! Why don't you send f*ckin FEMA to Wall Street!!!
Love,
New Orleans
Posted by: wtf | Sep 19, 2008 7:48:45 PM
Looks like the PPT is treading water. I hope everyone is happy with our new Soviet-style market. I'm thinking of investing in vodka and babushkas.
Posted by: lsbumblebee | Sep 19, 2008 7:48:47 PM
Check VIX !
Posted by: Mariano | Sep 19, 2008 7:50:24 PM
